People returning items is costly, so there has been a lot of research about the cause of all those returns. Here’s what they found…
50% of all “malfunctioning” products were actually working just fine. Buyers just couldn’t figure out how to work them.
The average American will struggle with a product for no longer than 20 minutes, before giving up and returning the item.
So, what is your take away?
- How simple are your explanations? Would a 5th grader understand them?
- How simple are your products? Could your client explain how it works to their son?
- How simple are your solutions? Do you have 3 steps where one would do?
As advisors, many of us have been trained to make sure the client knows how smart we are… get more credentials… use more in-depth solutions… be creative!
It ends up, that is bad advice. Make things simple. Make things familiar. People like things they understand. They want to do things that are like what they have been doing. Yeah, I know you could eke out a little higher return… or lower taxes by utilizing that fantastic new and creative technique you learned about. But present it to the client, and it is going to remain theory, because they will not pull the trigger.
Sometimes you must abandon what would be absolutely the best solution for the client… and instead go with what they are willing to do. It’s better for them than doing nothing at all.