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Never Give In To Sales Pressure & False Urgency
Posted By Jim On 03/05/2007 @ 11:02 am In Shopping | 9 Comments
Salespeople come in all sizes, shapes, colors and products, but they all come in with the same playbook and the same tactics. One of those tactics, whether it’s your traditional car salesman or a less-salesperson-like lender or loan officer, is the utilization of pressure to get you to act. The pressure may come in the form of an artificial sense of urgency brought on by a “spectacular” offer that you must accept within the next fifteen minutes or it could be psychological pressure preying on your fear of the unknown. Whatever it is, remember that you are holding onto the money, they are holding onto the product, and they want you to trade on their terms. Don’t do it because you feel it’s a “chance of a lifetime” because it isn’t… remember it is their profession to sell.
Have you ever heard of the story of someone who went into a store to buy one product and left with a more expensive product because the salesperson “talked them into it” as if they had no control in the matter? Did the salesman prey on their fear of the unknown to pressure them into doing something they didn’t want to? How about the loan officer who, in giving great terms, gets a borrower to borrow more than they originally intended? (“It’s such a great rate, you might as well take out as much as you can to take advantage! I’ve never seen such a low rate, you must have a spotless credit history!”)
Let me share an anecdote with you… when I requested quotes for my replacement windows, I talked to three companies and received three relatively similar quotes. In each instance, they offered a “same day deal” in which they would give me a great promotional rate if I signed on the dotted line that day. One quote for the job was $12,000 but the “same day deal” rate was $10,000 – a huge 20% difference! It was the deal of a lifetime! 20% off just for agreeing to do it today? I held off though and the salesman said that he’d give me that rate if I returned within a week. The next day, I met another salesman… again the same tactic. The third one, well, he did the same tactic as well but he happened to be the cheapest at $7,000 so he took it. Had I given in to the false urgency and signed with the first guy, I would’ve overpaid by at least $3,000. This fake urgency? It happens all the time.
Remember the motivation – they want to sell. If they spend three hours with you and don’t get a deal, they just lost three hours. If they spend three hours with you and they sell you a service or a product at cost, they at least covered their costs and those three hours aren’t negative. They don’t need to make huge profits, they just need to make their costs and thus they need to sell more than you need buy. You can wait a day and it would probably cost you nothing – they wait a day and that’s a day of revenue they aren’t getting. That’s why they want you to act now, today, right this minute… not tomorrow or next week. So, don’t give into sales pressure and don’t believe the false sense of urgency that salesmen are trained to create. If you avoid that, you can save yourself a lot of money.
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