In an educational session on Sunday, Sept. 11, Bill Bishop, author of How to Sell a Lobster, shared his secrets on how advisors can increase sales.
While working as a waiter 30 years ago, Bishop won a contest by selling 1,400 lobsters. His secret? The psychology of marketing.
Bishop shared five tips on psychology-based marketing with the audience:
• Create a mystery (curiosity). Invoke curiosity in your clients so that they want to know more about your product.
• Package a big idea (excitement). Create excitement by dressing up your product as something special.
• Project an image of popularity (safety) and scarcity (fear). People want to feel safe, and the safest option is to go with what is popular. They also want what they are afraid they might not be able to get. Setting a perceived limit on the availability of your products can create a sense of scarcity.
• Give away value (desire). Much like selling a box of chocolates, products are easier to peddle if clients can have a sample first. Try giving away a free starter session.
• Offer choices (empowerment). Offer three choices, and the client is most likely to choose the middle choice. It is the safest bet.
For more of Bishop’s advanced marketing strategies, visit www.bishopschoolofmarketing.com.