MBA983 Guest Teacher: Joey Coleman- How to Counter Buyer’s Remorse

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Welcome to the $100 MBA Show. Pump up the volume because you and your business is about to get better with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher, Omar Zenholm. I'm also the co founder of the $100 MBA, a complete business training and community online over at 100mba.net and today's episode is a guest teacher episode. On our guest teacher episodes, we invite a guest teacher to teach you their area of expertise. Today we have Joey Coleman, author of Never Lose a Customer Again. We've all heard the term buyer's remorse, right? And guess what? Your customers are buyers, right? And you don't want them to feel like, ugh, did I make the right decision? You want to make them feel like, yes, this is exactly why I bought this. This is great. And that's what Joey's going to teach you today. How to counter buyer's remorse. How to delay your customers and make them feel like, hey, this is awesome. I am so happy I bought this that I signed up for this service or this product. And they become raving fans. Joey's an award winning speaker, an author, and just downright amazing guy who's gonna teach you today's lesson. So let's get into it. Let's get down to business. Here's an interesting stat. One fourth of all Americans say they'd start their own business in the next year if they could. But only a fraction of those actually do. Why? Well, because taking that leap can be very scary. Luckily, there's Weebly. We've mentioned Weebly a whole bunch of times on this show. Weebly is the easiest way to create an incredible looking website. But more importantly, it's a whole E commerce platform packed with tools to help you sell your products, process payments, manage inventory, create marketing campaigns, tell your brand's story, and a whole lot more. Weebly's mission is to help turn people's great ideas into into successful online businesses. You see, that's the key here. Yes, you want a beautiful website, but you want to make sure you have a successful online business on your hands. This is why Weebly focuses on providing top notch customer service. If you have a question, you can just pick up the phone and talk to an expert. Many of whom have started online businesses themselves. This shows Weebly knows their success comes from the success of their customers. So if you have a product idea you want to share with the world, check out Weebly. You can have a beautiful, powerful online store up and running in a matter of hours. And because you're listening to this podcast, you can visit weebly.com mba and get 15% off your first purchase. That's Weebly w E-E-B-L-Y.com mba to get 15% off your first purchase. Don't just build a beautiful website, build a successful online business with Weebly. Joey Coleman of JoeyColman.com is the author of Never Lose a Customer Again. Too many of us focus on bringing in new customers and don't really focus on keeping the ones we have making the ones that we have happy. Don't let that be you. Make sure you delight your customers because if you don't, the damage is huge. You know, with social media, people are voicing their opinions all the time and if you do delight them, if you do make them feel special and erase that whole buyer's remorse feeling. They're going to rave about you to other people and bring in new customers and bring in sales. Joey Coleman has helped huge brands like Hyatt Hotels and Zappos and Whirlpool keep their customers happy and today he's going to help your brand for free. Pretty awesome. So I'm going to pass it on to Joey now so he can teach you his guest teacher lesson. Take it away Joey.

You've heard about this problem, but you're probably not doing anything to address it. In this lesson I'm going to teach you four ways to counter buyer's remorse and in the process turn a one time customer into a customer for life. My name is Joey Coleman. I help companies keep their customers by creating remarkable customer experiences. I'm a professional speaker and an author of the book Never Lose a Customer Again. In the book I outline my first 100 days process which is all about focusing on creating great experiences right at the beginning of a relationship in order to cement the foundation upon which you can build a long term interaction and relationship with your customers. One of the phases I talk about in the process is the affirm phase. The phase where you need to affirm the decision that the customer just made to purchase your product or your service. I talk about six tools that you can use to create the type of remarkable experiences that will reinforce the purchasing decision. And across the Entire book outline 46 different case studies from a variety of industries that will help you create better customer experiences at every step in the customer journey. Let's focus our conversation on the problem of buyer's remorse. What's fascinating is there's no one in business that hasn't heard the phrase Buyer's remorse. It's something we learn when we're in junior high or sometimes even grade school. And yet, while we're all familiar with the concept of buyer's remorse, less than 1% of businesses are doing anything to actually address it. The science behind buyer's remorse is pretty straightforward. When we make a decision to purchase a product or sign up for a service, our brain floods with dopamine. We feel joy, euphoria, and excitement that this product is going to be the answer to our prayers. This service is going to solve the problem we've been dealing with. We anticipate what the future is, and we're eager to see how much better our life is going to be now that we have this new product or service. But then the dopamine starts to recede. And as it recedes from our brain, those feelings of joy, euphoria and excitement are replaced with feelings of fear, doubt and uncertainty. What if this product isn't everything it's cracked up to be? What if the service isn't what was promised during the sales process? Will I be able to get my money back? What happens if, in making this decision, I irritate my boss and he doesn't believe I did a good job of vetting our customers and as a result, I get fired? Customers feel buyer's remorse