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Behavioral Economics 2: Sales tactics for the downturn

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WSJ had a recent article on how a luxury wrist-watch seller manages to sell expensive watches in such times of recession. A few good tips, that apply to other fields in some form or another are:

  • If customer asks for price of an item, say “the *value* is $xx”. Use the word “value” instead of “price”. Fair enough.
  • If customer shows interest in one of your products, do not ask yes/no type question. Yes/No question has at most a 50/50 chance of going positive. Instead, invite them to try. In short, don’t offer them an easy way out.
  • Focus on decision maker, don’t ignore others. With regard to watch purchase, the article talks about keeping the wife occupied while husband is looking to buy expensive watch. If wife is left-out, she might feel bored and will look for a way out.
  • Make necessity and benefits of your product apparant. Keep their current (old) watch in between 2 brand new watch, to signify it is time to upgrade. Sneaky but, I guess, it can work.

Atleast some of these should apply to software consulting also. Nice article indeed.

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Written by Sharad

July 25th, 2009 at 8:53 pm

Posted in All

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