The 7th Buying Fundamental Every Business Must Understand

As I shared in the last 2 posts, today’s buyers are more sophisticated than ever. Therefore, to win the game of attracting and converting clients, customers or patients you must provide them with an experience that includes 7 key fundamentals. Fail to do this and you will never build the business you deserve. I covered the first 6 so far …

Fundamental #1 – Everyone wants the “best deal.”

Fundamental #2 – Always market to the negative.

Fundamental #3 – Prospects buy based on emotion.

Fundamental #4 – Make your business “unique.”

Fundamental #5 – Prospects buy what they want… not what they need.

Fundamental #6 – Be able to communicate your uniqueness and extraordinary value.

The 7th critical fundamental to understand is…

Fundamental #7 – Create “extraordinary value.”

Have you ever shopped for something and found yourself looking for the lowest price? Ever wonder why? As we stated earlier, all human beings, no matter who we are or what we do, we all want the best deal. But what is the “best deal?” Is it really the lowest price?

There’s that old saying that you get what you pay for. Would I shock you if I told you that your prospects could care less about price? They shop price because they’re forced to. Let me explain. What prospects really want is the best “value” for the price they pay. They’re more than willing to pay double the price if they perceive that you’re giving them four times the value. Now they know they’re getting the “best deal.”

So then why does price seem to matter so often? It’s because so few businesses are actually “unique.” They all look the same… and they all say the exact same things. They say things like “we’re the best, we have the lowest prices, the highest quality, the best selection, the most convenient hours and locations and we’ve been in business since 1431 B.C.”

We call these platitudes, and they mean absolutely nothing to your prospects. That’s because everything just mentioned was about the business, and your prospects don’t care one bit about your business. All prospects care about is themselves. They want to know how they will benefit from what you sell. How will their life improve if they purchase your product or service?

If what you sell solves a problem in their life… or if it removes a major frustration, fear or concern, then they see your product or service as “valuable.” Again, we call these problems, frustrations, fears and concerns “hot buttons.”

So after you select your niche market, you must find out what the “hot buttons” are for that niche market. And then ask yourself openly and honestly if your business offers a solution for those hot buttons. If you don’t, you need to “innovate” and create a solution. If you do offer a solution, is it unique… meaning is it really different from your competition… and does it offer extraordinary value? Or is it the exact same solution your competition offers?

If it is, then you and your competition are doomed to forever compete on price. You must “innovate” your business to create a unique, extraordinary solution that separates your business from all competitors. You see, there’s no magic involved in selling. All you have to do is find out what your prospects really “want” and then give it to them.

Prospects love to buy, but they hate to be sold to. When you know and understand exactly what they want, and then you innovate your business to give them what they want, you make your business the obvious choice for them to buy from. They want to buy what you sell, and don’t need to be sold on anything.

Your job as the business owner is to make sure your business offers them exactly what they want, and that means positioning yourself in a niche market, and then innovating your business to give that niche exactly what they’re looking for. That creates “extraordinary value.”

To Your Success,

Scott Hallman

 

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