The power of Impulse Marketing
The power of Impulse Marketing
Impulse marketing is one of the most powerful tools available for direct sales and marketing. Learning how to use the factors of impulse can increase your business profits tremendously. The key is to learn what the four factors of impulse and how to apply them effectively. Once mastered, the results can be staggering. As proof positive, QVC(The undisputed king of marketing) uses impulse marketing to generate billions of sales every year.
As previously mentioned, there are four factors of impulse: greed, urgency, fear of loss, and indifference. They can be remembered as GUFI(goofy) which is somewhat ironic because it is goofy not to use them. Greed is also referrred to as "the Jones Effect'. Eveyrone wants to keep up with the Jones's. No one likes to be left out. If your neighbor has a brand new Cadillac, chances are you are not happy with your beat down pinto. It does not feel good to see your neighbor's lawn on the cover of Better Homes and Gardens, when your grass is insect and disease infected. The neighbor that has the latest technology first is very often envied by the rest of the neighborhood. Applied correctly, Greed is a very powerful factor of impulse marketing.
It is very important to establish a sense of urgency with customers. A very common sales objection is the time factor. Customers are notorius for asking you to come back or to let them think about it for a certain period of time. While our goal is to get our foot in the door, the goal of the customer is to get us away from their door. Convince your customer they need to buy now and your sales profits will increase a thousand times over. The secret is to convince your prospect that they must act now.
Fear of loss is an incredibly powerful sales tool. Human instinct is not to lose. No one wants to miss out on the golden opportunity. Make your offer time specific and you have established fear of loss. More specifically, make your offer one that must be acted upon NOW. This tactic will dramatically increase your sales.
No one likes the "pushy' salesperson. The slick fast talker of the past is not going to achieve the same success in the contemporary market. This is where indifference comes into play. Indifference is an incredibly powerful and , all to often, overlooked marketing and sales tool. The key is to make your customer believe you could care less if they buy or not. The goal is to come across with the attitude that "if you don't buy your neighbor will'. This greatly increases the value of your product or service in your prospect's eyes. The fact you are being indifferent and not pushy will not only get your customers appreciation but also siginificantly increase their impulse to buy.
The four factors of impulse are very important in today's market. Learning these factors and how to apply them can easily be the key difference between success and failure. Mastering these concepts will make your job much easier. More importantly, mastery of these concepts, will make your profits soar.