| |
| |
|
Marketing Information |
|
|
|
Why You Buy, Part Two
More of the findings of the recent studies in behavioral economics: Webers Law A change of stimulus is more emotional and motivational, according to the base: Most subjects tested would drive across town to save $10 on a $20 item, for example, but not to save $10 on a $500 item. The lesson for sales people? If you won't lose a sale on a thousand-dollar couch over $10, sell the other benefits of the couch in your sales pitch. Familiarity Fallacy Economic choices are often made due to familiarity, even when the choice is clearly worse ("But I always shop there!"). This bit of research shows the need to get a customer used to coming to your business. If they are comfortable, they won't expect or demand the best deal. Anchoring In tests, mentioning the year 220 A.D., versus 1600 A.D., resulted in earlier guesses when people were asked for the birth date of Ghengis Khan. This was true even when the comment was in no way related to Khan. This tendency to "anchor" was found in the economic realm as well. Mention $300 as the value of an item, and subsequent negotiation or discussion will revolve around that. The implications are obvious, and are being studied. It seems an item should be worth a certain amount to a particular customer, but humans are never so logical in valuing things. Why can you get $99 for an e-book online that has roughly the same content as a $10 book in the bookstore? Is it partly due to the "$500 value" thrown out there for the book and "bonuses." It makes $99 seem cheap, doesn't it? There are reasons people buy that go beyond any of the reasons given. Rationalization seems to rule over rational thought. I'll cover more of the research into behavioral economics in part three. Steve Gillman has been studying every aspect of money for thirty years. You can find more interesting and useful information on his website; http://www.UnusualWaysToMakeMoney.com
MORE RESOURCES:
Marketing - Google News |
|
|
|
RELATED ARTICLES
Boost Your Business With Testimonials When used correctly, testimonials can boost your response dramatically. They help build the prospect's perception of believability, stability, honesty, and value in your product or service. Tooting Your Own Horn "If he who has a thing to sell Goes and whispers in a well, He won't be so apt to make the dollars As he who climbs a tree and hollers!" -- AnonymousEvery day in your business, something happens that others should know about. You give exceptional service to a client; you reach out to a new type of customer; you demonstrate your expertise on an important topic. Using a Contact List Profitably- Part Two Besides a survey, your contact list can be used to generate sales directly. Some of the following ideas must be done one-on-one and others can be done to large quantities of prospects at a time. Referrals . . .The Secret Weapon Are you getting referrals from you customers? If not, you are missing a lot of sales. Think about many of the sites you visit on the web. 8 BIG Benefits To Selling Big Ticket Items Ok, before we get down to the benefits of selling Big Ticket Items, we had better define what a Big Ticket Item is. A Big Ticket Item is any product or service that sells for more than $500 or $1000. How Important is Your Marketing? Bob called last week from Phoenix, Arizona with some stunning news about his web site. He first contacted me in the fall of 2003. Love My Dentist I love my dentist! When is the last time you could say that about yours?True, dentists do tend to get a bad rap (remember Steve Martin's sadistic character in the movie, Little Shop of Horrors?). But even real-life visits to the dentist aren't high on the list of relaxing things to do. Seven Common Marketing Problems Solved by Marketing Operations Corporate marketing groups - especially bandwidth-challenged small-to-mid-sized departments - can be so focused on tactics and fire fighting that they jeopardize their marketing investment. There is a tendency to overreact to events, to tackle symptoms rather than underlying fundamental problems and to jump at the opportunity to please the boss. Hello, My Name Is . . . What Your Name Tag Says About You When you attend networking functions, what kind of name tag do you wear? One of those sticky things you scrawled your name on, or something a bit more sophisticated? For just a few cents to a few dollars, you can have a classy, customized name tag that will draw attention and comments and help you make the most of every networking opportunity.Instead of relying on those disposable sticky tags, you can get your own engraved or imprinted name badge at your local office supply store. Developing the Unique Selling Proposition The "Unique Selling Proposition" advertising campaign was developed by Reeves in 1961. Reeves proposed that marketers offer products different from their competitor' offerings by developing products that have a special formula, design, or feature. 12 Lessons I Picked Up from Attending Seminars So you just dropped a tidy sum to attend a seminar or some other three-day event. Now it's over and you're exhausted. Niche Marketing: The Affiliate Angle If you're just dipping your toes into the waters of Niche Marketing for the first time then Affiliate marketing is the ultimate low risk choice to get you started.Affiliate programmes cost nothing to join and present an almost infinite choice of products and services from which to build a niche business. The Seven Deadly Sins of Ineffective Nametags Your nametag can be your best friend. It can be a lifesaver in meetings, trade shows and events to start conversations when you meet groups of new people. 10 Essential Criteria For Choosing Your Target Market A specific group of people you will focus on selling your services to is your target market. This is not to be confused with the problem you will be solving for this group. Fair Measures Corporation A case study in online "thinking outside the box" The Fair Measures Corporation Web site, at http://www.FairMeasures. Newsletters - A Great Way to Build Business Relationships This is an excellent way to grow your business using your mailing list (which I trust you are constantly building). However, you have to accept that there are people who'll read your newsletter and there are those who won't. Non-Profit Success Requires Ongoing Marketing In a crowded marketplace of ideas, it is important for non-profit organizations to establish a well-defined niche. While most non-profits are not selling products, they are selling their organization's mission, their ideas, their programs, and their services. Attracting New Business on a Shoestring Budget In a recent marketing workshop I attended, I discovered that most business owners rely on just two or three strategies to attract new business. Even well-established companies tend to rely on one or two strategies. Determining Visitor Types The trade show floor is full of different types of people with different agendas. Some people have specific goals for attending the show; others do not. How to Write a Fundraising Thank-you Letter for Example (Includes a Free Sample) Thank-you letters are one of the most important letters that your non-profit mails to donors. They remind donors that they made the right decision in supporting your organization.
|
| home | site map |
| © 2006 |
