Buyers Remorse

© by Carl (CAKUart); all rights reserved

What is buyer's remorse?

Buyers remorse is the little voice that pops up inside a buyer's head after the purchase has been made.

The little voice says things like, "Why did you buy that? Can you even afford it? I'm not sure you can. Oh my, what will my husband/wife say when I tell them I spent all that money on a painting… What was I thinking? I wonder if I can take it back… I should have spent that money on getting the car serviced…" and on and on it goes.

Buyers remorse is simply the anxiety and regret associated to having made a significant financial commitment.

Do people really suffer from buyers remorse when it comes to buying art?

Yes, some people can. You see, it's not so much about the item or product as it is the emotion that surfaces from having a made a financial commitment – particularly if it is a high priced item.

Here are a few ideas you can use to help eliminate any potential for buyer's remorse affecting your art customer. 

Provide a Money Back Guarantee

The number of days/months you provide in your guarantee is totally up to you.

By providing a money back guarantee you are simply putting your buyer's mind at ease. You are removing the whole fear of "What have I done? Now I am financially committed!" from their minds.

Sometimes it can take a day or so for a buyer to fully commit and feel wholeheartedly comfortable with their purchase.

The biggest cause of people suffering from buyers remorse after a purchase is due to no longer having an option. The purchase has been made. They are committed. They no longer have the choice "not to buy".

So with a money-back-guarantee, they still have an option. It's very rare that people will follow up on the option of returning a piece of art. But in terms of having integrity in your business, it's nice to have that kind of option available for your buyers.

Let Them Know They Made The Right Decision

Another cause of buyers remorse is stemmed from the buyer feeling they have made the wrong decision.

You can help to eliminate this by providing a thank you letter with their purchase. In the letter… provide a couple of testimonials from people who have bought your art in the past. Let your new customer appreciate the excitement and joy they will get out of hanging a piece of your art on their wall.

So in other words, provide some social proof in your letter that will help to reinforce that they did indeed make the right decision to buy a piece of your art.

Another point you may want to add to your letter is some basic instructions for looking after their painting – such as what kind of lighting is best/ how to hang the painting properly/ dust protection/ how to safely transport the piece of art etc.

Additionally, encourage your new buyer to subscribe to your newsletter. This will enable them to develop an on going relationship with you, which will in turn intensify the enjoyment of having bought some of your art.

Get The Buyer's Partner Involved

Recently I sold a piece to a lady who absolutely loved the painting she was committing herself to. She did have one concern though – that her partner would not like the painting.

I have experienced this kind of situation on a few occasions. So rather than encourage the person to simply make a decision on their own, I encourage them to get their partner involved. After all, their partner is the "mental obstacle".

The best way around it is actually through it – so get the partner involved in the decision process.  

She was concerned that even though she would be getting her money back after five days, it might not be easy to convince her partner that the painting was on loan until a decision could be made. 

So then I suggested she take a photo of the painting and send it to her partner, as he could not attend the exhibit on that particular day.

Although a photo send by a mobile (cell) phone is never going to properly represent a great piece of art, it was the process that was important. It was simply about communicating the desire to her partner about a piece of art she wanted to buy.

I also suggested she pay a deposit on the painting and I would hold it for the next 24 hours. I encouraged her to bring her partner into the exhibit the following day. That way he could come and view all of my work on display and meet me personally.

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