Integrate Risk Lowering Strategies - Part 3
We've been talking about risk lowering strategies. Here's another example:
There was a company that sold a non-insurance health benefit card that allowed a person to receive substantial discounts on dental, vision, and prescription services. They sold the card for something like $13 a month, or $150 for the year, but hardly anyone bought it. The sales agents complained and complained about how nobody wanted to buy the card, and their advertisements got almost no response. Well, the card was actually a really good deal...if people would use it. A person could save about $300 to $800 a year depending on their use. But think about it - how excited would you be to listen to a guy try to sell you some health benefit card for 15 minutes? The company considered giving the card away so that a person could use it FREE for 30 days from the first time it was used. Note - there was no way a person would save less than $25 or $30 when using the card, and they could potentially save over $100 on their very first use. Either way, they'd more than pay for the card, for at least a couple months, if they just used the FREE trial. Unfortunately, company executives resisted and came up with all the reasons why financially it wouldn't work and they just couldn't do it.
Those who can solve problems get paid really well. While those who recite all the reasons why things won't work are generally broke.
Well, shortly after that the company quit the business we saw one of their competitors giving away the card FREE for a month. So we called them and snooped around a little, and discovered that sure enough, they were selling tens of thousands of new cards a month. It was low risk.
So let's evaluate your situation: First, put yourself in your prospect's shoes, a prospect who's never even heard of you, and take a quick look at your advertisements.
1. What is the risk in calling you?
2. What's the risk in doing business with you?
3. Are they afraid you'll send salesmen calling all the time?
4. What can you do to lower the risk?
5. Can you guarantee or warranty the work?
6. Can you extend the guarantee for even longer than you do now?
7. Can you give prospects an experience of your product or service before committing to buy?
8. Is there more info you can give ahead of time to help prospects make an intelligent decision?
9. Can you give prospects guidelines as to what to look out for when buying in your industry...regardless of whether they buy from you or not?
The Point Is This: Lowering the risk factor is an absolute MUST if you want to engender confidence with your prospects. And if you can solve the risk factor, you'll get paid really well for it.
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Lowering The Prospect's Risk When Marketing (Part 3) - Adult B2B Marketing Tip
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