Finished 13% of it today. Useful concepts:
1. Mental salary(using my own term):
We all have a mental salary, this is the amount we think we deserve. If we are earning 10% more than this, we become lazy. If we are earning 10% less than this, we become frustrated.
2. The more you like yourself, the more others like you. Stand in front of the mirror and go, “I like myself!” This sounds silly, but this works. People with high self-esteem get more attention than those with low self-esteem.
3. Selling any product involves selling enthusiasm. Be enthusiastic during persuasion!
4. When you’ve sold/closed a deal, don’t stop. Keep going and get successive successes.
5. About 80% deals are closed during/after the 5th meeting. So keep pushing, and don’t let rejection stop you.
Day 2 (Progress 32%):
Today’s 4 Top Learnings:
1. Everyone wants to improve their life’s conditions. Except for a yogi in the Himalayas who has achieved Nirvana and can survive on his own without eating food or drinking. And even he has too keep on his ‘Sanyasbrata’ to improve his level of spirituality. So, whether it’s getting the new model Premio or renting a room rather than staying at a student hostel, every decision involves this thought: will this upgrade my life?
Your prospect (read potential client) is the same. If you can make him/her believe that your product will take him/her to a higher level, there can be no limit to their spending.
e.g, a Vice President of a Manufacturing company was willing to pay $50,000 for a professional golfer to show him how to reduce his score permanently by two strokes. That’s a true story. How many people do you think have already pre-ordered iPhone 8 and iPhone X? Why do you think they are doing that?
2. People decide emotionally and then justify it logically
If you are honest, you should feel a little sense of muse at this thought. Don’t disagree, you do it all the time- just like me and the rest of the 7 billion. Exceptions? There are people who seem to make very calculated moves all the time- but that is because their emotion drives them to that path so it doesn’t have to deal with unwanted results that an impulsive decision can bring.
The point: know about the desired emotional state of your prospect. Know about her/his current state. Then align your product alongside it. Don’t lie to make the sale, because that will not make you a reliable supplier. Your reputation is only so important.
3. You need to provide people with something better than ‘get your money back guarantee’. While the example was rather literal in the book, with the author suggesting we provide some goodies for the grumpy customer who returned our product; I think there is scope to think about this further. May be we can talk further about why this product failed to satisfy his needs? And then work with our R&D team to develop it?
Tim Ferriss said something that should also be noted here. Don’t forget the 80/20 rule when considering how to react to a customer. 20% customers account for 80% of revenue, therefore, keep those 20% happy first. and in that rest of the 80% of customers, again, 20% help you make the remaining 80%. For the rest of the people who are just having a sample taste of your product like a one time bite at a new pickle brand in the super shop, it’s not really worth your supreme attention. Just politely show them your product, and be nice to them. If they don’t buy, don’t care. They were never going to be loyal to your brand anyway.
4. Something Rahi Sir (Syed Ferhat Anwar) always used to say, “Always focus on greater value rather than lower price.” You should have seen how animated he used to get everytime a student mentioned, “We will provide competitive pricing” in the presentation. It was almost as if you have challenged his intelligence or someone has just released you from cage no.1 of Mirpur zoo. Then, 15 minutes of humiliation and “I can’t believe an MBA student would say that, that too after taking MKT 101”-esque dialogs later, there would we all be, in silence, imprinting in our heads to always go for value and not lower price. Cheap labor not good. Not good. Increase value, not decrease price. I wonder how many of us still remember it.