Category Archives for Scarcity

Prospect.io, Maximizer CRM, Donald Kelly, Closing Skills

TSE 940: TSE Hustler’s League-“We Can’t Sell It Right Now”

 

Prospect.io, Maximizer CRM, Donald Kelly, Closing SkillsMost sales reps believe they are good closers, but the truth is that many struggle. It’s difficult to persuade someone to spend thousands of dollars, or even hundreds of thousands of dollars, on what you’re offering. Until you build value, you can’t sell.

On today’s episode of The Hustler’s League, we’ll talk about why tricking people into saying yes will never work and the reasons why you can’t sell.

Early closing

My philosophy about closing is that it begins early in the sales process, but there are things you can do to help bring the client across the finish line.

Scarcity won’t help you convince the buyer to buy; you have to give the buyer a reason. You must bring value.

The buyer will determine whether something is valuable or not. Even if you push it as the most amazing product or service ever, if the buyer doesn’t recognize it as such, the buyer won’t invest.

You’ve heard this before because we’ve talked about it in previous episodes.

Build value

When you’ve built enough value or excitement, naturally the buyer will want to continue. Your buyer will want what you have.

Sometimes, however, you have to push buyers across the finish line, or simply guide them across.

When your prospect has had a particular software for many years, she may not see an obvious reason to change. If it’s not immediately obvious why she should change, and you can’t bring her across, then she probably won’t buy.

Walking her across the finish line is what closing is all about.

Change of heart

We had a client who found us online and who was interested in our services. She was really excited, and we built a tremendous amount of value in what we were offering.

When it was time to sign up, she initially wanted to sign up for our low-end package. But throughout the conversation, she decided she wanted to buy our higher end package.

That’s likely because I emphasized to her that I wasn’t able to work with her at that time because I was already working with other clients. I didn’t have the time to invest at that exact moment, but when my schedule freed up, I would be able to.

When she realized that other people were trying to work with me and that my time was valuable, she changed her tune.

Scarcity was her motivation. I didn’t try to trick her or lie to her. I was simply letting her know that, even if I wanted to work with her at that moment, I didn’t have time.

Scarcity

Sometimes the scarcity effect will serve you well in the sales process. It’s similar to loss aversion.

We’ve talked about loss aversion before, but it simply refers to the fear we have of losing something.

The customer I was working with didn’t want to miss out on her chance to work with us. She wanted to sign up immediately for the higher-end package. She saw so much value in working with me that she didn’t want to miss out.

How do you create scarcity without coming across as cheesy?

Do it by being time sensitive and emphasize your finite time. If you only have a certain amount of time to devote to coaching, use that fact to your advantage.

Amy Porterfield only offers her course twice a year. As a result, there’s a small window which creates scarcity. The window won’t open back up until the next go-round, so people feel compelled to jump in.

Window of opportunity

If you’re selling software every day, scarcity doesn’t really exist. But can you offer certain things at certain times? Can you create time-sensitive deals.

Maybe you offer a proposal that expires within a certain time period.

If you can uncover that they are losing a certain amount of money every month, use that against them. Remind them how their failure to act is costing them money.

Or create scarcity by reminding them that if you’re going to get the new system in place by a certain date, you’ll have to close the deal by a certain date.

Missing out

When I was selling security systems, people would ask me to come back the next day so they would have time to think about it. I was able to tell them that we wouldn’t be in that same neighborhood tomorrow, which created a sense of scarcity.

Cell phone companies effectively use this concept when they release new phones. They use preorders to create a sense that you will be among the first to get them.

No one wants to be the loser, so after you’ve built enough value, use scarcity to coax your prospect across the finish line.

Use time sensitivity to close more deals, and then let us know how it works for you. Drop me an email at Donald@thesalesevangelist.com, or post a question on our Facebook page The Sales Evangelizers.

“We Can’t Sell It Right Now” episode resources

Use time sensitivity to close more deals, and then let us know how it works for you. Drop me an email at Donald@thesalesevangelist.com, or post a question on our Facebook page The Sales Evangelizers.

Learn more about the TSE Hustler’s League in preparation for our new semester that begins in January. We’d love to have you check it out and join us.

This episode is brought to you in part by Maximizer CRM, personalized CRM that gives you the confidence to improve your business and increase profits. To get a demonstration of maximizer, go to the sales evangelists.com/maximizer.

Click on the link to get a free demo of what Maximizer CRM can do for you. It integrates your marketing campaign as well as your CRM, and it works whether you’re a small organization or a large one.

This episode is also brought to you in part by prospect.io, a powerful sales automation platform that allows you to build highly personalized, cold email campaigns. To learn more, go to prospect.io/tse. It will help you with your outbound to expand your outreach and it allows you to set it and forget it. Your prospecting will never ever be the same.

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Audio provided by Free SFX and Bensound.

 

Take Away, Donald Kelly, The Sales Evangelist

TSE 789: Sales From The Street-“He Was Doing The Take Away”

Take Away, Donald Kelly, The Sales EvangelistSelling to a seller can be especially difficult. I know this because I once found myself working a deal with a client in which he was doing the sales take away. I was so desperate for the sale that I failed to create scarcity.

On today’s episode of Sales From The Street, I’ll share with you how a client early in my sales career exploited my desperation and his experience to put himself in control of the transaction.

I realized what was happening in the midst of the experience, but I still went along with it because I didn’t want to lose the deal.

