Would you believe me if I told you one of the most dreaded challenges in the manufacturing industry is buyer's remorse?
Indeed! And why is it dreadful? I need not tell you that because of the advent of social media, word spreads far and fast, and more so the negative ones, right?
So, if a customer feels emotionally remorseful about his purchase, it could mean a market share loss for your company. Whether big or small, only time can tell.
As the manufacturing industry emerges from the pandemic, competition is healthier, if not fiercer, and more aggressive. The value of global smart manufacturing in 2020 was USD 172.60. By 2026, it is expected to increase to USD 236.12 billion. Needless to say, as a manufacturer, you would want to have a healthy piece of the market.
That's why you shouldn't let customers' feelings of remorse stand in the way of your manufacturing success!
What is Buyer's Remorse?
A buyer's remorse is a feeling of regret or anxiety after making a purchase. It could be something as insignificant as a steaming cup of hot chocolate or something as significant as a brand new car or a new home, and the guilt is frequently accompanied by stress and panic.
It is a term used to describe a period of mental and emotional discomfort or a strong adverse reaction to a purchase caused by competing beliefs and attitudes. It could be a fear of overspending, finding a better deal, worrying that you didn't make the best decision, or simply being depressed because the purchase you made wasn't exactly what you wanted.
What are some of the most common reasons for buyer's remorse?
Let us examine reasons why customers feel remorse:
In the B2B industry, the last reason is our greatest worry.
Buyers' feelings of remorse happen. When the purchase is done, it's common for people to second guess their decision, especially if they are investing in a large-dollar deal. They begin to question the quality of the agreement, the price, and whether they made the right decision.
When purchasers feel remorse, it also risks the seller/provider company. It's one of sales reps' and their teams' biggest adversaries. It can affect the sale, and it can impact your commission check.
So, what do you do about it?
How do you avoid buyer's remorse in sales?
First, build your character and remember that good old values never go out of style. Here are some helpful tips to avoid buyers feeling remorseful.
Make your motivations entirely clear to the buyer. Are you there to assist and solve the buyer’s pain points or close the order? Don't get muddled up in the difference because your buyers are not.
Clients don't want to be used as a means to an end to meet your sales quota. You can secure loyal customers by cultivating a solid foundation for your relationship that goes beyond a specific purchase. This way, you can acquire a customer with a longer lifetime value.
Your relationship with customers will blossom if you give your customers reasons to trust you. And one of the strongest motivations for them to hand you their trust is when you make it crystal clear that you are there to guide them to solve their pain points and provide added value.
This way, there are likely no regrets post-purchase.
Make sure your actions are even with your words. In the business world, integrity means faithfulness to a moral code, shown in transparent honesty and complete alignment in what one thinks, says, and does.
Indeed, acting with integrity can be difficult if you are under stress to reach your sales quota. However, don't resort to business strategies and practices that promise short-term gains at the price of your integrity. This will prove more damaging if a customer's remorse ensues due to compromising your integrity.
What to do?
Make sure you set the customer's expectations early on. Take the time to explain to them, in writing and verbally, what you and your company can and will provide. The vital thing is not to give your clients false hope.
If the customers purchase the product with the assurance that the product can benefit them and know its limitations (if there are any, then spell them out too.), there is a much lower chance of them feeling disappointed later on.
Create opportunities for your customers to see your company's expertise in your field. Find ways to demonstrate and present the value of your products and services.
It will assure them that your company is not run-of-the-mill and that your products and services can deliver the intended value.
If you can assure them that you are in it for the long haul, buyers will not likely feel remorse.
4. Word of Honor
Live up to your promises. Simply put, when you promise an answer to a question by a specific date and time, then, by all means, provide the solution at the agreed time. If you promised to meet on a particular date, be there no matter what. No excuses.
Sellers may forget about the buyers as soon as the check is inked, but always remember that the post-sale relationship is very crucial to preventing a buyer's feeling of remorse.
Send a Thank You Note!
A thank you note is one of the first things you should send to your clients once a deal is closed. It shows you value their business endeavors, and it can go a long way toward putting their minds at ease once the sale is completed.
In your note, express your appreciation for their decision to hand their trust to you and your company with their purchase.
