hi it's been live from sales ethos today
I'm going to answer the question how to
sell an intangible product I've been
asked a couple of times over the last
few weeks on how to sell an intangible
product most people will tell me that
they have no problem selling something
physical but when it comes to selling an
intangible product such as financial
services or professional services that's
where they really struggle and have a
great amount of difficulty so today I'm
going to give you three suggestions on
how you can more effectively sell
intangible products the first thing that
I want you to realize is that every sale
whether it's a physical product or a
service or something intangible that it
is still an intangible sale what I mean
by that is this this is a key principle
nobody buys products they buy what the
product does for them in other words
they're looking to solve a problem
remember no one buys products they buy
solutions to problems and so what I want
you to do is to have a think of the
intangible value that your products give
let's just look at a couple of case
studies and examples let's just say
you're selling a car right what do
people want when they buy a car what
sort of problem are they trying to solve
it's not that they just want to get from
A to B they sure they want reliable
transport okay so so the reliability of
the car is a selling point for the car
that's an intangible value you may want
to think about the safety of the car if
you're selling to a family safety is
going to be very high on their priority
list when deciding which car to buy what
about comfort level you know people
don't put leather seats in the cars for
no good reason people value
and that's an intangible value that you
get from a physical product or one about
the brand and the prestige of the car
WYD would a person buy $100,000 car
versus a $30,000 car the answer is the
prestige it's how it makes them feel
when they're in the car driving that
vehicle it's the social status that they
get these are all intangible things that
come out from a tangible product and
bringing it back to the intangible
products let's just imagine you are
selling car insurance right now what
problem is a person trying to solve when
they buy car insurance so I'm pretty
sure that most of you watching would
have already purchased car insurance for
yourself if you own a car and the
reasons that we have for buying car
insurance generally fits into two main
categories one is to lower risk and so
imagine that if you got into an accident
not many of us would have you know tens
of thousands of dollars just sitting
around in the bank for us to buy a new
car straight away and to replace the
damaged one and so therefore reducing
the risk by having to by paying in small
amounts and then paying a small premium
is much preferable to having all event
money stored in the bank account the
second reason that people buy insurance
is for peace of mind right and what this
essentially means is that if you have
insurance you don't have to drive around
constantly worrying about getting into
an accident I'm pretty sure that if if
people were driving around without
insurance they would be constantly
thinking about it as they're driving and
ironically that would increase the
chances of getting into an accident so
that's the intangible value of buying
insurance now for most people when
they've decided to to buy car insurance
it's not a case of whether I
students most people generally
understand that it's a good idea to buy
car insurance and so therefore it's the
next step you need to take is to think
what is the intangible value of buying
your company's car insurance versus
another company's car insurance
aha so now we have to think of other
intangible values for choosing your
company over someone else's and so this
is where it gets really challenging
because car insurance can be perceived
as a commodity they're exactly like for
like except one company's price is 10%
higher than the other so if you're
sitting in that category where yours is
10% more expensive than someone else's
how are you going to justify that price
difference so what are my suggestions
for you is to have a think about the the
things that people value when it comes
to dealing with insurance providers
perhaps people a person has had a bad
experience they needed to make a claim
with their they're cheaper provider and
the process was really drawn out for a
long period the person's serving them
was rude or or they weren't very helpful
they would didn't take personal
responsibility for the case and as a
result they've experienced a lot of
hardship which is already bad enough
given that they've been in a car
accident in the first place so you may
want to explain that your company's
service is much better than the others
because you as the consultant take
personal responsibility or you may say
on behalf of the customer service team
and as a result of the better quality
service in terms of a higher care factor
and the fact they're going to be
speaking to Aussies rather than speaking
to people from other countries with call
centers these kinds of factors are
important to people and that may be just
what they need in order to cross the
line and buy from you which brings me to
the next point which is
so you need to really understand what
people value now some people are not
going to care about better customer
service and these are not your ideal
clients there's no point trying to sell
you no better quality service if they
don't care about it at all I mean you
should certainly should try to help them
to understand the value of better
customer service but if they don't get
it then you're fighting an uphill battle
now you're probably better off referring
them off to the cheaper provider and
then and then hoping that they'll come
back to you later so there you have it
those are the key things that you need
to know in order to sell an intangible
product or service so what are your
thoughts what are the intangibles that
your product or service that you are
selling leave a comment below click like
and subscribe and just as a final note I
have created some special resources for
managers who have a customer service or
technical support team that you want
them to learn how to sell I've created a
unique video and PDF content for you
just click on the link below for for
those resources it's absolutely free
just putting these out to help you out
don't forget that integrity Plus skills
equals success