When it comes to driving customers to action, some business models are simply more effective than others. How many times have you heard members of your sales team say, “the prospect just isn’t ready to buy” or report the famous, “call me back next month” pushback? If you’re hearing these responses frequently, consider whether or not your business model includes the four key motivating impulses that trigger buyer behavior:
1. Fear of Loss – People are motivated and more likely to take action when they perceive that something is a hot item with limited availability. They don’t want to miss out on something valuable, particularly if it means the competition might get it first.
2. Urgency – Related to the Fear of Loss, a sense of urgency drives action because the buyer feels compelled to act quickly, before an opportunity expires or someone else claims it. Have you ever noticed that people selling a hot item are quick to qualify and – if a buyer isn’t willing to commit – quick to move on? This sense of urgency from the salesperson creates urgency in the buyer as well.
3. The Jones Effect – Long before the Kardashians, we were “Keeping up with the Jones” – using others as our benchmark for what we believe we should have. On a human level, the Jones Effect taps into vanity, greed, and jealousy, but it also has a correlation in the business world – “keeping up with the competition.” The Jones Effect is very powerful and is the reason celebrities get paid to endorse products. It’s also why word of mouth continues to be the best form of marketing. We want what others around us have.
4. Consultative Approach – The salesperson listens to the buyers needs and provides a limited number of value-based options that directly address the issues the buyer is trying to resolve. The buyer makes the decision to move forward without additional pressure, as they have already convinced themselves that they need to take action. If your business model has triggered Fear of Loss, Urgency, and the Jones Effect, then a Consultative Approach is easy.
Any business that can build all four impulses into their customer experience will make it easier for their sales team to be successful. The more impulses combined, the higher the likelihood of the buyer taking action.
Is your business model set up to create this type of positive environment for your sales team? What changes could you make in order to improve the selling environment for your sales team and get your buyers excited about doing business with you?