Lack of trust: Why customers don’t buy

Despite all the best advertising, often the sales lag dismally. More advertising dollars are needed to get more sales. It is really hard for  self-financed small business owner to stretch the budget to make sales.

In his article in Harvard Business Review here, Steve Martin lists out a few important reasons a customer may not make that purchase decision.

When an entrepreneur develops a new product, the most important thing that he needs to understand that there might a huge customer inertia against the purchase.

The customer inertia to purchase the product may be primarily because of the “newness” of the  company. Since small/new companies are known to go bust anytime , they are perceived as high risk by customers.

Lack of trust probably is a big reason why one would not one buy from an entrepreneur.

A poorly designed website, about page full of mistake and no security on payment page etc may lead to lack of trust among customer.

Understanding insecurities of customer

Understanding customer is important . It also involves knowing about their fear and insecurities. A customer may be insecure about

  • Product itself ( if it works fine or not)
  • Quality of Support
  • Trust issues with the company/founder
  • Fear of getting trapped after buying ( no refund after purchase for example)

Getting rid of customer fears

A customer is averse to buying because of the reasons above. However with right actions, customer may be persuaded that the product/company is indeed genuine.

  1. A well designed website that showcases the product in prime position
  2. A well tested product with as few errors as possible
  3. A chance to allow customers to try before they buy ( a trial period offer)
  4. Spelling out terms and conditions clearly
  5. Specifying support options
  6. Social Media presence ( for example a twitter handle, a Facebook Page)
  7. Testimonials
  8. Case Studies
  9. Tutorials on how to use products
  10. A blog to showcase product features and your knowledge of the matter
  11. A FAQ section if needed
  12. References , reviews of product by external sites
  13. Quick follow ups with customer queries

Reducing customer anxiety and increasing customer trust is a very important part of sales process. When done right, customer trust increases and sales happen easily.

Credit:

“Image courtesy of [Master isolated images] / FreeDigitalPhotos.net“.

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