{"id":1166,"date":"2010-02-15T17:59:56","date_gmt":"2010-02-16T01:59:56","guid":{"rendered":"http:\/\/www.questionpro.com\/?p=1166"},"modified":"2010-02-15T17:59:56","modified_gmt":"2010-02-16T01:59:56","slug":"how-to-reduce-buyers-remorse","status":"publish","type":"post","link":"https:\/\/www.questionpro.com\/blog\/how-to-reduce-buyers-remorse\/","title":{"rendered":"How to Reduce Buyers Remorse"},"content":{"rendered":"

\"image\"Have you noticed that the political pundits have been using the term “Buyers Remorse” in relation to how Wall Street Democrats <\/a>feel about putting Obama in the White House? \u00a0 I’m not sure that it’s a good idea to mix references to regrets in purchasing with voting — but that’s another story. \u00a0These recent references made me realize that all customers go through some sense of regret after they’ve made a purchase.<\/p>\n

Just to make sure that we are talking about the same thing. \u00a0Buyers remorse refers to the emotional response in the consumer after a purchase is made. \u00a0The higher the price and the higher the involvement in a purchase, the higher the potential for buyers remorse.<\/p>\n

Yet, most businesses like to look the other way and pretend that this doesn’t happen or doesn’t have that much of an impact on their business — let alone measure it. \u00a0But don’t be fooled. \u00a0Buyers remorse is real and if you don’t track it, it will come back to bite you.<\/p>\n

Where to Start Looking<\/strong><\/p>\n

The most obvious place to start is with your customer lists. \u00a0Run a report that gives you a list of your customers and sales by customer over the last five years. \u00a0Now compare one year to the next and look for which customers are no longer on your list or which customers have stopped purchasing one product or another. \u00a0Look for people that only made one purchase or look for people who have been loyal customers and then dropped off.<\/p>\n

This is a golden opportunity to start digging into what their experience was and why they chose not to purchase again. \u00a0Depending on the size of this list of departed customers, you may choose to call them directly (I recommend that) or if it’s a large list, you can create a feedback survey and send them an invitation to tell you what happened.<\/p>\n

What Buyers Remorse Looks Like in the Car Business<\/strong><\/p>\n

Remember, the higher the price and the higher the emotional involvement, the higher the potential for buyers remorse. \u00a0In the car business, buyers remorse can take the form of being disappointed in the actual purchasing event or worse, it can become a growing disappointment as customers actually LIVE with the consequences of their purchase. \u00a0For example, 17% of the people who purchased new cars<\/a> during the “cash for clunkers” program now say that they regret their purchase. \u00a0Mostly because of having a car payment that they didn’t have before as well as increased insurance costs. \u00a0About 6% to 8% of car buyers feel some level of regret within a month of their purchase.<\/p>\n

There is a Goldmine of Opportunity in This Data<\/strong><\/p>\n

While it can be appealing to not ask questions and take the money and run. \u00a0There is profitable gold in mining what causes buyers remorse in your customers. \u00a0It doesn’t have to be difficult or expensive. \u00a0You only need to care enough to put some triggers and elements in place to grab that feedback.<\/p>\n