You'd think it would make sense, wouldn't you? I mean here you are surfing the Internet. And this website is giving you $86 off compared with another site. That's a whole 30% difference. Yet you end up buying the product from the site with the higher price.
Now why on earth would you do something as irrational as that?
You sure wanted to save the $86. Yet something about the second site sucked you in. What was that something? Once you learn this nifty psychological marketing factor, you will literally feel naked without it. And then you'll use it to your advantage in all your marketing. And get higher prices too. Interested? You bet you are. Stand back and watch this marketing mystery unfold.
Remember That Game You Played as a Child?
You know the one where you spot the six differences between two pictures. This is somewhat similar. Except that there really aren't six differences, just one.
And no, it's not the design. And as I told you, it's certainly not the price. But let me not prompt you. Let's see what you can come up with.
Here's The First Site:
It's got all the information you need to buy. It's got the model number, the price and the availability of the product. Yes, it's all there. Believe me, I checked. Clickity, clack and you're on your way to buying the product, right? Maybe. But then look at the second page, before you decide.
Here's Site No. 2: Same Product – Different Price
The same product on the sales page of this site costs $86 more than the previous site. So what makes me so hesitant? Why do I feel compelled to buy from here, instead of the earlier site?
Welcome to the dilemma of most of your customers
The difference is the Full Story. The second site gives me the whole enchilada. The first site simply sells me the basic specifications. And doubt grows in my mind. Sure I know the model is the same. But what if the one above doesn't have Dragon Naturally Speaking as part of it? Mmm…I really want it as part of the features.
And does the earlier one have a headphone and external microphone? Or would I have to go out and buy some additional accessories? Grumble, grumble, mutter, mutter, think, think, chug, chug. Ooh, this is such a pain. 🙁
The first price looks awfully inviting, but the second one. Ah, I can see the picture. I know that's exactly what I want. Then I can see every itty bitty specification. Check, check, I go down the line. Yes, it's exactly what I want.
Watch as my blood pressure rises
You can't see it now, but my pupils are expanding. My heart beat has gotten a little quicker. The more I see, the more I am convinced. The more I read, the closer my credit card is itching to be zapped. Yes indeedy, Site No. 2 has really got me excited. I can see it, touch it and feel the product. I want it now. Where's that credit card gone off to now?
And look at (yawn)…Site No. 1
Except for the price, Site No. 1 puts me into dopeyland. I know that's the cheapest I can get, but I'm way too reluctant. Who knows who these guys are? What if they don't deliver? What if it doesn't have the same specifications? The thoughts race around in my head like a go-kart gone nuts. And then it stops in its tracks.
I'm way too chicken
And way too busy. Sure I could contact Site No. 1's support (Look on the top far right of the page) but I'm kind of an impulse buyer like most Internet buyers. I want the instant gratification now. Faced with an impasse, I choose the more painful decision. I part with $80 more than I should. And I curse the first site.
Risk is always at the top of your customer's mind.
By giving your customer less than complete information, you're increasing her risk factor. You're telling her to trust you when she doesn't even know you. And why should she do something as silly as that? She'd rather be *sillier* and end up paying more, than end up with egg on her face.
How to kill the ‘chicken' that lays the golden eggs
If you don't tell the customer the full story, you're not just missing out on the sale. You're missing out on your entire future sales as well. You're missing out on that house on the hill, that Caribbean holiday and your spanking new Mercedes.
Because when a customer comes into a store and buys a product, it's almost never a one-time sale. If you've got snappy delivery and a bright smiley service, she will most certainly come back to buy more. If she is a customer who buys $300 worth of product, it's also likely she will buy at least 10 times over the next 10 years. Even if the average remains just $300, $3000 is a lot of money to give up.
But you know…it's never just $3000
It's always more. So are you missing out on all those Tequila vacations, simply because you were too lazy to put some simple graphics? And some text that would explain things in greater detail? Are you?
Because that $3000 has the potential to balloon into a whopping $15,000 or more.
You see, we don't live on an island (Though we actually do here in New Zealand). This customer will bring her girlfriend, husband, business partner, accountant and God knows who else to the site. By bypassing her, you've bypassed the whole whanau.*
Ooh, my head hurts from just thinking about it!
Your aspirin is called the Full Story
Does your website tell the full story? Does your sales pitch do the same? What about your newsletter? Or your brochure? It's time you went back to the drawing board and audited your communication. When you give them the full story, you'll find customers coming to you in droves.
Best of all, when you tell the full story, you invariably reduce risk and increase anticipation of ownership. Which causes customers to buy from you even when you charge higher prices.
And that's the kind of story we all like. The kind with happy endings.
Recommended Product: Why Customers Buy (And Why They Don’t): The Brain Audit