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WHY AREN’T PEOPLE BUYING?
You have the best product or service.
• Everybody needs it!
And yet…no one buys it.
PEOPLE BUY BASED ON EMOTIONS
Understanding emotional drivers is important because the truth is: People primarily make buying decisions based on emotions.
• Identifying what people really want helps you focus your marketing message on what gets people moving to complete the purchase.
In this lesson, we’ll show you the emotional drivers that turn “lookers” into “buyers”
• You’ll intersect the special qualities of your business with the emotional drivers that make people buy.
THIS LESSON’S OBJECTIVES
Over the course of this lesson you’ll:
- List 3 things people really want when they make a purchase.
- Learn why too much choice is a bad thing.
- And rev up your sales with the techniques of scarcity and urgency.
YOU CAN DO THIS!
Each lesson includes the three styles for adult learners with:
• An Audio File
• A Written Transcript
• And a Practice Guide that gives you “hands-on” training customized to your own business.
WHAT MAKES YOU SPECIAL?
What makes your business special? The answer might surprise you.
- People buy what they want, not what they need.
Here’s an example:
You need a way to get to work.
- What you want is the red convertible that will be the envy of your friends and family.
- Or maybe you want the safe and reliable SUV.
THREE MAIN EMOTIONAL DRIVERS
The fact is that there are three main emotional drivers when it comes to purchasing decisions.
• Safety and Security
• Approval and validation
• And control
THREE THINGS THAT MATTER
Put another way, safety and security is:
• Freedom from fear and harm for you and your family
• Validation from others and feeling good about ourselves
And control is really about the:
• Freedom to control our circumstances
DON’T FORGET YOUR PRACTICE GUIDE
In this lesson’s practice guide, we give 40 different examples of what people really want.
- Review these and see which of these relate to your unique selling proposition.
BUSINESS KILLER TIP
Now that you understand what really drives purchasing behavior, let’s look at why being everything to everybody is a business-killer.
Here’s an example:
EXAMPLE: MALL OF AMERICA
The Mall of America is a huge shopping center with everything that you could want to purchase.
- Yet, I’ve been there 5 times and never bought anything.
- The answer is too many choices.
WHY TOO MUCH CHOICE IS A BAD THING
Studies have shown that the more choices you offer the less likely people are to complete the purchase.
In the ground-breaking book by Barry Schwartz “The Paradox of Choice-Why More is Less” Schwartz argues that reducing the number of choices for consumers actually reduces the anxiety felt by buyers over making purchasing decisions.
JACK OF ALL TRADES AND MASTER OF NONE
It’s perfectly normal for business owners want to be “everything to everyone” to get sales coming in.
- The truth is that this “jack of all trades, and master of none” strategy will hurt you in the long run.
RESEARCH BY COLUMBIA UNIVERSITY
In a landmark study by Columbia University, consumers were offered a choice of 24 flavors vs. 6 flavors.
• 60% of people stopped to sample at the stand of 24 flavors vs. 40% at the stand with only 6 flavors, seemingly a better outcome.
Yet, when the purchasing behavior was examined at the stand with the 24 flavors…less than 3% completed a purchase.
• In contrast, at the stand with 6 choices, 30% of the people purchased the product.
LESS CHOICES = MORE SALES
In other words, if 100 people passed the stand with more choices, less than 2 purchases would result.
• In comparison, the stand with fewer choices would result in 12 purchases.
PEOPLE FEAR LOSS OF CONTROL
The reason for this?
• Too many choices make us feel out of control.
This goes against one of the three top emotional drivers.
• We want to feel in control.
Think about what can you do to offer more value, but fewer choices for your potential customers?
- List some possibilities in the practice guide for this week’s lesson.
HURRY UP BEFORE YOU LOSE OUT!
Now that you’ve considered emotional drivers that make people want your product and services, let’s look at how to supercharge your sales with the techniques of scarcity and urgency.
Here’s an example:
EXAMPLE: CAR FEVER
Have you ever had “car fever?”
If so, there’s a good chance that the techniques of scarcity and urgency were applied to rev up your desire for the purchase.
SCARCITY GETS US MOVING
Scarcity is what gets parents chasing all over town for the latest must-have, sold-out Christmas present for junior.
- Scarcity is why we wait with great anticipation for the special coffee blend that’s only available a certain time of the year.
URGENCY MAKES US TAKE ACTION
Similarly, urgency moves buyers off “the fence” and gets them to take action.
- Urgency is a highly effective technique for potential customers who may agree you are the right choice, but are not motivated to take the next step.
WHY BUY NOW?
What things could you do to incorporate scarcity and urgency in your unique selling proposition?
- Are there things that you could offer for a limited time, or in limited supply?
Why would someone want to buy from you today?
- What could you do to make it more attractive to potential customers to take the next step right now?
TIME TO MAKE IT REAL!
This lesson’s practice guide helps you walk through these concepts and incorporate them into your unique selling proposition.
- You’ll identify the emotional drivers that apply to your business and list ways to move prospects off the fence and convert them to buyers.
Now that you understand the reasons why people are motivated to open their wallets, let’s focus on our next lesson: “Why Should They Buy From You?”