Sleepless in San Diego

Problem:  Marcia was a successful life insurance agent, but she suffered from insomnia every time she made a sale.  When we asked why, she replied that about 40% of the time, when she closed a deal, the new “client” would call her the next day (but usually not during working hours) and leave a voice mail backing out of the deal.  Typically, they would say that they had had second thoughts and decided, after all, that they really didn’t need the policy.

Analysis:  Marcia’s prospects were experiencing a predictable psychological aftereffect in the selling process known as “buyer’s remorse.”  Marcia had been trained in her industry to build rapport at the beginning of the call and she was very good at it.  She was also trained that when she got the order, she was supposed to complete the paperwork, get the check and get out. The theory was that if you stayed, the buyer might have second thoughts and you would lose the sale. Typically, the prospect felt that her quick exit sent the message that “I’d better get out of here before they change their minds.”  Combined with some unresolved concerns, prospects became uncomfortable enough to back out the next day.  Unfortunately, Marcia was able to resurrect very few of these back-outs.

Solution:  Regardless of the product or service that you’re selling, give the buyer a parachute.  Give them a chance to back out.  Buyer’s remorse can be a real issue and is very predictable even if you haven’t resorted to manipulation to get the sale.  Giving the buyer a chance to back out, although considered selling heresy by most traditionalists, will give you an opportunity to save the sale when and if there is buyer’s remorse.  Try saying something like this: “I really appreciate your business and look forward to working with you.  Before I leave, however, I just want to make sure you’re comfortable with what we’ve discussed.  If there’s anything that you’re not sure about, this would be a good time to discuss it.”   Usually about 90% of the time the buyer will reinforce her decision to do business with you.  If she does bring up an issue, you will be there to deal with it.