Post Purchase Behaviour
  • May 24, 2021
  • EOE Digital

Have you ever walked into a retail store and saw a customer, the manager, and a few other employers disappointedly observing meat? It’s probably because something was wrong with the product and the customer had to return to the store to dispute. It’s a lengthy process that leaves a bad taste in anyone’s mouth, literally and figuratively!

Post-purchase behaviour is the final stage where the customer assesses the purchase he/she has made and determines whether they are satisfied. Evidently, this will determine whether the consumer will hire your services again, as a financial advisor. At this point, your client will ultimately influence the decision of others because of their personal experience.

Cognitive dissonance is common during this stage.

This is where the consumer considers if he/she made the right decision. In other words, the dreaded buyer’s remorse. With financial advisors, this tends to occur subsequently. The biggest reason why consumers experience buyer's remorse is due to apathy. According to Jeb Blount, 70% of business is lost due to a "love em and leave em attitude". This is especially true in the insurance industry.

Remember that your existing clients will generate the most business. This is called the loyalty loop!

How can you ensure that you maintain that relationship with your client?

Post gratitude

  • Give your client a token of appreciation for the business. An example is a thank you note or a follow-up email.
  • Offer them an exclusive subscription to your newsletters.
  • Ensure you review your client’s profiles regularly and follow up. There are many digital tools that can assist you with this.
  • Issue surveys to your customers through emails to review your, and other brokers in the organization’s performance. This way you can see what the organization's strengths and weaknesses are.

We have reached the end of our consumer buying process! If you would like to implement the suggestions above, you know what to do!