MLMT 187: The Thrill Of Instant Purchase
MLM Trigger Episode #187
We talked about the biggest misconceptions of stopping to ask your prospects what they want and today let’s see why people love to buy and how to ethically sell your awesome MLM products or services.
Many of the products we buy give us pleasure and obtaining joy is a super motivator.You don’t want to remove the customers favorite part of buying your MLM product or service just because YOU feel awkward. Remember that when your customers go through the buying process they GET endorphins.
This is a story where we can learn a vital lesson: The JC PENNEY disaster… And how Ron Johnson, the former guru at Apple, became CEO of the department store chain JCPenney in November 2011
LISTEN ▶️ The Thrill Of Instant Purchase
Johnson mission was to radically overhaul the department store chain by getting rid of its discount culture and restyling the stores along the same lines as the Apple Genius Bars.
In early 2012 JC PENNEY stop most of its coupon and discount strategies.
The new message to market was “discounts are fake and these coupons we send out aren’t real” so we’ll just sell to you without using them.
Johnson reversed the discount strategy and sold $20 shirt instead of the $19.97 items and they were no longer marked up and no discount coupons were sent out.
In the 17 months that Johnson was in charge: Stock prices dropped 30%
Sales went down from $17 billion to $11 billion and 40,000 employees were fired.
By April 2013, Johnson was out. And JC PENNEY spent the next two years repairing the damage by reversing most of his strategies.
So how can we use JC PENNEY lesson to become better marketers?
The sales psychology is the science of consumer behaviors, emotions and thought processes. It helps businesses understand why and how customers choose to buy certain goods or services.
The psychology behind buying high can be boiled down when they anticipate the excitement of purchase. It’s a chemical reaction that happens in the brain which produces endorphins and releases the dopamine.
Once these chemicals get switched on… they feel great and want more of it.
When you are leveraging the psychology of coupons and discounts, you create excitement and encourage customers to purchase. But WITHOUT discounts the item may still be the same price but the excitement and the drive to buy is removed. The customer feel less satisfied because their chemicals have not been activated by the anticipation of finding a deal.
As an online marketer if you give the exact same product away and don’t use these scarcity and urgency… you literally remove the fun of purchase. There’s no reason to Buy Now because there’s no thrill of a deal to motivate them to buy.
Coupons and discounts are just another way to create the best pre-purchase experience for your buyers. The thrill of the purchase is exactly what JCPenney lost when they brought in Ron Johnson to revamp their sales strategy.
These discounts and coupons encourage shoppers to increase their order value to receive a discount. Example: Purchase two items get the third one free - Get 25% off your purchase when you spend $200. They tell you that you save $50 but in reality you spent $150. But the way that it is said makes it very attractive.
It’s a very clever strategy that you can use in your Thank You Page and Sales Copy. Instead of focusing on how much the customer has spent… congratulate them on how much they’ve saved.
However, the psychology behind what they’re doing makes the customer feel good.
On a webinar or any sales page there is this fantastic tool called the stack. It’s a list of tools that marketers use on their marketing campaigns and then present the offers. The stack is an incredible thing because it adds some anticipation, urgency and scarcity to increase the thrill of buying.
Scarcity marketing is a technique marketers use to encourage customers to make a purchase before a product or discount goes away. The goal to use scarcity and urgency is to push customers over the edge. They are there for the simple reason to get the customer to take action NOW.
Just like the coupon mailers, they prompt people to buy right away. Don’t feel awkward about it, because people want an excuse to buy now. People want to purchase when you have a great product, it makes them happy to buy and everyone like to buy things.
As a marketer, you can enhance the thrill of purchase by incorporating some of the other sales techniques like scarcity, by mentioning the quantity you have left to sell. You can also offer "Limited time offer" discount coupons and price slashing to entice those who may be hesitant to make a purchase.
As long as it’s ethical and moral and as long as your product is amazing… don’t let feelings of awkwardness stop you by giving the customer what they want. It also helps you gain customer trust.
Always leave the customer wanting more so that they feel the thrill of purchase for your MLM products.
LISTEN ▶️ The Thrill Of Instant Purchase
May you be wealthier,
--Corine-
The top producers in MLM don't make a list of 200 people, don't do home meetings or anything like that. They use something equivalent of a sales funnels.