Accepting trade-ins, offering bulk-buy specials and using the motivators of fear and pain by showing scarcity are great ways of increasing your conversion rate. Here’s how:
Accept trade-ins:
This gives you the edge; it means that people can kill two birds with one stone. They can buy something new, and get rid of the old. It also means you can charge a premium price. You can sell the old model to your customers, or sell it to another business.
Alternatively, you may want to break it apart for parts.
Here are some useful hints and tips on using trade-ins to boost your conversion rates.
- It’s a great selling point so use it in all your advertising and literature.
- Establish partnerships with wholesalers, second hand stores, etc. so you can maximize the value of old trade-ins.
- Don’t be afraid to jack up your prices; you are offering a premium service now.
Bulk Buy Specials:
Encourage people to buy in bulk from you, and offer a significant saving if they do so. This also ‘ties’ the person up for some time; you’ve loaded them up with stock, so they will not go anywhere else. They will also get used to using your product or service.
Here are some useful hints and tips on using bulk-buy specials to attract prospects:
- The bigger the order, the bigger the discount.
- Keep in contact with the customer. Just because they don’t call you doesn’t mean they aren’t still using your order – they just bought too much.
Scarcity & Limits:
Use the best motivators in the world – fear and pain. If you make people think they’re going to miss out, there’s a good chance it’ll swing the sale your way. That’s especially right if you also infer that you can’t get any more. Beware though – people know this trick, so be subtle.
Here are some useful hints and tips on using emotions like fear and pain to boost your conversion rate:
- Only use this tactic if it seems genuine.
- Make it quite clear that it’s a case of ‘first in, first served’.
- Infer that there’s no guarantee when this product will be made available again.
About ActionCOACH
Brad Sugars founded the brand Action International in 1993 when he realized there was a disconnect between business advice and implementation. The answer was Action! Brad Sugars created a business coaching company so that business owners throughout the world can realize their goals in business. Today the company is known as ActionCOACH. To learn more about business, visit Brad Sugars Review blog!
