Entrepreneur Secrets – How to sell more to more people

By Jerry Bellune

You may feel offended by this real life comparison
Do you know what drug dealers and pimps know?
Or what diamond and luxury car dealers know?
It’s a marketing secret that can increase your prices.
Increased prices mean increased sales and income.

The secret: Make your stuff less available.
That drives up demand — and prices rise with it.
Basically, the less there is, the more valuable it is.
The more rare it is, the more people want it.
Consider the latest holiday toy kids see on TV.
Or those who wait hours in line for the new iPhone.

Remember Coke’s infamous switch to “New Coke?” Taste tests showed 55% liked the sweeter New Coke.
Most of Coke’s extensive taste tests were blind.
Those sampling both did not know which was which.
In another test, some were told which was New Coke.
Knowing it was new, 6% more liked New Coke best.
So the company replaced old Coke with New Coke.
Then New Coke triggered a consumer backlash.
Coke executives were snookered by the 6% difference.
They thought “new” would lead to even higher sales.
More will buy because it’s something new.

That 6% actually meant something far different.
When old Coke was not available, desire for it rose.
When they couldn’t get old Coke, they wanted it.
The executives had to bring back as “Classic Coke.”
Research has found suggestions of loss are powerful.
They’re even stronger than the idea of benefit or gain.
That’s a powerful marketing message for us,
Advertising should emphasize missed opportunities:
• “Don’t miss this chance…”
• “Here’s what you’ll miss out on…”
• “Smart shoppers don’t want to miss this…”

Your ads must increase a perception of scarcity.
• “Limited supply in stock.”
• “Available only through Friday.”

Special offer for MidlandsBiz.com readers:
Looking for a memorable gift for someone you love?
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Next: The power of belief in yourself

Want to share this with a friend? Be my guest.
We only ask that you tell them where it came from.
Invite them to send me their email address.
They can reach me at [email protected]
I’ll email this strategy letter to them each week.
©2016 The Bellune Company, Inc.
Neither MidlandsBiz.com nor The Bellune Company, Inc. makes any warranty as to the results that may be achieved from using this information. ©2015 The Bellune Company, Inc. All rights reserved. Requests for permission to reprint or circulate may be obtained by emailing [email protected]

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