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GREED! A powerful marketing technique.

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I wanted to share a sales techniques I learned many years ago. I seldom use it, but whenever I do use it, it works!

Let me give you a specific example of how I recently used it.

Last Friday I sent out an email letting everyone know about the new inert pepper sprays. In the email, I gave the model numbers and wholesale prices.

When distributors went to the wholesale order site, they discovered that the prices were a lot lower than the prices I sent in the email.

Now this is where a basic human emotion comes into play…GREED.

Now, I’m not telling you this to insult you or make you feel bad about yourself. But, greed is a basic emotion that marketers need to understand and know how to use in their marketing.

I originally was going to introduce the inert practice sprays by adding them to the sale that was going on. But, I thought it would be a good time to show you the power of this technique.

So, instead of putting them on sale, I put the lower prices up but did not say they were on sale. When distributors saw the prices in the email I sent, then saw the lower prices on the order website, they bought and bought a lot. They bought more than they would have normally because they wanted to take advantage of the lower prices before I discovered the “mistake.”

I sent the email out to over 7,000 distributors. Only one sent me an email letting me know that the prices on the wholesale order site were lower than the prices in the email I sent. They wanted to know if the prices in the email were right or were the prices on the wholesale order site correct?

Now, here’s how you can use this. And you should use it because it works.

To introduce a new product, send an email to your list with a brief description of the product and what the price is. But, on your website, put a lower price. For instance, tell them in the email that the price for the product is $10.00, but on your website, put the price at $7.00. People will think you made a mistake on the price on your website and will buy and buy a lot.

You can do this with an existing products, also. Maybe you can announce a sale price for a product as $10.00 and when your customers go to the web page, they see the price of $7.00. I guarantee this will increase sales.

Hope this helps.


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September 06th, 2011 15:34:05
42 comments

Thank YOU, Mike!
You always give the greatest advice and I have always learned a lot from you!
Many Blessings!


Anonymous

I love this technique. I used it with my advertising customers that always try to take advantage of me. I tell them one price (higher) than the cost of their ad and then pull out a One Day Only sheet that just happens to be for that day only or a Free Add On Item and tell them that I can’t offer it after that day. It entices them to buy immediately. Great way to make a sale. Thanks Mike

That’s cold but oh so diabolically cool.

Michael, YOU are the Greatest!

We all learn so much from your brilliance!
I have found that giving people a “gift” perhaps for the holidays, that is unrelated to your usual business is also a great idea! I am always willing to give a good deal to my fellow dealers through your company, when they need some gifts for family, friends, or even customers!

Choose Happiness & Success!
Jennifer

So true, however you can’t put the listed price too far out or people won’t be interested enough to look.

This is a great idea! I will be sure to use it and see what results I get!

Very ingenious. Kind of sad that there was only one honest person willing to point out your “mistake”, but as you say, greed is one of our basic human emotions. Everyone wants a good deal and I can see how this will really work. Worth a try once in a while!

Michael, you hit the head. Greed. But, for fear that I was driving my good friend and supplier into bankrupty, i would have been one of those distributors emailing you to set you straight. On the other hand, I agree it works.

So, I guess it would work like this: I’d take an item from the website, lets just say, the “Runt Stun Gun”, sells for 39.95 on the website. But, I send out emails stating the item is on sale, lets say $36..95. But, when people go to the website and see the sale price, they find that the price is much lower, at only 34.95. Got it, Mike.

Thanks for that little marketing tool

Thanks Mike, I can’t wait to use this technique to sell the strongest pepper spray available. Customers will love my “mistake” :)

This does not make people dishonest…just opportunistic.

Great tactic Mike, even if greed isn’t the motivation, who doesn’t love getting their pepper spray cheaper than expected and making a bigger profit.

Wow! I love it. I would never have thought of that! I will put this to use is some way. Probably on my next e-mail to my customers. I also would have been one of those people asking for clarification on the price. Thanks.


Lou

Thanks Mike. Great idea. I’m going to send out e-mail to my list today and try it with several self defense products.

The human psyche is a strange thing.

A great selling tool to use wisely. Thanks for the info!

Mike,
You are a Genius!
In addition to a few of your pepper sprays, I sell a lot of Good Luck Charms for Gamblers and so forth!
I just sent out an e-mail utilizing your idea, and got TWO orders already! Thanks!
Wow! That was cool!

Great idea Mike. I will try it and I am sure it will work.
Greed has always been a good seller., and if people think they get a deal that even workes better.
Thanks,
Eddie

Thanks a lot mike for the great idea, I think I’ll try it with the safe family life kits.

Great idea! Thanks for all the great advice you always give us.

Never thought of it. Not a bad idea Mike.


Davinder

Hi, mr. Mike whatever I read u r not only buissnessman. U also have good sense of humor to make secure society(world)

Awesome tip Michael, thanks for sharing it with us!

Excellent idea!! Can’t wait to use it!!


joshua rodriguez

Michael, I think that the reason we did not tell you about the lower price was becaause we know the way you thing and of your generocity, and the lowe prices was not a mistake but a perk…thanks, joshua from hampton.

Great, effective angle, Michael. Thank you.


Ime

Mike,
This is very wonderful an a big secrets I have ever learn. I must surely apply the techniques when I fully take off my business. Thanks

An excellent technique! As always, thanks for sharing your expertise and knowledge.

Great technique. Thanks for the Info

Now thats what I call selling technique! Great idea I must try it sometime.

I have used similar techniques before, but not done like this. It actually makes pretty good sense, especially for items that you are putting on sale or reducing the price on anyways. Thanks for the tip.

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Will definitely try this and see what happens! Good information as always!

Terrific idea! Thank you for sharing it.

Terrific idea! I appreciate the insight.

Great idea!

Did this the other day – a guy bought two things just because they were “wrongly priced” :) – worked like a charm.

Bargain… anything a customer thinks a store is losing money on.

Kin Hubbard

Great idea Mike! Thanks for all the marketing help.

Isn’t it funny how the human mind works? Some would see that as “greedy opportunity” to take advantage of a mistake and others might see it as an opportunity to gain backsided rewards for pointing out a possible mistake by the author. Either way your point is well taken. Create an the environment of an exceptional offer to hard to refuse.

Michael
TnT Personal Security

Thanks for this marketing tip. It is true, people like getting a deal. giving away something for “free” always works.
Eddie

It has always seemed strange to me… the things we admire in men, kindness and generosity, openness, honesty, understanding and feeling, are the concomitants of failure in our system. And those traits we detest, sharpness, greed, acquisitiveness, meanness, egotism and self-interest, are the traits of success. And while men admire the quality of the first they love the produce of the second.

- John Steinbeck

mike you and your staff rock

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