How To Get More People To Buy And At Higher Prices

35 replies
The founder of a soap company once said...

"Any fool can make soap, it takes a clever person to sell it."

Today any fool can drop their prices to get the sale.
Unfortunately getting the sale doesn't happen in many cases.

There's ONE reason why people won't buy
after they are shown the discount.

Wanna know what it is?

Better start thinking about it because it's hurting you...NOW!

Fixing this problem not only gets you turning sales opportunities
into more closed sales, it also has them at higher prices.

Wanna lay down your best shot at this?

The one thing which turns more fence sitters
into buyers.

No it's not takeaway selling.

Can you guess what it is?

I'll give it to you along with examples,
if you give it a good shot.

Best,
Ewen
#buy #higher #people #prices
  • Profile picture of the author savidge4
    Well if price isn't the "Tipping Point" then more often than not it becomes "Buyer Confidence" meaning do they trust you.

    This had better not turn into another 6 page guess the 2 words thing - well maybe it should that one turned out very well for me actually.

    Originally Posted by ewenmack View Post

    The founder of a soap company once said...

    "Any fool can make soap, it takes a clever person to sell it."

    There's ONE reason why people won't buy
    after they are shown the discount.

    Wanna know what it is?
    Signature
    Success is an ACT not an idea
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    • Profile picture of the author ewenmack
      Originally Posted by savidge4 View Post

      Well if price isn't the "Tipping Point" then more often than not it becomes "Buyer Confidence" meaning do they trust you.

      This had better not turn into another 6 page guess the 2 words thing - well maybe it should that one turned out very well for me actually.
      And of course the benefit of having to guess is that
      being involved not only captures more attention to
      this dying sub forum, the answer sticks harder.

      See, those are 2 lessons in of themselves
      for capturing attention and holding it.

      Best,
      Ewen.
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  • Profile picture of the author Ron Lafuddy
    In bygone days, I sold outdoor lighted signs. The kind that
    many businesses still use today. While other salespeople in
    the company focused on price, I focused on the element that
    you're referring to here.

    Thus, I could sell a sign for 4 to 5 times the price that the
    other salespeople were offering. It was the same sign. The only
    difference was in our approach.

    It's the chief difference between amateur and professional salespeople.

    Ron
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  • Profile picture of the author tulsatech
    Perceived value. Off the top of my head, I can't remember the name of the company, but I remember reading that this well-known and well-branded company was selling vodka or some other type of alcoholic drink and they decided to lower the price in an attempt to increase sales. But instead of increasing sales, their sales actually dropped, dramatically. When they increased the price to it's "normal" level, sales increased as well.

    The reason they found for this strange occurance was perception. The people who bought this particular brand did so because it was #1 (most expensive) in a list of "top" alcoholic drinks. But, when they lowered the price, it dropped from #1 to #5 and people didn't want to drink the 5th most expensive drink, they wanted the #1 drink. Apparently, buying the most expensive drink for their friends, colleagues or business prospects gave the buyer credibility in the eyes of others. They didn't want to be seen as "cheap".

    Perhaps, this is why those who sell information products, should consider their price carefully. A $7 WSO may be great and affordable, but is it as good as a $47 WSO? Some people will naturally assume the higher priced item has more value simply because it is more expensive. Something to think about.
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  • Profile picture of the author socialentry
    Same as savidge. Just confidence in the salesperson.
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  • Profile picture of the author Rus Sells
    How to get more people to buy at higher prices?

    Raise your prices.
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    • There's ONE reason why people won't buy
      after they are shown the discount.




      They like the company, they love the product/service...

      it's you they reject

      is this sales?

      Transferring of a belief. The belief you hold that you want to convey to another.

      That what You have and what You can do, can be of help (others See your belief).
      And, that it can reduce their Pain
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      • Profile picture of the author Claude Whitacre
        If the question is: Why does lowering your price kill sales?....

        Now the prospect knows that the price is negotiable. Now they are in the mindset of asking for a lower price.

        And to me, lowering your price is a form of begging.

        What turns fence sitters into buyers?

        Depending on the offer? I would say exclusivity. If that can't be offered, I'd say implied huge demand, and short supply.

        Everyone wants two things;
        What they can't get
        What everyone else has.

        Ewen? Am I close? Tell us now!

