Sell When Customers Are Less Price-Sensitive
If you can position your product and service to be offered at a time that the prospect is making large investments, you will likely be able to command a higher price or close the sale more easily.
The rationale is that research shows that buyers are more generous and less likely to scrutinize the expenses when in the midst of a shopping spree.
In simple terms, it’s easier to upsell a security system to someone building a new home than to someone who is just replacing a broken camera. The number of expenses that go into building a new house makes the buyer numb, to some extent, to smaller expenses, so he is likely to spend more on ancillary products than at a time when no other expenses are taking place. As a seller, this is a sweet spot that facilitates sales of basic and premium versions to be offered and accepted..
This idea is applicable whether you are selling technology, industrial equipment, consumer products or almost anything else.
Besides reducing the price pressure, selling at an optimal time also reduces the acquisition cost per customer, making the sale more profitable from both a cost and revenue standpoint.
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