How To Get Massive Sales When No One Is Buying
I'm experiencing the COVID lockdown a little bit differently from most people. It's almost 2 weeks, and I haven't gone past the gate of my house...
I'm an indoors kinda guy... I'm the poster child for indoor. The lockdown "stay at home" campaign has been different for me, and here's why...
Before COVID, I worked largely from home, except in occasions where I had to be at a physical venue to conduct a training, or speaking engagement....
I have managed to successfully get a ton of people to have coaching sessions with me on the phone, or via zoom.
I have my meetings on the phones. Very few people can honestly say they've had a physical meeting with me in the past 2 years.
So when the "stay at home" and "work remotely" campaigns started, all I could say was "Welcome to my world"
Right now, I'm typing this from my balcony, I've not been out here in about 3 weeks... Guess I took the lockdown overboard 😁
Anyhoo...
Now that I've distracted you this past couple of seconds with what some may consider as "useless information" let's get back to talking about how we can make the $$$ (or fungalos, as the Late Gary Halbert would call it) during this pandemic.
In 2016, Nigeria got punched in its economic face, the news of a recession was all over the place, and people were holding tightly to their wallets.
Interestingly, that year I landed quite a couple of interesting clients at higher price points than what I had ever done before.
I did this by applying a little known concept called…
RISK REVERSAL
There's a high chance you already know this, but hold on a moment, let me give you additional perspective.
I got some new set of clients. These were people that were certain they couldn't afford me on an ongoing basis, so my risk reversal pitch was something along these lines...
"Mr X, I'm certain I can help you get Y results in Z time. And to show you how confident I am that this will work for you, I'll bear the risk. And any month I don't make you money, do not pay me."
I could make such a guarantee because I knew my stuff would get the results that I promised.
In fact, months into working together, one of my clients told me that he didn't think he would be able to continue paying me after the first payment he made to get the program going. He said that he decided to move forward on the strength of my guarantee not to pay if I don't make them money.
Well, we worked together for more than 2 years with a monthly recurring income. Up until when I thought his business had reached a place it could continue to stay very profitable without me.
Here's what you must understand, and here's why it's important:
Whenever 2 people, 2 parties, 2 entities or organizations engage in any transaction of any kind, one party is telling the other party directly or indirectly to take on more or all of the risk.
Right now, if you're telling your market to take on all or more of the risk, a lot of them won't do it.
Risk Reversal says "If you take me up on my offer, if you don't get the outcome that you desire, the risk is on me. You never have to worry"
There's a lot of buying anxiety right now, and people are watching over their wallets like a junkyard dog.
However, people are still spending money and buying a lot of stuff. I belong to a few online communities where several businesses are recording their highest revenue months.
2 Very Important Points To Keep In Mind
Right now, if you're telling your market to take all or more of the risk, a lot of them won't do it.
1. INTENTION
People are spending money to get certain outcomes, to preserve certain outcomes, to prevent certain outcomes (I'll illustrate this shortly)
2. MOTIVATION
Though people are still spending money, their motivation during this period is different.
Some are motivated by survival. Some are motivated by pleasure - if they're going to be stuck at home, they might as well enjoy it right?
Plus, many have never this much time and space in a while, several people have maxed out in their quota for boredom, and are looking for what to take their minds off things... That's why Netflix is smiling to the bank right now than ever.
Bottom line people are spending money, just not with the same intentions and motivations. So they buy products that align with their intentions and motivation.
And a lot of their actions are fear motivated, because they're trying to survive through this period.
An Anxiety Guarantee
Several years ago in one of his seminars, Dan Kennedy told a story that stuck with me.
It was at the peak of a recession, everyone was watching their spending like a hawk. Hyundai was not selling cars fast enough, so they came up with a risk reversal campaign that said:
(... I'm paraphrasing of course)
"We realize several people are losing their jobs, and are worried about buying a car right now. So here's what we're going to do: if you buy a car from us, and you lose your job within the next 3 months, we'll take back the car, and it won't affect your credit"
It was not a car warranty, it was not a performance warranty, it was an anxiety warranty.
