We all have basic psychological “triggers” that lead us to making decisions. The desire for comfort, to fit in, to improve our lives – all of these dictate the actions we take. And as an Expertpreneur™, understanding these is vital to your business' success.
Joe Sugarman, one of the best marketers of our time, wrote a book called “Triggers” on 30 different behavioural patterns he found through his years in direct mail, infomercials, and running a company. And this month, we're going to tackle a few key elements of behavioral triggers, to improve your bottom line.
The first two triggers I'll cover today show us how and why clients flock to a particular business, and what keeps them loyal for the long haul. These triggers are utilized by some of the greatest brands in the world every day.
I'm going to show you how to leverage these behavioral patterns to boost your profits and gain life-long clients. You'll see:
How $1 can lead to huge sales for you down the road…
How reversing your marketing funnel can be very lucrative…
And how to turn your business into a “family”, creating an environment where people want to belong.
Once You Start…
Think about that time you bought a car. You went to the dealership, worked out the contract and the costs, and signed off on everything. Then, as you were leaving the building, the salesman stopped you and said “Would you like me to add on a set of plush floor mats, as well?” And without even thinking about it, you probably agreed.
They tacked on the charge for the floor mats, and you didn't even bat an eyelash. Even if you knew they were going to add on a charge, you were already riding the high from the big purchase, so it didn't matter.
Now, taking this concept a step further; if you spoke with someone the next day about the importance of nice floor mats, what would be your first instinct? To contact the dealership where you bought the car to inquire about them.
We develop loyalty to brands because of our desire to be consistent. That consistency develops the second we make a purchase from them.
This extends to Expertpreneurs™, as well. If you bought a report from a coach, speaker, or author you really liked, you'd want to learn more from them, right? You like their point of view, find their information useful, and you've truly connected with them. Since you have this connection you’re more likely to keep purchasing from them.
It would be difficult to convince you to stop your new relationship, and go look for someone else.
So, a simple way to get a prospect to commit to your business is to have them spend a very small amount of money with you. As little as $1, though generally $7-$10 works well and usually doesn’t provide much resistance to the purchase.
For example, I have free special reports I put together for helping different levels of Expertpreneurs™ accelerate their income. They are chock full of information. However, they only cover a part of what I teach my clients.
Once the prospect opts in to receive a free report, they go into a “marketing funnel” where they are encouraged to consume those reports. After a few emails, I remind them how much they've learned and encourage them to buy a “front end” product for a low price, which helps them put a strategy from the report into action in their business.
If they purchase a front-end product, those prospects become financially committed to my business. And, assuming I continue to do my job as a Trusted Authority who continues to offer useful, actionable information that is valuable to them, they are likely to continue coming to me for help. They act in a consistent manner, by purchasing other products and services in the future.
Which means more coaching opportunities, sold-out events, and info product sales.
If you've been following my blog, Platform Newsletter, and Expertpreneur™ Magazine, you've discovered how to create a marketing funnel. In order to have the business of your dreams, you need an effective funnel that keeps your customers engaged.
One effective way to do this, and leverage consistency, is to turn the funnel upside down.
Take a webinar for example. Generally you'd set up a landing page, with an opt-in to register for the free event. And then after the live presentation, you close it by selling a product related to the information you shared. Perhaps a coaching package or an online course.
Now, think about this in the reverse. What if you charged a nominal entry fee, like $7, for the webinar. Remember, consistency sets in once the prospect has spent money with you. It does not matter how much!
So, your prospect has to pay a small fee for access. But to make up for this, you give an even more informative and action-oriented webinar. Making it really feel like a master class in whatever your focus is.
You must give information your prospects perceive as highly valuable, because you are going to ask for more money at the end of the event. This may sound crazy, but remember – because of consistency they will be inclined to spend.
As your webinar begins, you tell them, “I am really glad to have you join us today. What I have to share with you will be valuable to your expert business, as long as you take action and apply what you uncover. However, today's webinar is on the honor system. Even though I charged only $7 for access, the true value is much more. So if you feel this webinar is incredibly valuable to you, then I'm asking that you pay $47 at the end of our session today. If you don't feel like you received high value, you don't have to pay a dime. It's honour-based, plain and simple.”
Of course, not everyone will go for this. But if your content is of value to your audience, many people will be honorable, and pay the $47.
You already know about the 80/20 rule. Of that 20% or so that paid the extra $47, there will be 20% who will spend more – perhaps buying a full-length course or coaching package with you. What you can do is contact them personally by phone and talk to them about options to continue their education.
They will be surprised and happy with your personal connection with them. You won't have to do any hard-selling; you'll merely mention the $500 course you offer, or whatever, and answer any questions they have about it.
You'd be amazed by how people respond to this! There will definitely be converts, and you will have earned more profits than if you just did the free webinar, because of consistency.
How to Create a Family
Do you have a favorite band? Know anyone whose mood changes depending on how their sports team is doing? I certainly do. Those loyalties can be crazy sometimes!
This applies to brands, as well: Marlboro, Mercedes, Coke vs. Pepsi. All of them thrive on people wanting to belong to their group.
And each of these groups is wildly different from the other! People who smoke Marlboro cigarettes were considered “cool”, Mercedes shows wealth and class, while Coke vs. Pepsi are a matter of taste preference. (But, boy are those camps staunch defenders of what they like!)
You can tap into this as an expert business owner, too, by creating a sense of community in your business, with a “family” feel. Understanding your ideal prospect inside and out, and making your business the perfect place for them to belong.
And the easiest way to start is to have a consistent, unique title for your clients.
For example, I coined the term “Expertpreneur™.” It combines everything you are into one, an expert and an entrepreneur. And because it's something I invented, it's specific to me and my Expert Elevation business.
Now you don't have to worry about trying to invent any words or titles. But being consistent with your terminology for your clients works wonders. Look at Glazer-Kennedy Insider Circle, for example. That is a membership group that refers to its members as “Insiders.”
Then they take this a step further by giving titles based on your subscription level. You can be a Gold Insider, a Diamond Insider, Platinum Insider, etc… This gives people a place to belong, and allows for them to identify with the group.
See how simply creating groups with different titles can be lucrative for your business? The lowest level subscription for the GKIC group is $69 a month. You can upgrade to the next step, Diamond, for $250 per month.
Diamond members get more information, special services, even discounts on live events… but at a premium cost. This is designed to be exclusive. Those who love the GKIC system are inclined to want to spend with them. And if they've found success by applying the advice in those materials, they'll want to show their desire to belong even more, by upgrading to a more elite, exclusive group.
It's win-win all around.
Understanding Behaviors Leads to Profit
You've now seen through these examples just how much your business stands to benefit from taking consistency and the desire to belong into account. You'll get more long-term, quality clients… and improve your bottom line.
Take an hour or so this week to see how you can tweak your lead generation funnels and offers to get people to spend a small amount of money with you. Even if it's $1, it's better than nothing, because those prospects will be primed to spend more.
And they'll instinctively consider you over your competition.
Also, try to come up with ways to make your business seem more like a community, or even a family. People want to belong to something, and if you don't give them a place, they'll find somewhere else to go.
That may sound harsh, but it's true. There's a lot of competition out there, and every bit of strategy counts.
Next week, I'll dive into how to create products that fit your prospects like a glove. Naturally drawing them in without too much extra work. Stay tuned!