At the end of the day, everyone wants to feel like they’re getting a good deal. It’s why discounts are such a popular tool within sales & marketing. But what about the other selling impulse factors?
Are discounts the only tool you have in your armoury as a salesperson? (I hope not!)
By using the simple techniques from this blog, you can dramatically influence your ‘first-call close’ rates.
Think of them as my GIFTS to you.
Selling Impulse Factor #1 Greed
People are naturally greedy. The extent in which we will go to get ‘more-for-less’ is sometimes incomprehensible. One only needs to look at the chaos that is caused by events like Boxing Day or Black Friday sales.
- Build up the value by pointing out additional inclusions
- Discuss price gaps and discounts (last resort)
- Highlight your USP’s (unique selling points)
Selling Impulse Factor #2 Indifference
The term ‘indifference’ is defined as a lack of interest, concern, or sympathy.
It’s is a powerful tool that in the wrong hands can be destructive. Use it with finesse or risk it blowing up in your face.
Similar to reverse psychology, it’s about demonstrating that the only person the prospects decision will impact is themselves.
The tricky part of this process is about making the prospect feel like you care about them, not their decision.
When pulled off, it exudes confidence, exhibits experience and belief in the product.
Important disclaimer: DO NOT say things like “I don’t care…” – whilst this is as indifferent as you can get, the finesse comes in to play in getting this kind of message across in a way that builds trust rather than damaging the trust that exists.
- Don’t be desperate when selling – have the mindset of “If you don’t buy, the next person will.”
- Make the prospect feel like they are in complete control of the process
- Use the right language and tone – be friendly, calm & confident
- Say things like “It’s up to you…” followed by a reason to commit
E.g. “It’s up to you whether you agree today, but with limited vacancies I can’t guarantee a spot tomorrow.”
Selling Impulse Factor #3 Fear of Loss
“The fear of loss is greater than the desire for gain.” – Zig Ziglar
‘Fear of Loss’ impulse is driven by the psychological need to avoid missing out or losing.
If a prospect feels like they can take their time deciding, the likelihood of a call-back being required increases drastically.
When pitching, it’s important to promote the reasons why they need to buy now and what losses or risks are if they miss out.
It’s an impulse tactic that is frequently used when selling within retail environments but can be just as effective in tele-sales too.
- Establish a deadline or end-date
- Use phrases like “while they last”, “limited time” or “before they’re gone”
- Discuss the wider impacts of the loss with the prospect – encourage FOMO (Fear Of Missing Out)
Selling Impulse Factor #4 The Jones Theory
Put simply, the ‘Jones Theory’ addresses the natural desire to follow the crowd by purchasing, doing, or getting involved with things that are popular or trending.
It works as prospects feel that they’ll be left behind or out of touch with the ‘latest & greatest’ which creates motivation (an impulse) to act.
By doing this, we also work to ‘social proof’ the product, creating a level of trust in the product too.
- Use language that exhibits wide adoption of the product you’re selling – e.g. “Most people choose this brand because…” or “It’s been our most popular product since it launched.”
- If you can, discuss your current client-base – particularly those that are like the prospect you’re pitching
- Talk to the popularity of your product and draw similarities to the prospect’s situation
Selling Impulse Factor #5 Sense of Urgency
If Covid-19 has taught us one thing, it’s that nothing creates a ‘Sense of Urgency’ like the idea of toilet paper running out.
The thought of something running out (like with ‘Fear of Loss’ impulse factor but used differently) creates a sense of urgency that can make people do the craziest of things.
So, what happens when we apply this to sales? Well – the same thing.
By creating a sense of urgency, we create the need to act immediately.
Without urgency, the prospect will often lack the motivation to make a purchasing decision and ask for more information or a call-back.
- Tone is important – it must represent the need to act immediately without coming across as aggressive or pushy
- Highlight end dates – to promotions, discounts, goals, SLA’s (service level agreements)
- Address the potential problems or risk factors in delaying action
To round out this blog, I thought I would share a link to a CLASSIC example of the Selling Impulse Factors in use.
I was one of the many suckers that bought into this one.
Were you too?!