Monday, February 14, 2011

Speed Up The Sale: Create Urgency

Creating Urgency means using whatever you can to entice the client to buy from you as soon as possible. There are two types of urgency:

1. Urgency to sign now and lock in the deal even though they can't purchase now. Reasons for this may include their budget/fiscal calendar or if they are currently locked in with another supplier and need to wait until that agreement expires. Even though you won't get the money now, creating urgency now ensures you don't lose the deal and assures their commitment to buy from you.

2. Urgency to purchase your product/services now because of a "can't miss" opportunity. For example, they will need to purchase now if they want the product by Christmas. Or they will need to purchase now to take advantage of a sale price.

By using urgency, you can shorten your sales cycle. Here are three additional benefits:
* The client can begin reaping the benefits of purchasing your product/service.
* You can increase your commission and receive it sooner.
* Your company can grow more rapidly, generating more revenue this period than last period.

Methods To Create Urgency
Direct Approach:
"If you start advertising with us now, you will get exposure right before Christmas shopping starts."
Reverse Approach: This is used when the client is leaning toward not starting now. "Yeah, I can see where it would be tough for you to make that deadline date. That's too bad because your ad would have received added exposure to people who are planning their Christmas shopping."

With either approach, you must be sure the urgency tool has importance to them.

The Erie Sales Club is a joint effort of three leading local businesses: Jameson Publishing, Marsha Marsh Real Estate Services, and VertMarkets.