deeply. And yet, while most companies are aware of the concept of buyer's remorse, they doing anything to address it. Meanwhile, back at the organization, everyone's high fiving about landing a new customer. Instead of taking the time to recognize that the customer is feeling less positive and less sure of the decision they just made, here's how we deal with it. There are four ideas that I outline in our presentation here today and you can learn even more and dive deeper in my book. Never lose a customer again. The first one is to send fun confirmation emails. Now, what's interesting is back in the day when confirmation emails used to come across, especially for a product purchased online, it usually was something pretty straightforward that would say thanks so much for your purchase. You ordered this and your product's going to ship in a few days and it should be arriving soon and thanks for your business. And that was about it. There wasn't a lot to fill in the blanks. There wasn't a lot of information to give the customer a feeling of confidence or excitement or anticipation of what was to come. And then came along a company named CD Baby. CD Baby created a confirmation email unlike anything the Internet ever had seen. It went something like this. Thanks for your order with CD Baby. Your CD has been gently taken from our CD Baby shelves with sterilized contamination free gloves and placed onto a satin pillow. A team of 50 employees inspected your CD and polished it to make sure it was in the best possible condition before mailing. Our packing specialist from Japan lit a candle and a hush fell over the crowd as he put your CD into the finest gold line box that money can buy. We all had a wonderful celebration afterwards and the whole party marched down the street to the post office where the entire town of Portland waved bon voyage to your package on its way to you in our private CD Baby jet. On this day. I hope you had a wonderful time shopping at CD Baby. We sure did. Your picture is on our wall as Customer of the Year. We're all exhausted but can't wait for you to come back to cd baby.com thank you, thank you, thank you. Now that's a confirmation email. That's an email that when you hear it or read it, you're going to be excited about the purchase you made with CD Baby. You're going to feel confident that this company is going to take great care of you and the fact that it makes you smile or laugh when you read the confirmat email only furthers the customer experience. So tip Number one Make sure to send fun confirmation emails and to allow your brand spirit to speak through in your messaging. Number two Consider Excitement Messages from the Team what I mean by this is right when the project starts, get everybody who's going to be involved in the project to record an audio message that you leave on the voicemail of your new customer or new client. It should include everybody cheering and singing and celebrating how they are so excited to work with you and ideally offering specific reasons why they're excited for this project and why they're looking forward to being in relationship and being in partnership with you. These types of messages may seem a little bit corny or a little juvenile, but the fact of the matter is is they go a long way to let the customer know that you're as excited about the project as they were when they made the original decision. This emotional feeling counters the buyer's remorse that they have and instead lets them know that they are going to be well taken care of by a team that is just as enthusiastic as they are. Number three Consider a welcome call. But not just any welcome call. You see, many companies do welcome calls, but the Fantastic Networking Group cadre out of Washington D.C. takes the welcome call and elevates it to the next level as part of the welcome Call Committee A veteran member of CADRE calls the new member who has joined this networking group to officially welcome them. The call doesn't come from the organization, it comes from a fellow member and as a result, the member feels welcomed into the fold and brought to the table for the conversation and participation in the group. Now, during this welcome call, they discuss things like the three best ways to get your money's worth out of your membership or the two things that you want to avoid doing that will lead to you not having a positive experience in the group. As a member of the welcome Call Committee for Cadre, I personally like to add in a third part where I let the new customer know that they can ask me any question they want about the membership and it will be off the record. That way I can give them an honest assessment of what I've experienced being in the membership and answer any questions they weren't feeling comfortable enough to ask of the owners. Last but not least, the video handoff. This is a pro tip that is used by few and should be adopted by many. All too often, the handoff between sales and account management is a baton drop that leaves the customer feeling frustrated because the things they told the salesperson are not transmitted effectively or completely to the new account manager. This leaves a new customer needing to repeat themselves and often finding a situation where the account manager says, yeah, I'm sorry, we can't actually do that. You were oversold by our salesperson. They always make big promises that we then are supposed to deliver on and we just can't do that. The company Total Debt Freedom out of Canada has a unique way of handling the handoff between the salesperson and the account manager. After a new customer signs up, the salesperson goes into the room where the account managers are sitting and grabs the account manager who is going to be taking care of this new customer. They then film a selfie video together that gets texted to the new customer and the selfie video goes something like this hey Frank, I just wanted to let you know how excited I am about working with you. It was a pleasure talking to you about how you want to get out of debt and you want to be able to save more money to buy a house and send your kids to college. Don't worry, we're going to work together over the next three years to get you on a debt forgiveness and repayment plan that will