        E. Vile.....that kills me.
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        • Profile picture of the author ewenmack
          Originally Posted by Claude Whitacre View Post


          E. Vile.....that kills me.
          Trust you to leak out the secret...well almost,
          It's Doctor E Vile.
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        • Profile picture of the author ewenmack
          Originally Posted by Claude Whitacre View Post


          Everyone wants two things;
          What everyone else has.

          Ewen? Am I close? Tell us now!
          Doesn't apply in many instances.

          Take a women who has 24 pairs of shoes.

          She also has 3 handbags.

          Her buying behaviour says she is less likely to buy
          another handbag compared to her buying not only
          another pair of shoes but multiple pairs.

          So piling on social proof and other Cialdini influencers
          on her probably won't sway her to buy another handbag...
          right?

          Now if she sees other women who she wants to be like
          wearing a pair of shoes she doesn't own, then yes
          other people have influenced her.

          Past buying habits plays a stronger role.

          And here's the thing, what we just talked about brings home
          the importance of targeting those who have a history of repeat buying.

          You've posted about this in selling advertising to the guy who spends
          big money in many forms of media.

          However, that wasn't the answer I was going for.

          It assumed that the targeting is very good.

          I was also assuming the prospect is part of the few who
          are leaders and not followers.

          Probably doesn't make the answer any clearer,
          but hey, it may eliminate the wrong ones and get you closer that way...
          right?

          Best,
          Doctor E. Vile
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    • Profile picture of the author ewenmack
      Originally Posted by Rus Sells View Post

      How to get more people to buy at higher prices?

      Raise your prices.
      Didn't work for the author who was the first to sell a million books
      on Kindle.

      He sold 20 times more when he dropped the price from
      $2.99 to .99 cents.

      Best,
      Doctor E. Vile
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      • Profile picture of the author Rus Sells
        Ewen,

        Seriously you're going to suggest that my answer is wrong by citing the sales of a kindle book?

        You've been around long enough to know where I come from in regards to sales so your retort to my post is a little insulting to say the least.

        If you're going to make more vague opened ended posts with no qualifying criteria like these in the future I won't bother reading them any longer.

        Originally Posted by ewenmack View Post

        Didn't work for the author who was the first to sell a million books
        on Kindle.

        He sold 20 times more when he dropped the price from
        $2.99 to .99 cents.

        Best,
        Doctor E. Vile
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  • Profile picture of the author 2sora
    I'd say it's the Price shock flexibility. If you want to charge more, you'll lose the customers who want to pay less (which is good), and you'll gain the customers who want more. In The Personal MBA, the author explains that people will buy a luxury car BECAUSE IT'S EXPENSIVE.

    in the book marketing to the affluent, the author points out that if a person owns 9 boats and 1 home, this person will probably not buy a home. The odds are 9 to 1, yet some people still insist on selling a rich person another home.
    this could be the other reason why people buy expensive things. People generally have one or two things they want to have regardless of price. I've heard of people owning bmws but driving an extra 5 miles to get day old bread for free. They're willing to pay extra for that luxury car, so people will see them as special.

    another possibility is one that I employ in my business. I call it the commitment price. for example, there are ten products equally similar to mine, and my customer could buy all 10, but if I charge 10 times what the others offer, then he has to focus on my product. The value of my product goes up more than 10 times because the product he purchased from me carries the wheight of his decision, and not having money means he cannot buy the others, so he justifies his decision.

    a warning if you're going to try charging the commitment price. Offer a money back guarantee, and listen closely to customer specifications. The only solid business advice comes from people who've done what you want to do, and from clients who discontinue service to work with another company. Start with the market price, and learn customer specifications first before you charge the commitment price. Then offer the money back guarantee.
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  • Profile picture of the author Rus Sells
    dying sub forum
    Indeed it is dying and has been for a year or so. Maybe we should talk about why it's been dying.
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    • Profile picture of the author DABK
      If I wait longer, you'll discount some more.

      If you're willing to discount, something might be wrong with your product or your company (and I'm going to have issues later).

      I now know I can go somewhere else and buy for less.

      All of them seem to imply, I don't trust something, you have not established that the discounting is just for me (and a handful of other people like me), not a gimmick (your price is the discounted price and you just inflated it before I came into the picture, because you were expecting me to come into the picture).

