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Dear ,
I learned something early on in marketing that shocked me.
At first, I didn't believe it -- was my mentor lying to me? He insisted it was true.
So, I did my own testing... and wouldn't you know it... he was right.
Plus, I also found studies that confirmed his assertion.
So, I'll share it with you and assure you -- I'm not lying to you, either.
The lesson I learned is one most people get wrong, even many experts.
You see, we mistakenly think that the more choices we give someone, the more likely they are to find something that suits their taste... and, therefore... the more likely they are to buy.
You know what? That's...
Total Nonsense!
Not only is that generally not the case, but actually, the more options you give someone, the less likely they are to buy.
(The general takeaway is don't overwhelm your prospect with options, lest they get frustrated and walk away. I'm not saying never offer options.)
CASE IN POINT:
Years ago, the direct marketing legend, Joe Sugarman, was selling a watch by running large display ads in the Wall Street Journal.
His first test was to produce the watch in multiple colors and give the buyer the option to order in any color. He ran the ad and it flopped.
He ran the ad again... and this time, he only offered the black option and showed the black watch in the photo. The response spiked over the other ad... and the campaign was a big success.
His conclusion was, in general, the more options you offer someone, the less likely they are to buy.
Why?
Because, like I always tell you... "a confused mind always says no." Too many options ends up confusing people. There's another term for it: "Analysis Paralysis."
How Is This Relevant?
Business and sales people who routinely have many options to offer their customers should be wary -- like if you're selling homes, insurance policies, financial plans, etc.
The more options you put in front of your prospect, the more confusing it will be for them to decide.
Years ago, there was a great talk about this very topic given by Professor Barry Schwartz called, "The Paradox of Choice."
The video is only 20 minutes... but trust me... it's well worth your time to watch it. It will make you approach your sales process completely differently.
P.S. -- There is a VERY IMPORTANT caveat: Notwithstanding everything I just said, there are certain buying decisions which benefit from some choice. For example, as a potential home buyer, would I want to see only one house in my price range? No. But at some point, being inundated with options is counter-productive. Also, customization is an exception. Nowadays, we like to customize everything.
Until next time...
If you have any comments, ideas or suggestions, please email me at: nader@copticchamber.com.