leave you in much better standing financially and ready to tackle any challenge that may come your way. I want to take this opportunity to introduce you to Zach. Zach's going to be your account manager. Say hi Zach. Hi there. And Zach's going to be doing a great job of making sure that everything you said you wanted to accomplish as part of this program actually happens. Don't worry, Zach's been with the company for years and if you look below, you'll see his cell phone number and his email address. He'll be reaching out to you, but just so that you have him, everything is there ready to go so that you can communicate with him anytime you need. Rest assured you're going to be well taken care of. And if at any point it feels like you're not being taken care of, don't hesitate to reach back out to me. I'll come over and talk to Zach. We'll jump on a call together and we'll get this all sorted out once and for all. How many times have you been in a situation where you've had to repeat what you wanted to the new account manager or been frustrated that there wasn't a clean handoff? By shooting a selfie video and sending it to a new customer, you help assuage any fears or doubts they have that what they really wanted really gets through as the message to the new account rep. By doing this, you give them confidence in the purchase decision they just made and build a sense of excitement for what is to come. Everyone's heard of buyer's Remorse. Few people are doing anything to address it. But my hope is by sending fun confirmation emails that allow your brand spirit to come through, leaving exciting voicemail messages from your entire team that let your new customer know just how eager you are to get started doing a welcome call from one of your customers instead of from the organization to really make the new customer feel like they're part of the fold. And doing selfie videos that show the handoff between the salesperson and the account manager will help you to create better customer experiences and address any feelings of buyer's remorse. My name is Joey Coleman. I'd love it if you check out my book Never Lose a Customer Again where I talk about these ways to address buyer's remorse and many others, along with 46 different case studies across all industries that show you how to create the remarkable experiences across the customer journey that will take a customer from being a one time customer into a longtime customer. You can check me out@joeycolman.com that's J O E Y C O L e m a n.com and I wish you all the best of luck in resolving any feelings of buyer's remorse that your customers may have and in the process and building a long and sustained relationship with every one of your customers. Thanks so much for listening.

Hey, it's Nicole here, producer of the Hundred Dollar MBA show and today I wanted to step in and give special thanks to our sponsor for this episode, Udemy. Udemy helped me edit the first 370 episodes of this podcast. Now we have a full time sound engineer, but I taught myself how to edit audio using Udemy's online computer classes. Udemy is the largest marketplace for online learning. Whether you want to learn something new or just sharpen your skills, Udemy has an extensive library of over 65,000 courses taught by expert instructors. Have you ever found yourself thinking, I wish I could do that? Well, with Udemy, you can. From web development to digital marketing to Japanese cooking courses, Udemy has something for everyone. While other online learning companies charge hundreds of dollars per class, Udemy courses start at just $11.99 plus each course comes with a 30 day money back guarantee for risk free learning. Every day, students around the world choose Udemy to discover new passions, expand their skills, and even change careers just like I did. Improve your life through learning. Download the Udemy app to learn anytime, anywhere or visit www.ude.my mba. That's www.

What a Dynamite Lesson by Joey Coleman. Loved, loved the value he gave. I especially loved that story he gave about CD Baby, that example of how they delighted their customers when they had that confirmation email. When they gave that confirmation email out to customers. Talk about going a little bit, you know, the extra mile or even half mile. It wasn't even that much of an effort, but it's just thinking outside the box to really wow your customers and make them feel, yes, I made the right decision. This is where I want to be. If you want to learn more about this topic, and you should, then you need to pick up Joey Coleman's new book, Never Lose a Customer Again. You can check it out on Amazon. In his book, he shares his first hundred days methodology. This is exactly what to do with a new customer, their first hundred days. Because if you can delight them in that first period, there's a good chance they're going to be a customer for life. And Joey's so generous that he's giving away a big chunk of this book, some meaty chapters over at his website@joeycolman.com book and there's nothing you have to give. You don't have to put in an email, nothing. You just click a link and you download an excerpt from the book that wraps up today's lesson. Thank you so much for listening. Before I go, I want to leave you with this. I can't emphasize how important this topic is, not losing the customers you have. When I was listening to Joey's lesson before I recorded this episode, I was jotting down notes like fire. Like, I was like, as fast as I can because all this stuff is fantastic. I need to keep my customers. I need to keep them happy because it's a whole lot easier to keep a customer than to get to new one. It's a lot cheaper, too. Less expensive. And this applies to any kind of business, whether you have a SaaS business or a membership business or an ecommerce business where they're just buying one product at a time, you want the them to keep coming back. All right? In this whole business thing, it takes time. Sometimes you got to build upon things. It takes patience. And that's what we'll be talking about in tomorrow's lesson, how to have more patience with your business. So make sure you hit subscribe so you do not miss that lesson. All right? I'll check you in tomorrow's lesson. Until then, take care. Of sam.