As the proverb instructs us, buyers should always be vigilant when making purchases, even going so far as to say that it’s a buyer’s responsibility to evaluate a product before agreeing to part with his money. You’d be right to think this principle is a bit unfair; after all, sellers usually know a lot more about the product than the buyer would.
This problem is actually termed “information asymmetry” in the world of contracts, and has largely been addressed with promises of warranties and satisfaction guarantees. These promises cover manufacturing defects, usually. As such, you might think that caveat emptor really only applies to used goods between private parties. This is why a home buyer would contract with an inspector, for example.
Despite warranties and satisfaction guarantees, buyers might hesitate anyway. There are reasonable concerns about how inconvenient a return might be. Oftentimes, there are buyers who will just live with something being wrong rather than actually deal with trying to correct the problem.
As a business owner, you might be inclined to think that’s more their problem than yours. If they don’t tell you they’re unhappy, how can you be responsible for making the situation right? While this sentiment is completely understandable, there’s a hitch: unhappy customers won’t come back to buy new things from you in the future, nor will they be quick to recommend your services to friend. In the long run, that might be a pretty high cost to your company, especially in the aggregate.
It’s not just lost referrals or future purchases, either. Online reviews are so pervasive now, and it’s so easy for consumers to find that information. Bad experiences can pile up really fast and leave a stain that’s difficult to clean. As such, it’s worth remembering the other side of the coin of this proverb: caveat venditor – let the seller beware. So what are some ways a seller can be vigilant?
First, salespeople must listen and understand the needs of your customers. Employees can head off so many problems simply by paying attention and asking the right questions. They naturally want the sale, so may hesitate to go into too much detail lest they talk someone out of making a purchase, but that needn’t be the case. It’s not just about making the sale, it’s also about making the right sale.
Second, follow-ups are a great strategy for ensuring long-term satisfaction. If your business has a salesfloor with actual salespeople (rather than retail aisles and cashiers, say), then it’s not unreasonable for the salespeople to make a quick phone call after a few days to see how their customers are liking their purchases. Otherwise, satisfaction surveys also work well, as you can leave an option in them where the customer can ask to be contacted. Anything you can do to reduce friction and facilitate good communication is worth your time.
The Brandt Group can help with both of these strategies. First, our world-class mystery shopping service can uncover and help improve your employees’ communication and sales skills, helping to ensure that they’re not only listening and understanding, but that they’re also remembering to suggest the right add-ons and upsells to make the customer even happier with his or her purchase. Second, we can build a satisfaction survey that you can print on every receipt—one that you’ll be able to pull down all manner of high-detail reports for to help identify trends as they begin. Moreover, our surveys can adapt the questions being asked based on how a customer is answering, helping to drill down to what they liked most or least.
Reach out today, and let’s figure out what’ll work best for your business.