      There has to be trust in the product, in the person behind the product, and urgency.
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      • Profile picture of the author Underground
        Uniqueness and strength of value proposition they can't get anywhere else?

        That is definitely one way, I know that.
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    • Profile picture of the author mak25
      Originally Posted by Rus Sells View Post

      Indeed it is dying and has been for a year or so. Maybe we should talk about why it's been dying.
      I agree. My feeling is because those that kept this sub-forum alive with great advice and topics are either gone, banned, or just got tired of being here.
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      • Profile picture of the author ewenmack
        The answer I was looking for was...

        Certainty Of Outcome.

        I'll give you some examples of how it's been used
        in different situations.

        Dominoes did it with pizza

        Certainty
        1 Fresh
        2 Hot
        3 Delivered under 30 minutes

        Blublocker Glasses

        Certainty
        1 Never have to buy another pair
        because they will replace them even if you sat on them.

        Pest Control In Food Processing Plants

        Certainty
        1 Never will find a rodent or bird in food processing plant.
        Should it ever get shut down by health inspectors due to
        pests, then all associated costs are paid for by pest control company.

        Lawn Mowing

        Certainty
        1 Will be on time.
        2 Will clean up after
        3 Will do what was said

        Failure to will result in a $1,000 penalty.

        Matt Clark Social Secrets

        Certainty

        1 If after 5 weeks after completing the 5 weeks training
        you haven't made your money back, you'll will have your
        Facebook account worked on by a trainer
        to make it profitable.

        2 If you haven't got your money back by this time then you'll get
        all what've invested in the training plus all your advertising expenses paid back.

        Frank Kern

        Certainty

        1 You'll get 1 day of transformational personal training
        with 10 others. If at the end of it you don't want to get a full years
        of personal training by him, you'll not only get your $1,500 show up
        deposit back, you'll get $1,500 for your flight accommodation and expenses
        on top of it.

        2 If you feel you've been pressured into buying
        then call him out on it and he will pay you $,1500

        Perry Marshall

        Certainty

        1 He puts some of or all of these parts in his high priced offers
        Improvement as a percentage, money made or saved and a time-line.

        ------------------------------------------------------------------------------------------------------------------

        The last one by Frank kern is used even before
        money changes hands to take away any perceived risk
        in him helping you.

        If you are the person who creates the clearest certainty of outcome for your clients
        in your market, like all the above examples, then you can own your market, like they have.

        Best,
        Doctor E. Vile
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        • Profile picture of the author Ron Lafuddy
          Ewen,

          It's called a guarantee.

          You can re-label it with fancy buzzwords
          like "certainty of outcome" but in the end...it's
          just a guarantee

          Dominos "30 minutes or less..." used to have the
          word "guaranteed" on the end of that statement.

          And a guarantee, is just part of building value.

          Building value is what the professional salesperson
          does. It IS the reason I could sell signs for more
          than the other salespeople, who focused on price.

          Here's a real sales secret for you. If you take the
          time to build value, people will knock you down and
          take it off your hands. You won't have to close them
          - they'll close themselves.

          And money that they claimed they didn't have will magically
          appear. In fact, they'll beg, borrow or steal for it cause they
          just gotta have what you're selling.

          Price is never the issue, because it's never the reason that anyone buys.
          Value is what tips 'em over.

          Ahh Garoontee!

          Ron
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          • Profile picture of the author ewenmack
            Originally Posted by Ron Lafuddy View Post

            Ewen,

            It's called a guarantee.
            Ron, you and I know it's another name for a guarantee.

            What most people think of one is the plain vanilla
            "you'll get your money back if you are not happy"

            Well the prospect hasn't seen a tangible thing he is going to get.
            At this point he doesn't want the hassle of getting his money back and go hunting
            for somebody to finally get him what he really wants.

            A discount and other sales tactics aren't going to work on him.

            "Can someone just tell me what I'm going to get
            because now I don't know" is his silent plea.

            That was the experience of a savvy businessman when dealing with
            internet tech guys pretending to be online marketers.

            My friend walks in and lays out what he'll be getting
            by quantifying the outcomes. Walks out with a fat cheque
            and more work from his other companies.