As sellers, we must create a sense of value and exclusivity. We don’t want to communicate to clients that we need them but rather we want to create the sense that they need us.

In this episode:

  • Learn the single rule that will set you apart from all of your competitors.
  • Discover what dating and sales have to do with one another, and the principle that applies to both of them.
  • Identify phrases you can use in your take away to create a sense of scarcity for the client.
  • Uncover why conversations are more valuable to clients than sales pitches.

If you aren’t already doing these things, I encourage you to test the ideas. You’ll see for yourself how it builds value and creates relationships.

If you want even more valuable information, our TSE Hustler’s League is an online group coaching program that provides accountability, connections, and a chance to learn from me in a wonderful community of sellers.

If you feel like you’re struggling to infuse enough value in your sales conversations, check out our April semester of Hustler’s League.

Our messages are designed for sellers of all levels, whether you’ve been selling for 15 years or 15 days.

 

TSE Hustler's League, Donald Kelly, The Sales Evangelist, Scarcity

TSE 670: TSE Hustler’s League-“Creating Scarcity”

TSE Hustler's League, Donald Kelly, The Sales Evangelist, ScarcityHow do you increase urgency in your sales process without sounding too pushy? This and more in this episode of the TSE Hustler’s League.

Today, I’m sharing with you how you can recognize the power of scarcity. Regardless of what you’re selling, there’s an opportunity to implement scarcity.

Creating a Sense of Urgency

  • The usual scenario is that we send a proposal. Then we get into this waiting game. But waiting doesn’t work.
  • Don’t be afraid to ask bold questions. You can’t lose something that you don’t have.
  • Don’t be afraid that your clients are going to be mad.
  • Master the appropriate questions to get to the client’s root problem.

The Real Problem Is You

Many sellers have so many excuses as to why the deal didn’t go through (ex. the prospect doesn’t want to talk or they’re not ready to do anything right now). The problem is you.

The Power of Empathy

Think about them, what they need the most and how you can help them with that.

Creating Urgency through Scarcity

How much scarcity did you create in this deal? Scarcity means that when a person thinks it’s running out, they want it more. So when the item is perceived as being scarce, it’s subjective value increases.

In your sales process, find a way that you can create scarcity. Figure a way where your prospect needs to have it now. Find a way to create urgency early on in your sales process.

Episode Resources:

Join the TSE Hustler’s League.

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Scarcity, Donald Kelly, The Sales Evangelist Podcast

TSE 577: How to Incorporate Scarcity When Selling

Scarcity, Donald Kelly, The Sales Evangelist PodcastToday’s episode is about scarcity, why it’s important, and how it can actually help you even when you’re selling. One of the members in our Facebook group, The Sales Evangelizers, actually posted this question concerning scarcity so I want to specifically touch on this today.

Not only in the real estate world, there are so many industries wherein buyer have so many options so they don’t necessarily need you or your company since they can find the same thing elsewhere. So how do they do business with you?

A Scarcity Study

A study done in 1977 and published in the Journal of Personality and Social Psychology entitled Physical Barriers and Psychological Reactance: Two-Year-Olds Response to Threats to Freedom where the researchers took a group of 2-year-old kids and took two cool toys, putting on behind a clear plexiglass and the other right next to the plexiglass. The bigger kids were able to reach over the plexiglass and get access to the toy while the others had to walk around to get access to the toy. The toy that was out of reach actually drew the most attention to those who didn’t have the capability of reaching over to get access to the toy. So why didn’t they just grab that toy next to the plexiglass to save them of all this time and effort?

The same thing applies to us and the buyers we’re going after. In real estate, for example, people can sell their houses anywhere and there different resources and companies that can help you sell your house. But what can you do to bring in scarcity to they want to work with you as a realtor or as a seller?

Value through Education

We have to be masters at providing value to our clients through providing education. No two sales are created equal. Figure out a way for you to convey to your prospects the importance of education you have to offer. This could be in the form of blogs, website, or by addressing the topic straight up.

The Potential of Loss

People actually pay more attention to what they may lose as opposed to what they may gain. They are more willing to focus on things where there is a loss tied to it. So try to figure out a way to provide good education either through video or content or when you’re meeting with the prospect. Formulate questions you can ask to educate them and show them that you have knowledge of your industry and the potential of losing.

People hate losing money. Find a way where you can talk about the things they could lose and make them think about the potential of losing something.

Incorporate Deadlines

Another tool you can use to present value is through incorporating time in your sales process. If possible, present studies that are able to show how, for example, a house in the market for an x amount of time would decrease in the potential sale price and then show them how you have sold homes with an x period of time which is outside of that range, hence their house won’t decrease in potential value.

Scarcity of People You Work With

You may also make your clients understand that you only work with x amount of clients at any given time or talk about the clients you’re working with. Talk about the limit of people you can work with.

Do you have any idea of how you create scarcity? I’d love to hear your thoughts about this topic. Simply go to The Sales Evangelizers and drop us a line or two.

Episode Resources:

The Science of Selling by David Hoffeld

Join our Facebook group, The Sales Evangelizers

Get a free audiobook download and a 30-day free trial at audibletrial.com/tse with over 180,000 titles to choose from for your iPhone, Android, Kindle or mp3 player.

Physical Barriers and Psychological Reactance: Two-Year-Olds Response to Threats to Freedom