06 Mar Why People Buy
There are only a few reasons why people will buy from you. The obvious one is price. We buy books online through Amazon or Overstock because they are cheaper than our local stores. With the type of sales volume these sites have, they can afford to compete on price.
But we don’t want to get in a lowball war… so how can we win?
There are two big motivators that will help encourage people to buy without paying much attention to price.
People won’t pay attention to the price tag if you:
- entertain them
- solve their problem
Let’s look at each and see how we can make them work to your advantage.
Entertain Your Target Market
“Avatar.” Tickets to see U2 live. The boxed set of all 90-plus “Sex and the City” episodes. We could easily live without any of these items, but they’ve all generated millions of dollars – for pure entertainment. We love to be entertained and we’re ready to fork over some money for it. You have to be in some serious financial trouble before you consider turning off your cable or satellite TV. And think about all the hobbies people spend fortunes on each year!
Golf is a perfect example. Golf enthusiasts have no problem spending a ton of money on for clubs, balls, shoes, green fees and all kinds of training contraptions and equipment. They pay for lessons, videos and various books that promise to improve their game. It’s no surprise that it’s a multi-billion dollar industry with millions of players.
When you’re looking at a new niche, consider if it’s something that’s entertaining enough that people will gladly spend money with you without thinking twice about it.
If it isn’t, see if the second option fits…
Solve A Problem Or Take Away Pain
By far the most powerful way to motivate someone to buy from you is if you can either solve a problem for them or offer to make some pain go away. Here’s an example:
You’re awake at 2 in the morning and can’t sleep because your back is killing you. You have to be at work the morning and should be sleeping, but lying in the bed is just causing you too much pain. You get up and boot up the computer to distract yourself. As you’re browsing the Web to learn more about back pain, you come across an ebook that promises to show you 5 different stretches that will immediately relieve pain and tension in your back. It’s $29.95, and you don’t even think twice before pulling out your wallet and handing over your credit card number. Why? Because you’re in such pain that you’re desperate. You’re willing to try anything, for even just a small chance that this book will make your back pain go away.
Here’s another example.
Your child just got home from school with an assignment to create a science project by the end of the week. You have no idea what to build with her, so you head to the internet. You come across a site that promises you access to 5 different science projects complete with charts and reports you can fill out. Best of all you and your child can get started today and be finished by this time tomorrow. For $14.95? That’s a no-brainer!
Keep these points in mind as you generate ideas for niches (and products!). What problems have you come across in your research? Can you offer a solution? It’s very powerful and one of the easiest ways to make a sale.
P.S. My book, The Millionaire Maker’s Guide to Creating A Cash Machine For Life, walks you though a lot more about how to start a successful small business (cash machine) fast! Check it out here >>