Friday 8 October 2010

The curse of buyer's remorse

I filled up the Lexus this morning ready for a trip to London tomorrow. £70 ...ouch! 
Then I discovered the car wash was closed so it was back home ...out with the hose and sponge and be reminded of another reason why I've finally gone off the beast!
That evening 4 years ago I'd gone out intent on buying the IS200 model.  Then overcome by the smell of leather seating I found myself driving home in the indulgent GS300.  And I've been telling myself ever since that I made the right choice. 
Which apparently is a proven behavioural trait.  After we have made a choice we adjust our thinking to think better of the option we chose. It's been demonstrated in some research carried out by psychologists at University College London and Lake Forest College and published in Psychological Science.  Their study actually showed that we can rate two things equally, but once we've made a decision on one we subsequently convince ourselves it is superior. It seems we need to relieve the psychological tension of rejecting a perfectly reasonable alternative.
I certainly relate to that ...but my experience also tells me that eventually that other well known trait "Buyer's Remorse" will kick in ...just as it has with me and my GS300. And guess who I blame?   No not myself!  I blame the salesman ...of course! For allowing deep pile carpet and a  pneumatic drop down compartment for my shades to distract me!
Of course shifting a car off the forecourt may be a result in the used-car trade - but the majority of business situations have a more lasting consideration when it comes to buyer  satisfaction. And there's nothing like a lingering attack of buyer's remorse to turn a once happy customer into an ex-customer! 
Which is why I always worry about the lack of requalification and consolidation in selling interviews. These days most of us are quite good at identifying needs. Some of us are quite good at fully qualifying identified needs and underlying wants.  But from my observation, not many of us are good at requalifying and consolidating.
It's understandable. We've got the prospect nodding at our pitch. Why risk a rejection. Let's press for a close!  And make a short term win!
What do I mean by requalifying and consolidating?
  •  Checking that they are happy! By asking questions as you present your ideas or benefits like "How does that sound?" or "How do you feel about that?"  "Are you happy with the solution we've discussed?" 
  • Properly handling any objections ...to make sure that these and other concerns are resolved. With questions like: "Does that answer your question?" "Do you have any other concerns?" Adding in for good measure the so reassuring and effective  "Are you sure?"
Like it or not, customers are always right ...and they never forget!
Which is why I'm on the look out for a VW!

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