The first 2 weekends that campaign broke out were their best weekends like ever. Several people flooded to buy cars.
It turns out that they had the desire to buy a car, and they even had the purchasing power to afford one. They just had this tiny voice in their head saying:
"What if I spend this money to get this and all hell breaks loose? What if I buy this car and end up losing my job?"
And these are legitimate worries, since they turn on the news, and they see people everywhere losing their jobs, they see it in the newspapers, and all over their neighborhood.
This shows that "A lot of what we see as suppressed spending is fear of the unknown"
People don't want to spend the little money they have, and end up regretting. They don't want to spend money and not get the outcome they want. They don't want to look or feel foolish.
The key here is to make a really great offer, backed up with a really BOLD Guarantee.
Please read that line again.
This is not the time to be selfish with your offers, or wimpy about your guarantees.
Your offer must get your prospects to think "I must not let this pass me by. I need to get this somehow" while your guarantee must make them say "This is a no-brainer. Heck yeah, let's do this"
Interestingly these strategies work as well in the absence of a recession or pandemic.
How To Come Up With A Risk Reversal That Sells
There are different variations of a risk reversal application. Don't be limited to thinking in terms of the basic money back guarantee.
You have to ask yourself "How can I help my prospects and customers dramatically reduce, or even totally eliminate the risk of buying from me this period?"
"How can I alleviate the concerns or worries that may be stopping my customers from buying from me?"
Don't take these questions for granted. It's in periods like these that you're permitted to go big in your guarantees. Radical times call for radical measures.
The idea of guarantees have been abused over the years, so I suggest you present yours differently, and honor it if ever gets for that point.
So instead of saying: "You have a 30 days money back guarantee" which means nothing and lacks trust with most people, you can say:
"for the first 45 days, I won't even touch your money (or I won't even balance it into my account), if within that time it doesn't work, or you don't like it, or things don't go as planned, just send it back for a full refund. You have absolutely nothing to lose on this transaction."
Doesn't this sound better and more powerful than a 30 days money back guarantee?
What If Everyone Wants Their Money Back?
Almost every time I've shared this concept at a live event or training, someone asks "what if I offer guarantees and now everyone wants their money back?"
From my many years of experience with this, it rarely ever happens. Only a few people may take you up on your guarantee. Most people will not take you up on your guarantee, even if they're dissatisfied.
However, this singular move will encourage a lot more people to take the leap, and open their wallets.
Don't be worried about it. Unless your product or service sucks. If you're not selling something great that you're confident about, then I suggest you find something else to sell, that actually fulfil its promises, which you can feel confident guaranteeing.
Be One With Your Word
Honor your guarantees. If you say you would refund them, do so if they ask. If you say you would perform free repairs, work with them longer, or whatever your guarantee is, please make your word good.
Not being a man, woman or brand of your word can put you out of business quicker than a recession or pandemic would.
Do This, If You're In That Position...
Remember, if people actually want what you're selling, but are fearful or anxious, a great anxiety guarantee can make a whole lot of difference.
But if they don't seem to want what you're selling now, due to the economic shift, then what you need is a bold guarantee tied to a really Irresistible Offer, the type that gets your prospects to say "I must be crazy to say no to this"
And that my friend, is how you win.
— Zubi O'Peters
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The Billion Effect
While starting businesses and creating products will infinitely get easier, getting the attention of the market and profiting from those products will get more difficult.
Attention is becoming harder to get and keep.
In the most recent episode of The Billion Effect Podcast, I share on the One Thing Your Products and Marketing must do going forward. And how you can use this can help you get and keep the attention of your market
Ignoring this can put your business at a dramatic disadvantage. CLICK HERE to listen or download the episode
A Random Idea I Stumbled On
“NORMALCY BIAS” - Underestimating the odds of disaster because it's comforting to assume things will keep functioning the way they've always functioned.
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