Happy Monday!
By the powers observation, many of you noticed that I only discussed 3 of the 4 Money Emotions - Mad, Sad, and Happy. It isn't because I saved the best for last, but the one that is most common...
Scared Money.
"Let think about it and get back with you."
"Give me your business card and I will call you once I decide."
"I am not really sure I am ready to make this kind of purchase."
Sure, we all need a little space when making an important financial decision or major purchase, but some of what you are hearing is Scared Money. It is centered around one dominant thought...
"Am I doing the right thing?"
Scared Money can be the worst kind, because it usually means the client will do nothing. At least with Sad and Mad people spend it - though begrudgingly.
One of your key functions as a sales professional is Money Conversion - changing Scared Money into Happy Money. Taking the fear of choice and turning it into confidence of decision.
While unfair, some sales industries live in the "Happy Money" space (lucky dogs!). They don't have to work on converting the emotion of money. In fact, people scrimp, save and put the pictures of these items on the refrigerator. When they have the money, they go in and buy with glee!
These Happy Money purchases are generally the luxuries of life - the travel, the sports cars, fierce shoes (homage to my wife!), and watches (my vice!) - can you name any?
Ironically, the things that people need (thus the name necessities) are where the emotions of money run high - ranging from Sad, Mad, to Scared. People don't skip with glee to buy insurance, alarm systems, or termite protection.
Let me ask...How should your clients feel solving a problem? How should they feel achieving a major desire? How should handling something they have continually put off feel?
In a word, it should make them feel Happy!
In order to be effective at money conversion, you have to transport your client. You have to provide and demonstrate the benefits of your product in a way that shows immediate and future enjoyment, relief, security, peace of mind, accomplishment or other pleasurable "Happy" emotions.
Remember that benefits are the features of your product "personalized" for your client. Make your benefits come to life and paint the Happy Picture for your clients. They have to think Happy thoughts about your product to get past feeling nervous...scared.
My main industry is insurance...about as sexy as falling on a cactus. We all know we need it (death and taxes, right?), but so many people put it off. Not because they feel immortal, but usually because they don't project a Happy Money emotion on it due to the subject matter.
Your job is to get them to "see" (imagery) the powerful impact of their decision.
"Mr. Jones, I know and appreciate the fact that this is a big decision. Tell me, how will you feel knowing that you have taken care of such an important matter?"
"How will taking care of this today impact your wife, children, grandchildren and even great grandchildren?"
"What will future generations say about what we are doing here today when it pays for college educations, first cars, weddings and other important life events?"
The real key to helping a prospect get beyond their natural Money Emotions is to show them the benefits beyond the initial decision point. To help them feel a sense of accomplishment, security, peace of mind, achievement and pleasure. That means you have to become an expert in...
Money Conversion!
Until tomorrow, I wish you Money, Power, Success!
Next Time: The Art of the Deal!
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