            The business owner went from uncertainty to certainty
            and bought at higher prices than the previous quotes.

            It pays to do whatever we can to create some form of certainty of outcome
            for prospects.

            Best,
            Doctor E. Vile
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          • Profile picture of the author kenmichaels
            Originally Posted by Ron Lafuddy View Post

            Ewen,

            It's called a guarantee.

            You can re-label it with fancy buzzwords
            like "certainty of outcome" but in the end...it's
            just a guarantee

            Dominos "30 minutes or less..." used to have the
            word "guaranteed" on the end of that statement.

            And a guarantee, is just part of building value.

            Building value is what the professional salesperson
            does. It IS the reason I could sell signs for more
            than the other salespeople, who focused on price.

            Here's a real sales secret for you. If you take the
            time to build value, people will knock you down and
            take it off your hands. You won't have to close them
            - they'll close themselves.

            And money that they claimed they didn't have will magically
            appear. In fact, they'll beg, borrow or steal for it cause they
            just gotta have what you're selling.

            Price is never the issue, because it's never the reason that anyone buys.

            Value is what tips 'em over.

            Ahh Garoontee!

            Ron
            First off, to me the bold part is just plain sexy.
            The more I read your posts the more it feels like you
            and I learned sales at the same school
            -

            Tons of people think that a guarantee is the end all be all.
            I did to for years. Turns out I was wrong.

            I haven't mentioned a guarantee in anything other then copy
            in years. I dont need to. I found building value and using any
            type of guarantee to strengthen the value is somewhat self defeating

            In fact I have found specifically NOT offering a guarantee
            is as strong if not stronger then having one.

            (i am talking for larger product / service sales)
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          • Profile picture of the author Dennis Gaskill
            Originally Posted by Ron Lafuddy View Post

            Ewen,

            It's called a guarantee.

            You can re-label it with fancy buzzwords
            like "certainty of outcome" but in the end...it's
            just a guarantee
            True, but I think he framed it in new light that gives more clarity to what a guarantee should be about. I think he's talking about more than a guarantee, but let's look at that first...

            A typical guarantee might say something like: The risk is on me. If you're not completely satisfied with your purchase you may request a refund at any time in the next 90 days and you'll receive your money back with no questions asked.

            Instead of that, let's bring more certainty of outcome into the guarantee: I promise you will receive at least 10 new clients each and every month or I insist on refunding your monthly fee for any month that falls short! If I only deliver 9 new clients, they're all free because I'll refund the fee for that month.

            That goes beyond offering a buyers money back, it explicitly sets expectations for the outcome. That's a better guarantee, but I think Ewen was talking about more than the guarantee. Unless I'm reading him wrong, certainty of outcome should be built into your entire sales pitch.

            I could be wrong, but I think that's where he's going with this. OK Ewen, smack me down - I'll still dig your posts!
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          • Profile picture of the author Claude Whitacre
            Originally Posted by Ron Lafuddy View Post

            Ewen,

            It's called a guarantee.
            Ron

            Ron;

            Of course, you are right, another word for "Certainty" is a guarantee.

            But Certainty means more than that.

            It's the tone of your voice, the language you use, how you ask for figures, the proof you offer, whether this is a referral or not.....there are as many ways to build certainty as there are to build value.

            Certainty that;

            You'll get the promised outcome
            You'll get what you pay for (separate from outcome)
            You are buying the right service
            You are buying from the right source
            You are buying at the right time
            The rep has your best interests in mind
            You are paying a fair price

            A guarantee is important, but the guarantee is just to last piece of the puzzle. They should be certain...before they see the guarantee. The guarantee is just evidence.

            But the feeling of certainty comes much earlier, I find.

            And, if you are working referrals from happy clients, and they introduce you, the certainty can already be 90% built before you open your mouth.

            It's also why you have to have a strong online presence before you start prospecting. Because the prospect will check out you and your company as soon as they get your name. You want them to see you everywhere, and in a good light.
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            • Profile picture of the author ewenmack
              Originally Posted by Claude Whitacre View Post

              Ron;


              Certainty that;

              You'll get the promised outcome
              You'll get what you pay for (separate from outcome)
              You are buying the right service
              You are buying from the right source
              You are buying at the right time
              The rep has your best interests in mind
              You are paying a fair price

              A guarantee is important, but the guarantee is just to last piece of the puzzle. They should be certain...before they see the guarantee. The guarantee is just evidence.

