Realistically, there's only about 3 buying objections that you can overcome. First is if your prospect doesn't have enough Desire for your product or service to take action. People have to want your product before they'll buy. No surprise there. But note that I didn't say they must need your product. Simply put, people buy what they want. They buy on emotion and then justify the purchase with logic -- with facts.
Why do people pay three times as much for a Mercedes? I'll give you a clue, it's not for its German engineering. But nobody wants people to think they act irrationally, so that's a popular reason Benz owners give for buying it. So what's the real reason? They like the way driving it makes them feel.
If you want one final proof that we all act on emotion, look at your left hand. If you've ever had a wedding ring on it, you've already been sold based on emotion. Without love, we'd all be single. But people dramatically change their lives based on a feeling. It's also why they buy. Since people primarily buy what they want over what they need, you've got to sell to their wants first and then help them justify the purchase with facts.
Studies show that travel is the number one desired incentive that drives a buying decision. The second reason people won't buy from you is there's nothing to differentiate your product or service from your competitors'. Sure, they'll still buy. They just won't buy from you. So how do you make your product or service stand out without losing your shirt?
Here's how NOT to do it. Offer a deep discount. Let's say you have 20% margin on what you sell. Offering a 10% discount probably won't get your prospects too excited, even though you gave away half your profit. For every dollar you discount, you rob that dollar directly from your bottom line.
Travel incentives are different. For every dollar you spend, you build up to 20 dollars in value. For example, one of our travel packages costs $8 for each trip you give away. But your customer doesn't see $8 in value. They imagine they'd pay up to several hundred dollars for the trip. They begin to think, "Wow! These guys really want my business!"
More importantly, offering added value means you'll keep customers longer. It builds customer loyalty in a way that discounts never could. They'll spend more... more often. What will it mean for your business when your existing customers buy from you once or twice more each year? Will it make an impact when they rave about you to their friends?
Why do people pay three times as much for a Mercedes? I'll give you a clue, it's not for its German engineering. But nobody wants people to think they act irrationally, so that's a popular reason Benz owners give for buying it. So what's the real reason? They like the way driving it makes them feel.
If you want one final proof that we all act on emotion, look at your left hand. If you've ever had a wedding ring on it, you've already been sold based on emotion. Without love, we'd all be single. But people dramatically change their lives based on a feeling. It's also why they buy. Since people primarily buy what they want over what they need, you've got to sell to their wants first and then help them justify the purchase with facts.
Studies show that travel is the number one desired incentive that drives a buying decision. The second reason people won't buy from you is there's nothing to differentiate your product or service from your competitors'. Sure, they'll still buy. They just won't buy from you. So how do you make your product or service stand out without losing your shirt?
Here's how NOT to do it. Offer a deep discount. Let's say you have 20% margin on what you sell. Offering a 10% discount probably won't get your prospects too excited, even though you gave away half your profit. For every dollar you discount, you rob that dollar directly from your bottom line.
Travel incentives are different. For every dollar you spend, you build up to 20 dollars in value. For example, one of our travel packages costs $8 for each trip you give away. But your customer doesn't see $8 in value. They imagine they'd pay up to several hundred dollars for the trip. They begin to think, "Wow! These guys really want my business!"
More importantly, offering added value means you'll keep customers longer. It builds customer loyalty in a way that discounts never could. They'll spend more... more often. What will it mean for your business when your existing customers buy from you once or twice more each year? Will it make an impact when they rave about you to their friends?
About the Author:
Jared Wingerson is an author who specializes in corporate and incentive travel and incentive travel planners
No comments:
Post a Comment