Time Equals Money..But Don’t Say It

Time and time again successful sales people mention the tried and true sales line…

“Mr. Prospect I will save you time and money” or my “product will”…I despise this, it shows no thought and has been repeated for so long your customers don’t listen or believe you anymore, see Tony Blair. And yet…it slips out of my mouth as well.  But let me ask you this…How hard would you try and stop this if you know it was hurting your chances of closing your next big sale?

My guess is a LOT!

New research shows that when we mention money…it may hurt your chance of closing the sale. So,I often wonder why we repeat it, especially when we hear it cringe as well. If I had a guess it is because we hear it so often it becomes easy to say. It also is a fallback for an inexperienced salesperson to say when they don’t know how to overcome an objection.

As far as the research goes, Cassie Mogilner and Jennifer Aaker from the Stanford Graduate School of Business conducted a series of experiments to see whether references to time or references to money would affect whether people stop to buy, how much people are willing to pay, and how satisfied people are with the products they buy.

What business did they use for the experiment? One, I would guess, we all have run…..

A lemonade stand. At the stand there were signs. The signs varied from

 “Spend a little time, and enjoy C & D’s lemonade.”                                                 

“Spend a little money, and enjoy C & D’s lemonade.” 

 “Enjoy C & D’s lemonade”

Based on what I talked about earlier which sign do you think did the best???

The answer may surprise you…in my next post I’ll cover what the researchers discovered…

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