Syed Balkhi is the founder of WPBeginner, the largest free WordPress resource site that helps small businesses start their websites.
There’s an interesting mental model known as inversion thinking. One of the most successful people to have used this is Charlie Munger. He used inversion thinking during WWII to determine the safest weather conditions in which pilots could fly. He also uses inversion thinking to be rational in an emotional market. By thinking of the worst-case scenario or situations you don’t want, it gives you clarity on what you should do.
With this mental model, it’s possible to answer the question: Why aren’t customers buying from me?
When we look at worst-case scenarios from the perspective of a buyer, we can figure out how best to deal with them. In this way, you can make a better website, better interfaces, better sales funnels and better content.
Let’s take a look at the major pain points or fears your prospective customers have and the insights you can get from such information.
Fear Of Losing Their Money
There are many frightening stories of people losing their personal information and large sums of money to online scams. When you ask people to enter their credit card details on your page, they have to wonder if their information will be safe — especially if you’re a new or small company.
There are a few ways to handle this. First of all, use secure and globally recognized payment gateways. Next, add trust badges and security certificates that show you’re a recognized business.
Most importantly, always give people a way to communicate with you. When you run an e-commerce business, it is critical to have customer support in place and to offer multiple ways for people to contact you, such as live chat, Facebook messenger, email and phone. The faster you respond, the stronger a case you make for your business’s trustworthiness.
Fear Of Buyer’s Remorse
Customers face uncertainty when they buy a product for the first time from a company they’re unfamiliar with. There’s always the fear in the back of their minds that they may not be happy with your offering and could regret buying from you, especially if your product is a high-value item.
To counteract this fear, offer customers a 30-day money-back guarantee, a no-questions-asked refund or a trial period in the beginning.
It’s also important that you address this fear on your sales and product pages. Let people know that they can ask for refunds and change their minds. This makes people feel more comfortable and increases purchases.
Fear Of Being Overwhelmed
When people buy a product, they do it to achieve a specific goal. However, one issue that frequently crops up is that a product won’t be easy to use and will require a significant amount of time and energy to learn to leverage it.
If your product involves steps and processes that are not common knowledge to the majority of your customers, then you want to manage people’s fear of being overwhelmed or lost. A practical way to do this is to focus on product education — and to put your customers first and create simple products that anyone can use without needing technical skills.
Invest time and resources into creating educational blog posts, tutorials, video courses and social media tips. When your audience sees that you provide learning tools and educational content, they’ll feel more comfortable buying your product.
Fear Of Opportunity Cost
Another thing that people fear is missing out on a better opportunity with your competitors. There are drivers that feed this fear:
• They want to save money.
• They want better features.
• They are influenced by their friends’ opinions and experiences.
It’s important for you to clearly define and communicate the value you provide. Don’t assume your customer will love your product or even understand everything about it.
You need to build features pages, share eye-opening case studies and feature testimonials from your existing customers. It’s also important that you create comparison posts that fairly compare the offers you and your competitors provide.
Doing this helps you convey your argument for why people should choose your product over your competitors. It’s also great for SEO reasons because when people do product research, they frequently look up information comparing products from different providers.
It takes a lot of work to create a single sale, and you need to be aware of everything that could go wrong on your buyer’s journey. Focusing on what you don’t want to happen is inversion thinking, a powerful mental model that helps you think rationally.
When you apply inversion thinking to your business, you can remove obstacles to making a successful sale. In the process, you’ll create positive outcomes and build customer experiences that keep people coming back to your brand.