Episode 150 - Stop Selling For Your Competition

 

Have you ever felt like you put in a bunch of work only to pave the way for your competitor?  Many persuaders inadvertently do this only to find out too late that they lost the deal.  The key to avoiding this is generating genuine scarcity.  To create genuine scarcity, make sure you have as much of the following in place:

1.  Deadlines. Give your prospects a deadline or a point of no return. We all operate on deadlines in our personal lives and in our businesses. Deadlines are what cause us to take action. If there is no immediate reason to take action now, we won't. Many people don't pay their bills until they have to. Judging by the lines outside the post office at midnight on April 15th, most of us don't pay our taxes until the last possible second. No deadline, no consequence means no action.

 

2.  Limited Space, Numbers, or Access. If your prospect feels like they are competing for a limited resource, they will be much more motivated to take action. When people fear they're going to miss out on a great deal, they feel an urgency to act. Think of shoppers at closeout sales. They've got to speed over there and check things out before all the stuff is "picked over." Otherwise, with the store's limited supplies, they'll miss the deal forever! This limit can also include access to information. Our response to banned or secret information is a greater desire to receive that information and a more favorable outlook toward it than we had before the ban was set in place.

 

3.  Potential Loss. Prospects must recognize that they might be limited in their actions if they don't take advantage of your offer. People will always overvalue the thing you are restricting. Create a state of emotion in which your prospect will fear the loss or negative consequence for not taking action.  This is an overwhelming feeling they won't be able to ignore. Motivated by restriction, your prospect becomes an emotionally motivated buyer. They will not be denied. The more you deny them, the more energy you give to your cause. You have denied their right to something, so they'll do anything to have it.

 

4.  Restrict Freedom. We want what we can't have. When we are told a product is or will soon be unavailable, we want it even more. Our desire goes up and so does the urgency to act. Create a scenario where you tell your prospect that the offer is only good for so long. Tell them they have to act now to take advantage of the opportunity or they will lose out. This technique works so well because we have all walked away from offers like this before, and they weren’t there when we returned. Walk through clearance stores and you will see "Sold" signs on the furniture. These signs create urgency because somebody else has found a deal, and so should we.