Weekly Training – Fishbowl Discount Tactic

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In this week’s training video, we learn on how a strategy that costs nothing to implement can help you close more sales and increase profits. To make this strategy work, you must provide your prospects with an experience that appeals to the fundamentals of human nature. Fail to understand these basics and you’ll never build the business of your dreams.

Fundamentals:

  • Prospects pay more attention to negative messages over positive ones.
  • Prospects buy based on emotion and only use logic to justify their purchase
  • Prospects want to buy from a unique business.
  • Prospects buy “extraordinary value” not the price.
  • Prospects buy what they want not what they need
  • Prospects buy solutions not features
  • Prospects will do anything to avoid pain, but little to obtain pleasure
  • Prospects only care about themselves not you or your business
  • All prospects want the “best deal”

So what is this strategy? It’s called Fishbowl Discount Tactic, which can help increase your profits 30 to 100%. To start implementing this strategy you want to think about what products and services would complement or add value to your current customers when they buy your product. Then create a list of up-sell and cross-sell services that you can offer. If you don’t have something to offer for this step, that’s okay. Find a business whose product can help you cross and upsell and create a relationship with them. Once you have this down, make sure to calculate your gross profit margin for each of these items from there you want to calculate the percent discount you could give to a customer buying the specific services.

Now that you have that down, when a customer is at the end of the buying process ask them if they would like to buy anything else. Usually when a client says no that is where the buying process has completed. But with this tactic tell the customer that they have just earned an opportunity to draw a number from your “fishbowl” (it can be any container that you choose). Explain to them that the numbers in the fishbowl represent special bonus discounts ranging from 5% to a maximum 25%. (Remember the discounts that you are offering should be the ones that you have calculated so that you don’t lose any money.) All the numbers in the fishbowl are 25% (but don’t tell the customer that). Allow them to draw their number and congratulate them on being one of the very few to win the maximum discount. Now they will be able to apply toward the purchase of a select list of products or services that you have decided to offer.

Remember your customer wasn’t going to buy anything additional from you that day anyway, so this increases your sales of high-profit items. Naturally, not everyone will take the offer, but on average between 40% up to 70% will take the offer. Since the upsell or cross-eye is gross profit, you should be able to double the profitability. And don’t stop there keep finding other products or services that have substantial profit margins and test it. Most importantly this strategy cost you nothing implement.