How do you react when a sales rep tries to force you to buy using the “This deal will expire when I leave” method? Discuss the problem and why it’s better to sell your wealth. Shannon and Dave also dive into the conversation about why it’s important to keep your mouth shut and read what’s going on in the room when making a sale. Listen and learn!
- 00:00:00 Business Brain – Entrepreneur Podcast #448, Friday May 12, 2023
- 00:01:18 Beware of scarcity exploitation
- 00:09:11 sponser: found. Business banking tracks expenses, finds depreciation, tracks income, calculates taxes, and saves the right amount so you don’t panic when it’s time to pay. To sign up for free, Found.com/brain today.
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- 00:12:16 shut your mouth
- 00:16:35 Read Room and Focus on Abundance
- 00:19:37 BB 448 Outro
Our AI-generated Business Brain article can provide more background and resources related to this topic.
rarity
Scarcity is a popular marketing strategy that uses fear of missing out (FOMO). The idea behind scarcity is to create a sense of urgency and encourage customers to act quickly. However, while scarcity is an effective way to increase sales, it also has its drawbacks.
Advantages of using scarcity:
- Increased sales: One of the biggest benefits of using scarcity is that it can lead to increased sales. Customers are more likely to purchase when they feel they may miss out on your product or service.
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A sense of urgency: Scarcity creates a sense of urgency, encouraging customers to act quickly. This is especially effective when the product is in limited supply or has a limited-time promotion.
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Increase brand awareness: Rarity can help increase brand awareness by creating a sense of exclusivity. Customers may perceive a brand as more valuable or desirable if they feel they are getting something that is in high demand.
Disadvantages of using scarcity:
- Ethical Concerns: Using scarcity as a marketing strategy can be viewed as manipulative and unethical. It creates a false sense of urgency and can put pressure on customers to make purchases they otherwise could not have made.
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Damage to brand reputation: When a brand consistently uses scarcity to market its products, its reputation can be damaged. Customers can feel cheated or taken advantage of, which can lead to negative reviews and decreased sales over time.
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Unintended Consequences: Taking advantage of scarcity can also have unintended consequences. For example, if a brand advertises a product as a limited edition and continues to sell the product after the initial promotion, customers may feel misunderstood and lose trust in the brand.
In conclusion, scarcity can be an effective marketing strategy, but it’s important to use it judiciously. Brands should consider potential ethical concerns and unintended consequences before implementing this strategy. It’s also important to balance scarcity with other marketing techniques to create a balanced marketing campaign that benefits both your brand and your customers.
shut your mouth
In the world of sales, the old adage is even more accurate: “You have two ears and one mouth, so listen twice as much as you speak.” Keeping your mouth shut and actively listening to your customers during the sales process is critical to your success. Here’s why.
- Better understand your customers’ needs: Listening to your customers helps you better understand their needs and pain points. This allows you to tailor your sales pitch to your customer’s specific needs, making them more likely to be interested in your product or service.
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Build trust and rapport: By actively listening to your customers, you build trust and rapport. Customers want to feel heard and understood. Taking the time to listen to your customers shows that you care about their needs and are invested in their success.
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Identify Objections: By listening with your mouth shut, you are more likely to identify any objections your customer may have. This allows you to address and overcome these objections head-on, making your customers more likely to buy.
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Close more deals: Ultimately, listening during the sales process can help you close more deals. By understanding your customers’ needs and objections, building trust and rapport, and addressing their concerns, you make them more likely to buy.
In conclusion, keeping your mouth shut and actively listening during the sales process is essential to success. By doing so, you can better understand your customers’ needs, build trust and rapport, identify objections, and ultimately close more deals. Remember, the more you listen, the more you learn and the better you can provide solutions that meet your customers’ needs.
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