              But the feeling of certainty comes much earlier, I find.

              .
              You've done a great job of expanding on certainty Claude.

              It's a feeling that comes from your buyer.

              One move to create it by the seller probably won't
              work.

              Another few to your list of certainties...

              You'll get to make it work with your basic
              understanding..

              You'll get it to fit in with your existing environment
              [software and employees]

              You'll not be made to look a fool by family, friends and peers

              3 more off the top of my head.

              All good points to tick off your checklist
              of things to cover which creates a water tight case
              for what you have.

              Best,
              Doctor E. Vile
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  • Profile picture of the author dave147
    When you start discounting...Believability and Credibility is lost. If they don't buy after the "original" or the "higher" price then you have not shown them the Value of what you're offering.
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    • Profile picture of the author kenmichaels
      Originally Posted by dave147 View Post

      When you start discounting...Believability and Credibility is lost. If they don't buy after the "original" or the "higher" price then you have not shown them the Value of what you're offering.
      Dave .. good to see you coming around these parts again


      How you "discount" or drop the price is just as important if not more
      then "if" you do it.

      I agree, if you don't have credibility and if you haven't sold them on yourself
      then no amount of discounting will work. Discounting only works when
      the proper desire and urgency has been established.

      However. With that said, discounting in and of itself is not the sale killer.
      How it is done ... when it is done ... is the difference between getting the
      sale and losing it.

      A drop in price should never be done with out a strong justification
      process that makes perfect sense to the prospect.
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      • Profile picture of the author dave147
        Originally Posted by kenmichaels View Post

        Dave .. good to see you coming around these parts again


        How you "discount" or drop the price is just as important if not more
        then "if" you do it.

        I agree, if you don't have credibility and if you haven't sold them on yourself
        then no amount of discounting will work. Discounting only works when
        the proper desire and urgency has been established.

        However. With that said, discounting in and of itself is not the sale killer.
        How it is done ... when it is done ... is the difference between getting the
        sale and losing it.

        A drop in price should never be done with out a strong justification
        process that makes perfect sense to the prospect.
        What I mean is discounting for no reason just because you are desperate to get the sale. If there isn't a good reason for it in the mind of the prospect then you will lose credibility, and with the loss of credibility..."Certainty" vanishes It will lose its value. Discounting will make sense to the prospect with upsells or packages, but if only on the original item then you lose.
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        • Profile picture of the author kenmichaels
          Originally Posted by dave147 View Post

          What I mean is discounting for no reason just because you are desperate to get the sale. If there isn't a good reason for it in the mind of the prospect then you will lose credibility, and with the loss of credibility..."Certainty" vanishes It will lose its value. Discounting will make sense to the prospect with upsells or packages, but if only on the original item then you lose.
          Over here in the states we call that "dropping your drawers".
          ... and your right, it is pretty much the kiss of death.
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          • cer·tain·ty noun \ˈsər-tən-tē\

            : the state of being or feeling certain about something


            Guarantee guar·an·tee verb

            3 : to give security to <guaranteed her against loss>

            4: to assert confidently <I guarantee you'll like it>


            We talk in generalities (marketers talk alot), but live in detail


            con·fi·dence noun \ˈkän-fə-dən(t)s, -ˌden(t)s\
            : a feeling or belief that you can do something well or succeed at something

            : a feeling or belief that someone or something is good or has the ability to succeed at something

            : the feeling of being certain that something will happen or that something is true



            lack of confidence and certainty : buy it because it's cheap? sounds degrading to me and hate those sales!

            Guarantees? it's a business risk, so I can't eliminate them. IMO


            trying to see the big picture and what Ewen is driving at.

            from Ewen :

            You've done a great job of expanding on certainty Claude.

            It's a feeling that comes from your buyer.

            One move to create it by the seller probably won't
            work.

            Another few to your list of certainties...

            You'll get to make it work with your basic
            understanding..

            You'll get it to fit in with your existing environment
            [software and employees]

            You'll not be made to look a fool by family, friends and peers

            3 more off the top of my head.
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            • Profile picture of the author ewenmack
              Just remembered how Toyota creates a feeling of certainty
              you've made the right choice
              when buying a used car from them.

