Monthly Archives: December 2008

Creating Demand Through Fear of Loss

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There are many ways to create demand for a product. One of them is by using fear of loss. The potential buyer makes up his mind to purchase when the possibility arises that the product may no longer be available.

I saw this method in action the other day. My daughter and I went into a local consignment toy store and noticed a brand new blackboard and paint easel at an amazing price. Unfortunately, someone else also seemed very interested in it.

My daughter casually remarked that the price wasn’t that great and started to look at something else nearby. The other customer, who of course overheard her comment, also turned away and began looking at other merchandise. As soon as he walked away, my daughter picked up the easel and took it to the cash. I’ve never seen her move so fast.

Two lessons learned that day: fear of loss does make people decide quickly and social proof plays a big role. In this case, because a total stranger said that the price wasn’t that special, the other interested customer decided not to bother with a product he had been looking at. How can you use social proof to create demand for your products or services?

Carol

Category: Business Tips

Importance of Having a Web Address

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When looking at the local paper last night, I was surprised to see how many businesses have yet to show an online presence to their customers. Even the local computer store didn’t have a website listed on their ad.

Did you realize that most people under 40 never look at a phone book? So if you don’t have a web presence, whether it’s a site or a blog, you are invisible as far as many people are concerned.

Another mistake I found on a number of the ads was giving an email address that ended in hotmail, yahoo, or gmail. Not a very professional looking image when you use a free email account. Along with a web address, you should have a corresponding email address. For instance, manager@yourcompany.com – much more impressive.

Like it or not, the future of business lies very much with the Internet, no matter what your business. I hope when I read your ad, that’s where it leads me. Does it?

Carol

Category: Business Tips