It's all about share of wallet

Those of you who prospect for clients - those of you are any good are able to clearly articulate what the business stands to gain when they take action, and / or, or what they stand to lose by NOT taking action are likely doing OK for yourselves.

When I was working on Grubraise, I learned just about everything there is to know about the restuarant business without having worked in one. One term that I learned that stuck with me, was "share of wallet." This knowledge directly translated itself into a call I had today as I was screwing around making calls to help in the aid of my training material / program development.

The business owner calls "bullcrap!" He asked; "well if there are no customers, where are you going to get them from, the sky?"

My reply;

"Who is your closest competitor?"

"How far away from you are they?"

"Ok, now imagine walking down to his place every single day and literally directing a few of his customers down the road to your place."

"Imagine this being done to you..."

Then I explained the share of wallet concept while commending him for calling b.s. as yes; there's no way I was going to "create" more customers for him.I'm simply helping him steal them from his competitors.

We all spend X per month on living, Y on food, Z on miscellaneous every month. No number of "deals" nor will the most talented copywriter expand your budget if you simply do not have it.

The name of the game as it relates to getting a business more customers, is to help that business owner take them from their competitors.

The final objection I overcame was the "money issue."

"Well I understand this may seem unaffordable to you - but if it becomes affordable to your competitors, that means less customers for you. Because they are not going to create new customers out of thin air, they are going to invest in taking yours."