Is the Investment to Purchase your Product Priceless?
Welcome, if you are landing on this article and haven’t read the first two about creating the relationship and creating compelling reasons to purchase your product you can click the links.
Phase 1: Creating the Relationship.
Phase 2: Creating a compelling reason to buy.
As you walked through the decision process with your buyer you will note that there are a couple of things that seem to be coming up again and again. The problems that you are solving are going to be either a logical problem (is it logical to purchase the product?) or emotional problem (is the product going to solve my emotional challenge?)
To put this a different way, if the buyer is going invest their dollars with you will there be enough value for the MSRP to be ok? Here is where the test of your offer meets its first challenge. If you were able to create the emotional and the logical value high enough, where the customer believes the MSRP is under the perceived value they will jump through all types of hoops to hand over their money. If they believe that you are the only one that can solve this issue there will be no objections and they will purchase willingly. If however, you haven’t been able to answer both the logical and emotional questions, there will be objections that you will need to overcome.
Let’s break down the Logic and the Emotional points of the sale and what that actually means.
Logic is one of the first parts of the brain that operates but may not be the first thing to create a buyers desire to make that purchase. It will, however, wake the buyer up in the middle of the night, in a panic, asking how am I going to pay for what I just purchase? They may also wake up thinking of the return on the investment and realize it was a poor choice to make that purchase. So while we all may know that emotion is the primary reason a buyer make the decision to purchase, logic will allow them to feel good about themselves and the purchase once the emotion has worn off.
Think back to one of your many purchases. I would be willing to say that everyone that is reading this has, at one point in time or another, experienced buyer’s remorse. If we are to dissect why you felt bad, it is usually due to either the fact you could not afford to make that purchase or that you found it wasn’t as highly valued as you perceived it to be. Point in this is that the investment a buyer makes must meet the minimum logical perceived value. To avoid this mistake, be sure to include the financial value within the 2nd phase of the sales process.
In emotional buyer’s, we discuss the different emotional reasons a buyer will make the decision to purchase. As an overview of why the emotional value must be higher than the MSRP is to get the buyer more quickly to the act of purchasing. This can be seen in the commercials MasterCard did by ending the experience as a priceless experience. The reason the experience was priceless was due to the perceived emotional value that was created through the circumstances. Something that we would spend any amount to attain that solution. Often the priceless emotional value revolves around a relationship, more specifically a family issue that if resolved is priceless. Check out maidinoahu.com.
Thinking back to crafting the compelling reasons for making a purchase, you need to ask you the question. What emotional issue, that if solved by my product, makes my product priceless? Once you start thinking this way, it is amazing how your view of TV commercials or even just an ordinary sales pitch will turn into something completely different after you taken off the rose colored glasses. Every Human Society commercial I have ever seen will play heavy on the emotional side of a buyer, asking for just a small donation to end the tragedy. There is often sad music playing in the background along with a weeping voice under pictures of worst case situations. Look at this commercial from an objective perspective. Don’t form an opinion on whether you agree or don’t agree with their message, just look at it from an outside, objective standpoint and see how they use the emotion to grab attention and get someone to hand over their money.
So what emotional issue are you solving that is so great, it makes your product priceless?
Here’s what you need to remember. Phase 2 of the buying process creates the value that shows in phase 3. That value must be both logical and emotional and the logic and emotion must be of higher value than the perceived value of your product.
Once you have moved through the first 3 phases successfully. You build an incredible relationship with your customer (phase 1). You then crafted your pitch to show the customer the problems they are facing and how your product will solve that problem (phase 2) You created so much logical value, it just makes sense. You solved an emotional issue that is priceless for you buyer. (phase 3) You can now reap the reward. You get the sale!!! The whole purpose of starting on the journey is to get that sale at the end.
Nothing is more thrilling than knowing that you created some true value. Your product is changing lives or solving issues. Hold on to that feeling and enjoy it. Don’t breeze by. So many never make it to this point because they skip the steps. Be proud of the fact that you put in the work and were able to accomplish what many seem to struggle with.