When asked what separates their product from a competitor’s product, most sales professionals will begin to list features and benefits. This may sound like, “Our product comes at lower prices, our sales force provides better service, our company is local, etc.” But, what sales professionals fail to realize is their competitors are listing the same reasons to purchase the product.
So, who is right? Who has the right product for the prospect? The needs of the prospect will determine who wins the sale.
A prospect is not necessarily looking for the lowest price or the best technology. The prospect is looking for a product that fulfills their pain. Pain is the compelling and emotional reason people buy a product or service and these pains can be detected using pain indicators, such as complaints or concerns regarding price, functionality of the product they currently utilize, or issues with the service of current provider.
Even though a prospect is 500 percent more likely to by a product based on pain, there are five buyer motives that a sales professional must be aware of in order successfully make a sale. The five buyer motives are:
- Pain- As previously stated pain is the reason behind most buyers’ decisions. Pain focuses on the area of their life, where the prospect is lacking fulfilment. Pain is the personal reason a prospect want to purchase a product and it is key to realize pain in all sales.
- Fear- Fear is a product of uncertainty and the second strongest reason a product is purchased. Often products bought out of fear are related to finances, such as insurance and protection plans.
- Present Pleasure- Present pleasures are the products people buy to feel good in the moment. These purchases are items such as new clothing, shoes, and the shiny new car seen on the way home from work. Although these present pleasures are pleasing when purchased, these products usually lead to buyers’ remorse.
- Future Pleasure- Future pleasures are the products or services a buyer purchases now, in order to gain a pleasurable experience later. A good example of future pleasure is a vacation. A person buys a vacation in order to have an enjoyable and pleasurable experience down the road.
- Interest, Arousal, or Curiosity- It is often said, “curiosity killed the cat” but in the case of buyer motives, curiosity lead the cat to buy the newest IPhone. Products bought because of curiosity, interest, or arousal are usually gadgets that are not a necessity or essential, but a product that creates fascination that may quickly be forgotten a few weeks after purchase.
By realizing these five buyer motives, a sales professional can gage how each prospect should be targeted, based on the product being sold, leading to a higher chance of making the sale.