Aside from email, it would be much more meaningful if you could send a hand-written note too. Nowadays, very few people, especially companies, do this anymore. It would be a welcome and heartwarming surprise.
This personal touch can make customers feel reassured about their purchase. And then some.
6. Send them contact information.
After the dale is closed, some customers feel like they are left in the dark—this is when buyer remorse will start to germinate. To avoid this, provide the contact information and details on how to reach you when they require customer support.
7. Build a User Network
Introduce User Groups. Wouldn't it be amazing if your company maintained a user group where your customers and clients could interact and share experiences?
This will build camaraderie and foster an environment of support. Besides, this will be an excellent advertising network. Hearing from your other customers and sharing positive experiences will encourage a new customer that the recent purchase was the correct decision.
8. The Master Customer List
At this stage, you are most certainly attached to your customer. You've eased their worries, coaxed from them the reasons behind their purchase, and cheered them on as they get to know and appraise their new product.
It would be great to pass the information you have gathered to your team. Build a master list with all the pertinent information and ensure it is easily accessible to everyone in your company who is working on the account.
This process will ensure that the customer has an all-around and consistent experience with every employee they interact with.
9. Global expansion
Thanks to innovation, a global expansion for manufacturing businesses, enterprises, or start-ups is attainable. Take advantage of this.
Penetrating the global market opens many doors for your business to bring your brand to new clients worldwide. Going international will increase your pool of clients exponentially. Exploit new tools to break down geographical borders to increase your sales.
When buyers see that you have a global presence, this will strengthen their belief in your products and services and cement customer loyalty.
10. Maintain quality assurance and credibility.
As a manufacturer, make it your responsibility to produce quality goods that match your price tag.
Also, consistency in the manufacturing industry is essential. As a player in the manufacturing industry, you must ensure that quality assurance is maintained.
As an assurance, you may offer a money-back guarantee if there is an issue with your products. It will help you build and foster trust with prospective clients and keep you focused on producing standard quality.
11. Strategic pricing
Pricing is the keystone to your sales success. If your prices are so great that it doesn't matter whether you offer refunds or rarely need to mention your policies, then pat yourself on the back. That's pretty damn awesome.
Prospects are more enlightened these days. They are aware that cheaper is not always better.
Thus, price your products according to your target market. It would be a good idea to inflate your rates a little so you can have some wiggle room when negotiating.
Customers appreciate a slight bend from your end to give them a better deal. Always remember: when you're stuck, take a look at what your competitors are up to.
Customers love a guarantee. Offer a warranty for your products and services that adds a welcome layer of comfort and security to the sales package.
12. Nurture and build customer fans.
According to Pareto's law, 80% of sales revenue comes from 20% of your consumer base. Apply Pareto's law. To put it into practice, nurture the high potential clients and take steps to convert 10-20% of them into this group.
To achieve this, create a solid content marketing strategy. Take care of your high-value accounts by giving away free educational materials through webinars and tutorial videos about your products, and be active in your blog posts.
After a while, you will develop true fans of your products and services. These fans will enormously help your business thrive.
People can be prideful. We get affected by what others think of us, even when we say we don't. Let people know what other people think of you. This gives them further reassurance that they can trust their decision to buy from you. This is significantly helpful when your product is expensive and has fierce competitors.
13. Reward your team.
Train your staff to communicate across teams to achieve desired results. Inspire and motivate them to collaborate. When they achieve a milestone, acknowledge and recognize their hard work. This can multiply their efforts.
Always remember that your workforce is your best leverage in achieving company goals.
The Final Note
Many manufacturing marketers and salespeople are keeping their systems and processes innovative. Are you keeping up too?
The habits of consumers are ever-changing. However, keeping abreast of Customers may not immediately feel or express remorse, but it is always good to pay close attention.
But the question was; is there a way to avoid clients' feelings of remorse (which leads to customer attrition)?
Indeed, we have explained above that a seller can effectively prevent and avoid buyers' feelings of remorse. Just follow our tips, and you will be on your way to giving your customers a more meaningful buying experience.
Do you want to discuss more on this topic? Please feel free to reach out to us. AI-Bees' track record of teaming up with the best speaks well of the quality of service we can provide to our partners. It will be our pleasure to be of service to you too.