"Uncertainty can be aversive. The uncertainty is rubbing off a little bit on the product, but it's also rubbing off on the brand." – Jonah Berger, Wharton
You have pitched a proposal to a Prospect. Will they buy?
Well, that depends upon a multitude of factors. One critical determinant would be how confident or certain the decision maker is, about you, your brand, your company and your product. Uncertainty results in hesitancy.
Research cited by Wharton says Customer confidence matters
Now research by Wharton Marketing Professor Jonah Berger confirms that Customers’ confidence in what they know about the purchase counts a lot. Also, Customers may start with an inflated sense of confidence but may soon realize they know less than they think. Only with more positive information and experience, their confidence comes back.
Research finds Customer confidence to be a U-Shaped Curve
The study relied upon by Prof Berger was based on analysis of 3.7 million online reviews from more than 100,000 consumers over 30 years in product categories as varied as wine, beer, and cosmetics. Yet the results were surprisingly similar. Confidence follows a U-shaped curve, which is something that could apply to any type of selling. It starts high, is followed by a dip, and then there’s a rebound.
So, how can sales professionals use this insight to build Customer confidence?
How does the ‘U shaped’ curve of Customer Confidence help sales professionals? As Prof Berger points out, it is when Customers feel less confident, that there has to be an effort or intervention to help regain confidence and recover from the dip. Leaving the Customer at the bottom of that valley of uncertainty, means losing them.
Action Tip: If a customer sounds unsure, consider responses like: Recommending another product from your product suite, a reworked solution, even more relevant information, or a detailed demonstration that gets the Customer to experience those features of the product over which the Customer is feeling uncertain. Doing so can continue to keep you in the Customer’s consideration set, preventing the Customer from abandoning the purchase idea altogether.
The Wharton article on How Confidence Changes Consumer Loyalty can be read here
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