In the last issue I talked about telemarketers who try to sell people something they don't want. Let me tell you a brief story about how I brought something I didn't want.
About two months ago I received a credit card bill for $2.99. I paid the bill and the next month I got another bill for the same amount. I took a look at the bill to see what the charge was for, because I knew that I had not ordered anything on that credit card.
I found that the charge was for a service from the credit card company for what they called, "Wallet Protection Service." I had been paying off a large balance on this card and didn't realize that I would continue to be charged for this service even after I paid off the balance of my credit card loan.
I called the credit card company and told them that I didn't want this service. The service representative asked me why I wanted to discontinue the service. I told her that I didn't remember requesting the service in the first place, no longer carried a balance on that card, and didn't think I needed that service in the first place.
Learn This Marketing Lesson
Now, when I first called I had every intention of cutting this service off. When I told the service rep she didn't just say all right sir, I'll take care of that for you right away. Instead, she started telling me about the benefits of continuing the service because all my credit cards would be protected in case I lost them or they were stolen.
I protested that I didn't want to be paying this small fee every month. She countered: "Well sir, we can make that a one time payment each year and you'll even get a small discount if you do it that way."
I repeated, "I really don't feel that I need this service." She then told me that she used the service herself and then proceeded to run off some more personal documents that I could have protected by using this inexpensive service.
Now, pay attention because here's what I learned about making a buying decision from my conversation with this service repů
Fear of Loss
The service rep said one thing that caused me to change my mind about paying for this service. It was based on the fear of loss. Most of us have had the experience of misplacing our wallet or purse with all of our valuables in it. The first emotion that you feel is fear. The fear of someone using your personal information to steal your identity, or running up large charges on your credit cards. I've certainly had this experience before and have even dreamed that I have lost my wallet. In that dream I had that feeling of fear. When the service rep told me that if I should ever lose my wallet with all of my valuable documents in it all I would have to do is make one phone call and I wouldn't have to worry about all of the things I feared.
Here is the main point of this marketing lesson: The products that sell best are the products that appeal to an emotional benefit of the potential buyer. I had every intention of discontinuing this service. But when I saw what I felt was a benefit for me, I changed my mind.
This is something that you should keep in mind when choosing a product or service to offer. Is there at least one emotional benefit that will help to encourage your potential customer to buy from you?
MORE ON HEALTH BILL PRODUCT CREATION
Did you sign up for a 'Google Alert' for information on the new health care bill? If you didn't, you might want to reconsider. I want to give you a small example of how you could create a product for a niche market that has a strong emotional benefit for that market.
Below is a short article about the new health bill and the financial impact that it will have on certain small businesses.
WASHINGTON -- House Democrats on Tuesday unveiled sweeping health-care legislation that would hit all but the smallest businesses with a penalty equal to 8% of payroll if they fail to provide health insurance to workers.
The House bill, which also would impose new taxes on the wealthy estimated to bring in more than $544 billion over a decade, came as lawmakers in the Senate raced against a self-imposed deadline of this week to introduce a bill in time for action this summer.
Senators face a tougher battle because they are striving for a bipartisan bill. Key senators are weighing a combination of several more-modest fund-raising provisions, including some new fees on health-care industries.
Under the House measure, employers with payrolls exceeding $400,000 a year would have to provide health insurance or pay the 8% penalty. Employers with payrolls between $250,000 and $400,000 a year would pay a smaller penalty, and those less than $250,000 would be exempt. Certain small firms would get tax credits to help buy coverage.
The relatively low thresholds for penalties triggered the sharpest criticism yet from employer groups, who said the burden on small business is too high and doesn't do enough to help them expand insurance coverage.
As you can see, there are some small business groups that will be required by this health bill to provide their employees with health care coverage. If they don't they will have to pay a penalty for not doing so.
If you can provide this niche market with information on health care providers that would save them money on health care coverage for their employees, this is a strong emotional benefit. These small businesses will be motivated to purchase information that will help them to save money in providing health insurance to their employees.
Now, all you have to do is come up with an information product to help these small businesses. Do you have any ideas? As my 3rd grade teacher would always say: "Let's put on our thinking caps." Until next time, stay alert, there are opportunities all around you!
Special Gift For Subscribers
Many of you have expressed an interest in product creation. I ran across a great guide on how to create your own products. If you put any of these techniques into practice I guarantee the rewards you'll reap will repay you the time you spend reading it.
Creating your own products is the quickest way to become known, establish your expert status, build trust with your subscribers, and build your list.
The guide is called "On The Double Product" Inside this 49 page guide you'll learn:
Here's the link. Enjoy!