Making it feel like "Now or Never" or the Fear of Loss Close
The best time to use this sales technique is when you have a special offer that ends soon. The goal is to get the lead to make a decision pronto. So say something like, “This is the last opportunity to lock in this price.” Or, “We’re currently offering a 30% discount for anyone who signs up today.”
Creating a sense of urgency forces the lead to purchase before missing out. To make this work, establish the value of your product or service. This way, they’ll find your offer irresistible.
The Fear of Loss Close is a sales closing technique that plays on the prospect's fear of missing out or experiencing negative consequences if they don't make a purchase. By highlighting the potential losses or disadvantages associated with not taking action, you aim to motivate the prospect to commit to the purchase.
The Fear of Loss Close taps into the psychological principle of loss aversion, where individuals are more motivated to avoid losses than to acquire gains. By emphasizing what the prospect stands to lose or the negative impact of not proceeding with the purchase, you create a sense of urgency and a stronger desire to take action.
Salesperson: "If you don't secure this solution soon, your competitors might gain a significant advantage in the market. Our product has proven to be a game-changer for many businesses, and I would hate to see you miss out on that opportunity. Can I assist you in finalizing the order?"
In this example, the salesperson highlights the potential disadvantage the prospect might face if they don't make the purchase. They emphasize that competitors could gain an edge in the market by utilizing the offered solution, implying that the prospect could be left behind or at a competitive disadvantage.
By raising the fear of missing out on the advantages and benefits provided by the product, the salesperson encourages the prospect to take immediate action. The prospect is motivated to avoid the potential losses associated with not securing the solution, which prompts them to move forward with the purchase.
When employing the Fear of Loss Close, it's important to strike a balance and avoid using fear tactics excessively or in a manipulative manner. The focus should be on genuinely highlighting the potential negative impact of not proceeding with the purchase, backed by relevant information and facts.
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