Research has shown that spendthrifts make up about 15% of the consumer market. But just because they tend to spend more than the average person does not necessarily make it easy to sell to them. After all, there is a good deal of competition out there, so you need to be clear about the value you offer compared with other options on the market.
Show You Understand Them
The best way to sell to any audience is to understand their “pain points”, the things that cause them the most difficulty in relation to the niche or industry you are working in. By knowing the most common things that cause them problems, you can offer them real solutions that work. If you can make their lives easier, they will be willing to buy.
Speak to Their Emotions
Everyone wants to be good-looking, popular and enjoy the better things in life. Many marketers make the mistake of thinking that purchases are driven by logic. The truth is that buying decisions are driven by emotions and then justified by logic. If you’ve ever given in to an “impulse buy”, you will know this to be true. You spend the money and then come up with reasons why you “need” it.
Successful marketing promises them a better, easier or happier life if they buy X. Tell marketing stories with a “happily ever after” ending and they will be eager to buy.
Offer a Solid Guarantee
There is a lot of competition out there, so one of the best ways to make your products and services more attractive is to offer a 100% money-back guarantee with no questions asked. This will inspire confidence in them. The no questions asked will make it easy for customer service to deal with any refunds without getting into any arguments which could damage your business.
Create Great Main Offers
Smart marketers online use what are called sales funnels. They have a sales letter, an order form, and a thank you page and thank you email all lined up so they can market their product, sell it, get their money, and make sure their customer gets the item they ordered.
Your offer should list the features of the item and the benefits they will get from buying it. Make the offer sound so attractive that it will be a no-brainer for them to want to buy.
But this offer will be the first of two or more offers you will be presenting to them. There are several other kinds of offers as well. They are known as upsells, downsells, one-time offers and limited-time offers. Each of these offers can be introduced on the thank you web page for the product that has just been purchased, which we call the main offer.
Create Excellent Upsells
Your upsell item should be related to your main offer, but an even more exciting deal, at a higher price point. For example, you might have sold an ebook with handouts for $17, but the upsell is a multimedia version of the product complete with video and other goodies, for $47. You have thus increased the dollar value of the order from $17 to $64.
Create Attractive Downsells
Even if they don’t take the upsell, you can offer a downsell that will still boost the dollar value of the transaction. Offer the videos only for $27, no extra handouts and so on, and you will be able to boost the per-transaction value to $44.
All of these methods can make spendthrift buyers even more eager to shop. Try them and see what a difference they make to your profits.