| Creating Demand Through Scarcity |
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There I was having dinner with my good friend and Realtor, Bonnie, the other evening. I asked her how business is for her this year. She said "It stinks."
"Do your clients know that?" I asked. She responded that business is slow and painful--everyone must know that. "Are you telling your clients that business is 'great' when they ask?" Then she responded, "Oh yeah. That's what I'm supposed to say, isn't it?" Now, Bonnie sells real estate in the $300-10m range. Her commissions are sizable and she's good at what she does. However, how do clients feel if they are thinking of buying investment property and hear that the market stinks? On the other hand, if prospects hear that business is great and that there is a scarcity of property available (which, considering it is land she's selling, that's always the case), clients are going to be more likely to want to purchase property and not wait. So what are YOU doing to create scarcity? If you are in a technical business and need an installer to work with the client after the sale, avoid telling your customer that the technical guru's calendar is blank for the next month and can install "anytime". Give the client a few dates and work them into the schedule. If you have a warehouse of widgets to unload (uh, I mean...sell), are you telling your customers that you have "plenty"? Or, do you indicate that the stock is "limited". Notice that I'm not asking you to outright LIE about your scarce inventory or available services, I'm just advising that you not make it look like your business is suffering--even if it is. Mentally you have an advantage when you tell yourself that your business IS "great". When you create the wealth in your head, all of a sudden, your conversations sound less desperate. Your voice has an extra bit of energy in it. You have a bouncier spring in your step. Life is good. (Or about to be better!) Trust me, I know this works because creating the success breeds successful outcomes. All the motivational books tell you this, however, most of the authors aren't in sales. The idea of scarcity is a negotiating and persuasion tool, as well. When you can help your customers visualize their success through gaining what you are almost out of--they will want it more. AND pay full price for it! Try these two techniques this week, where you: 1. Create a limited amount of time/product/inventory by communicating that to your customers, and 2. Mentally telling yourself that business is "great" on a daily basis. You'll see that sales will increase AND you'll have more fun selling, too! |
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