The
“BUY BACK”
Technique
This week’s feature article is on a great technique that can be used regardless of what you sell. Like so many techniques and patterns within the Time Line Selling® system, there are numerous other techniques layered within this one.
The “Buy Back” technique incorporates future pacing. In order to do this right, I would recommend that you take out a piece of paper and write down the following three pieces of information. Avoid worrying about this being complicated; you will only need to write this information down once. After two or three times practicing, you will notice that this technique is performed easily and effortlessly.
First: Write down all of the feature benefits of your product.
Second: Write down anyone other than the prospect who would benefit from your product or service.
Third: Write down the emotional benefits of your offering. (Some will argue that their product or service has no emotional benefit. I would challenge you to think past what your current sales managers are telling you. Every product or service has an emotional benefit. EVERY PRODUCT!)
Ok, did you write those down? Great, now that you have that information, practice by future pacing ownership of your product or service. Once you do that, use a hypothetical scenario in which you “buy back” the program for exactly the same amount of the investment you are asking for today.
It is really quite simple. This week we have received a large amount of email from sales professionals in the furniture industry. Many of them tell me that their biggest challenge is getting the husband to move forward. With that in mind, here is our first example.
FURNITURE SALES:
TLS Professional: “Bob, I can appreciate your concern. In order to own the entire family room set, there will be an initial investment of $4000.00. If you would, however, I would like the two of you to pretend that it is 6 months from now. The two of you and your three kids have enjoyed this room. Johnny and Erika (Teenage son and daughter) are so proud to have their friends over. The whole family wants to come over to your house to watch the Super Bowl and Mary (Bob’s wife) is constantly complimented on her great taste. Now right before Super Sunday, I come to you and offer you the same $4000.00 back for this amazing set of family room furniture and you can return back to your current furniture. Now Bob, I gotta think you would tell me to keep the money, am I right?”
Bob: “Ya, I guess you’re right.”
Note: When practicing this, include other names of people that would benefit from your prospects purchase. When possible get family and friends involved.
Here is the key point though, when buying back the program, make sure that you have painted a solid picture of them and others enjoying the ownership. They must be in the picture.
Why does this work?
Two reasons:
First: Because once someone visualizes themselves owning something, it will hurt them to give it back. “But Mickey, they never really owned my product. They just pretended to.” I know, and believe me now when I tell you that “pretending” to own is enough to create a feeling of ownership that will be painful to take away.
Second: This will minimalize the actual amount of money that the clients are investing in your product. This is the biggest point of resistance to the sale. By using the “Buy back” technique you have helped to reduce that resistance.
More Examples:
CORPORATE COMPUTER SALES:
TLS Professional: “John, the final proposal for your company’s new computer system is $40,000. Before you move forward with this proposal today, let’s imagine that you have had these computers installed; and have been using them for one year. Sally, your Director of Operations, now has a big smile on her face because her job is so much easier than it was before. You have been sleeping well at night knowing that your life’s work (your company) is in good hands. All of your data is secured to the point that when you are not at work, you are TRULY enjoying your family. Profits are up and employee retention has never been better.
Now imagine that a competitor sees your success and offers you $40,000 to buy back the whole system, placing you right back where you are today. John, correct me if I am wrong but I would dare say that you would tell him “No way” and show him the door, wouldn’t you?”
John: “Well yeah.”
REAL ESTATE:
“Bob and Mary, pretend you found a way to purchase this $350,000 home today. Now imagine it is three years into the future. You and your family have enjoyed living in this wonderful neighborhood. Little Sally and Tommy have been able to have their own room. Mary you are close to the school and have enjoyed the peace of mind that comes with being able to walk your kids to and from their new award winning elementary school. Bob, you have done some of the repairs to this home that you were talking about and have been enjoying that garage that you have always wanted. The trees are now grown in and the neighborhood is near completion. Now imagine that I knock on your door and say that I have a buyer for $350,000. You can take the money and move right back into your old two bedroom home. Bob and Mary, would you accept the offer?”
VACATION OWNERSHIP:
“Bob and Mary, I can appreciate that $15,000 is a considerable amount of money. You obviously want to make the right choice today. Let’s do this; pretend that some way, somehow you found a way to get involved in this Vacation Ownership package today. Now pretend that it is five years from today and the two of you have just returned from your third vacation to Hawaii. Two of your three children, Susie and Eric, think this was the best of the three vacations because they learned to scuba dive. Maria though, still likes the first vacation you took because that one was to Disneyworld, Florida. As you look back on the last five years you reflect on all of the great memory’s that you have of the five of you spending time together in some of the most amazing places in the world. Your kids have returned to school after every summer vacation with great stories to share with the class. Now they are going on to Jr. High and High School, you only have a precious few years left before they are on to college.
Our company then gives you a call and explains that we are willing to buy back this ownership for the original $15,000 you invested five years ago. You can return to your current vacation lifestyle. Simple question Bob and Mary, would you take the money or would you take the time with your family. Pretty easy answer isn’t it?”
AUTOMOBILE SALES:
You see the real magic here is that you put them in ownership mode. Once I own something you simply can’t take it from me. As mentioned before this will trivializes the financial investment today, which is where most of the resistance comes from.
This one technique alone can be very powerful in the hands of a skilled sales professional.
SALES TRAINING:
WE DO NOT OFFER SALES TRAINING. If one did, however, they could say something like this:
Now imagine that your competitor came to you with a simple proposition. He says to you “Give me your new and improved sales people and all of your new found income, productivity and raving fan client base. I will buy all of that back from you for only $10,000.00. How long would it take you to show that guy the door? Not long, would it?”
So there you have it. It really is as simple as that. You can buy back the very products and services that you are selling.
Enjoy this little gem and notice that your sales increase. When they do, remember your local charities and when possible, shoot us an email and tell us about it.
Mickey Booher
Your Success is Assured!
