Tuesday, April 8, 2014

Managing Software Buyers' Fear

Buyers' fear of loss is stronger than their need to save money. So says Jeffrey J. Fox in "How to Become a Marketing Superstar – Unexpected Rules that Ring the Cash Register."

If Fox is correct, then a productive software marketing strategy would be to communicate the loss that software buyers might experience if they delay making a buying decision.

  • Rather than telling prospects how much money they'll save because of your application's productivity improvements, tell them that your software will stop the money that they're losing by not buying and using your program.
  • Rather than talk about the new functionality that your application program offers, talk about the gains that your customers' direct competitors are making by using the software that they, too, should buy right now.

"Fewer than 5 percent of all marketers ground their product claims on benefits to the customer," Fox tells us. "Fewer than 1 percent of all marketers dollarize the value of their product and sell with numbers."

Fox says that the best marketers quantify their product's savings potential. They tell their prospects about the consequences of not making a buying decision.

I'm not convinced that this approach is the way to maximize your software sales. Following Fox's advice could result in a very negative website and sales presentation. That negativity could tarnish your company's brand, and lead to lower sales.

Software developers might consider weaving a little of the "fear of loss" message into their sales presentations. But don't let negativity dominate your marketing message. Instead, offer a solution to prospects' problems. Or sell the benefits that your application will deliver to the software-buying public.

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