Promote Procrastination Protocols

Consumers regularly put off taking an action they’ve clearly decided is a good idea. Before agreeing to an attractive investment plan recommended by their financial advisor, the client wants to think about the move and discuss it with others. The store customer is drawn toward purchase by a surprise discount, but wonders if the price will drop even further next week.
     Slowing down the final steps might benefit the shopper, researchers at Loyola University Chicago and University of Massachusetts admit. But they point out it also could lead to lost advantages and, consequently, inaction regret and negative associations with the marketer. Moreover, the financial advisor and the store owner want to reduce needless delays.
     The researchers find that consumer procrastination is more likely when the cost/benefit tradeoffs are uncertain, the shopper is placing top attention on costs, or there are long time limits on the decision. To handle the first two of these, the salesperson can emphasize the benefits of both what is being considered in the decision and of getting the decision over with promptly. Price match guarantees also work. “Find a better price on the same item at another store or at our store during the next two weeks, and we’ll honor that difference.” “Change your mind about the investment decision in the next two weeks, and we’ll cover any total portfolio losses incurred during that time.”
     As to the third one, setting shorter time limits was found in the studies to be the most powerful single remedy for the procrastination. This might mean encouraging the procrastinator to establish shorter decision time limits for themselves. But more commonly, it consists of the marketer setting short time limits on an offer.
     The objective is to help your customers and clients set protocols for themselves in determining when it’s wise to move slowly toward a final decision and when it’s best to conclude swiftly. At the same time, we don’t want to punish those who have missed an opportunity. They’ll be doing enough of that on their own.
     Studies at University of Miami and University of Kentucky uncovered two ways a retailer can shortcut consumer irritation at missing a big sale: 

• Before returning the item to its regular price, offer additional discounts, each at a progressively lower percentage. 
• Advertise another opportunity to purchase merchandise on sale. The discount does not need to be nearly as deep.

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