Marketing Minute: Every Buyer Feels at Risk

A buyer comes in looking for something for his wife. Is he taking a risk? How so … and how much? How does this effect his buying decisions, and what can you do about it?

Answers: Yes, he’s at risk. How much depends on a number of things, but it definitely affects his buying decisions and you can definitely help manage the risk.

And you must, if you want to increase your closing rate and your average transaction, as well as lock in rock-solid client loyalty for life.

If you’re thinking the prospect is at risk of making a financial mistake, you’re missing the much bigger picture. His risk is emotional in nature, and the money is a relatively minor part of that.

If the prospect comes in to get a Valentine’s Day trinket for his wife, the risk level is relatively low.

If the prospect comes in to get a big thank-you gift because his wife has just spent four years helping him get through medical school, the risk is significantly higher.

His need to “get it right” puts a lot of pressure on him that has little to do with money.

Your job, as a professional jewelry salesperson is to do the following.

1. Help the prospect understand his risk.
2. Help the prospect understand the depth and implications of that risk.
3. Help the prospect see the benefits of making a good, risk-eliminating decision.
4. Make sure the prospect’s decision is adequate to resolve his “problem” and eliminate the risk.

In the case of the Valentine’s trinket, risk is small and little needs to be done beyond helping the prospect find the right product for the right price, take the order and send him on his merry way.

But if you use the same approach in the thanks-for-medical-school scenario, odds are you’ll flat-out blow the sale.

Regardless of your experience or selling style, in the second scenario, you must assess the situation, identify the problem, explore the depth and implications of that problem and then define the benefits of resolving that problem, all before worrying about what product to sell.

You do this by asking a series of questions, specifically designed to accomplish those goals.

These questions can be thought out in advance, tested and refined, and can apply to virtually any and every prospect in a high-ticket buying situation.

Think SPIN …

Situation
Problem
Implication
Need payoff

Once you use those questions, you’ll know what the prospect’s need