              They point out what are the 160 points of inspection done
              before it's certified to go on sale.

              Here it is...

              160 Point Inspection | Certified Used Toyota

              Best,
              Doctor E. Vile
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  • Profile picture of the author CageyVet
    I so far am enjoying this thread but would like to point out that there is a HUGE difference between certainty and guarantee.

    Certainties fall in the category of "Feelings", while Guarantees fall into the category of "Facts"

    "Delivered in 30 minutes or it is free" is a guarantee....if it is not there in 30 mins there is a consequence.
    "We will get it to you in 30 minutes" is a certainty...there is no consequence, so they might feel certain that they can get it to you in 30 minutes but if not, no harm no foul please.

    Both of these companies my have marketing that points to things around delivery in 30 minutes but the Guarantee holds a lot more weight than just the Certainty. But that does not mean a company can not spin and twist a certainty into something that the customer perceives as a Guarantee....but that is bending the truth and playing on the ignorance of the customer.

    In the initial examples, the Pizza and Blue Blockers are Certainties because there is no outcome or result if there is failure to meet the requirements. All the rest are actually Guarantees with a clear factual, expected result and an outcome if that result is not met.

    Also, it may have increased overall sales, return customer acquisition, acquisition of competition customers, etc but there is no proof that it helped these businesses increase their price point by adding these certainties or guarantees.

    In actual fact, Blue Blockers have always been at the lower end of the scale for band name sunglasses in terms of price. $50 for a set of their sunglasses, while a company like Arnette easily sells for 2-3 times that amount with a simple "Warranty" that is 1-2 years of purchase depending on the country you are in.

    I completely agree that adding Certainties and Guarantees to ones products/services can easily put you head and shoulders above your competitors but I would much rather see a thread in regards to this without examples that are pulled from the tag lines of companies with no empirical evidence towards the point that is trying to be made. Also, your headline made mention of "Getting More People to Buy", which I completely agree with in terms of Certainties and Guarantees but there is ALOT more that goes into pricing or increasing pricing than Certainties and Guarantee, which play a very very small part in setting a price higher or lower.
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    • Profile picture of the author Claude Whitacre
      Originally Posted by CageyVet View Post

      I so far am enjoying this thread but would like to point out that there is a HUGE difference between certainty and guarantee.

      Certainties fall in the category of "Feelings", while Guarantees fall into the category of "Facts"
      To me, a Guarantee is a condition of the sale. A part of the agreement.
      Certainty is a belief on the part of the buyer.

      You can sell consistently without a guarantee. But the prospect needs to be certain that this is what they should do. If not, you either don't get the sale, or you get a cancellation.

      Doctors tell you to do something, and you do it without question.
      You don't;
      Negotiate price
      Check around for options
      Argue with The Doctor about what you should do (Doctor Who Geek)

      You just pay the money, and follow the advice. Why? Because you are certain that the doctor knows what he is doing, and has your best interests at heart.....It also has something to do with Authority. If the prospect sees you as an authority figure, creating certainty is far easier.

      I want applause.
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      • Profile picture of the author CageyVet
        Originally Posted by Claude Whitacre View Post

        To me, a Guarantee is a condition of the sale. A part of the agreement.
        Certainty is a belief on the part of the buyer.

        You can sell consistently without a guarantee. But the prospect needs to be certain that this is what they should do. If not, you either don't get the sale, or you get a cancellation.
        .
        A guarantee is a part of the sales process if you bring it into that process. A company that sells the exact same product with a guarantee compared to another company that has no guarantee. The company with the Guarantee "should" sell more, if they market that in their sales process.

        I do not want to get into a debate about Doctors(unless it is which Doctor Who was the best), since with Canadian Health Care at my disposal, I have no problem getting multiple second opinions, options and negotiate treatments.

        As for certainty, you are right that the certainty is from within the customer and does not have to reflect what the salesperson or company is providing as a certainty.

        A man goes into buy a sports car, the car salesperson provides the certainties that this will be the fastest car on the road, is better gas mileage than other sports cars and is a much better price/deal. All the buyer is certain about is that this will get him laid more than buying a mini van with child seats attached.

        A business can try to hone in to certainties that they can exploit in order to make more sales for sure...
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