Issue #2511
- WEALTHY: Is Big Pharma in trouble? (Rick Pendergraft)
- HEALTHY: 4 natural flu fighters (Kelley Herring)
- WISE: Ben Franklin on being persuasive
ALSO IN THIS ISSUE:
- 11 steps to making the sale (Yanik Silver)
- We did it! (MaryEllen Tribby)
- It’s Fun to Know… what may be the most unnecessary job ever
- Add “inure” to your vocabulary
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A View From Inside the World of Pharmaceuticals
I couldn’t believe my ears. It was the night after the election and I’d invited a friend over for dinner. I thought he might be upset about the election results, but, surprisingly, he wasn’t.
You see, “Chris” is a regional sales manager for one of the biggest pharmaceutical companies in the world. His area covers four states, including Florida. And it turns out that inside the pharma industry, they aren’t worried about Obama overhauling the healthcare system.
Here’s how Chris explained it to me: If pharmaceutical companies are limited on what they can charge for prescription medicines, the demand for these drugs will actually increase. People who needed the medicine but could not afford it will now be able to. So the decline in price will be made up by an increase in units sold.
While I wouldn’t rush out and buy shares in every pharmaceutical company out there, I also wouldn’t rush to sell shares I owned either. If you are looking to add a drug company to your portfolio, AstraZeneca (AZN) and Cephalon (CEPH) both have solid balance sheets and improving price action.
[Ed. Note: You may not know what the market will do under Obama's presidency. But there are plenty of opportunities to profit - and you need to be ready when the moment to prosper arrives. Market analyst Rick Pendergraft has put together an educational program that lays out the simple steps you need to take to make money in any market condition. Get the details here.]
“If you would persuade, you must appeal to interest rather than intellect.”
Benjamin Franklin
The “Art” of the Sale
By Yanik Silver
A few months ago, I was in Aspen for the third Maverick Business Adventures experience. This time, we went whitewater rafting, rock climbing, rappelling, mountain biking, and on a Jeep 4×4 tour.
The day before I left, Aspen was extremely interesting from a marketing perspective…
Aspen is filled with great boutiques, restaurants, and art galleries. I wasn’t planning on buying anything, but enjoyed looking in the galleries – and that’s where our story starts.
The first part of any sales process is typically grabbing the attention of the prospective customer – and my attention was caught by a piece in one of the windows. It was cartoonish yet sophisticated. So I popped into the gallery. The piece was by an artist named Todd White, and it was called “My Heaven and Hell.”
The gallery had a bunch of White’s prints, and as I browsed through them I started getting the “story” of the artist from the gallery salesman, Johnny. He told me how White had worked on “Ren & Stimpy” and helped created “SpongeBob SquarePants.” I’m a big fan of animation, so this intrigued me.
If you have read Influence: The Psychology of Persuasion by Robert Cialdini, you know that this is a good example of one of the persuasive techniques used by salespeople. “Story” helps the salesperson make a deeper connection with his prospect and start to set up the sale. (”Story” is important to the buyer, because he knows he’ll be able to tell it to people who admire the item after he’s bought it.)
Johnny followed this with a laundry list of celebs who collect White’s work – an example of what Cialdini calls “Social Proof.”
Then he showed me a brochure with illustrations of prints by White that were no longer available because they had sold out. “He does them in very limited quantities (like 150),” Johnny explained. This is an example of another tried and true sales tactic described by Cialdini: “Scarcity.”
As I perused various pieces, Johnny would throw in an occasional comment. (For instance, he explained that “My Heaven and Hell” depicts the good and devilish sides of White’s ex-girlfriend.)
Every time I showed interest in a piece, Johnny asked me if I wanted him to move it to a better light. I declined several times, because I knew where this was heading. But, finally, I let him move two of the prints to a cozy little back room. (The purpose of the back room is to give prospects a chance to imagine how the artwork might look in their homes.)
At this point, what Cialdini calls “Commitment” and “Consistency” takes over. I’m making small commitments toward buying, starting with picking which prints I like the best. And psychologically, Cialdini tells us, once you’ve made a commitment, you’re more likely to behave in a consistent manner by sticking with that commitment going forward.
Meanwhile, I was offered a beer, Champagne, or water – an example of Cialdini’s principle of “Reciprocity” at work. Giving prospects a treat is a good way to make them feel like reciprocating in some way – presumably by making a purchase.
I’d been through this same kind of presentation before. Still, it was interesting to watch it unfold with my psychology hat on – especially since the gallery was doing something that I hadn’t seen before: They were playing a DVD about Todd White’s career, his press coverage, his works, and people who are his collectors. Another way of injecting social proof into the sales process, plus what Cialdini calls “Authority.”
When I kept going back to my favorite piece, Johnny asked me what it would take for me to buy it right then and there. I shrugged my shoulders. Then he said, “What if I can talk the owner of the gallery into giving you a crazy price on two of them?” I said I would be willing to negotiate price, but only on the one piece. In Cialdini’s terms, this is an example of reciprocation (by me) after a “Concession” (on price).
The owner then stepped in. He pointed out that the print I had chosen was hand embellished, not simply “a print.” And he talked to me about the frame itself – its multiple layers and how ornate it was. Cialdini calls this the “Value Buildup.”
Finally, the owner gave me a “Reason Why” he was able to give me a discount: It was the end of tourist season and the rent was due.
We negotiated down to about 50 percent of the “retail” price, and shook hands. A few weeks later, a huge crate arrived at my house with my “All Lit Up Again” print by Todd White:
How many of the above sales tactics are you using to try to persuade customers to buy? If you’re using just one or two, it’s time for you to take a good look at Cialdini’s book.
[Ed. Note: As master Internet marketer Yanik Silver points out, understanding the psychology of persuasion can help you win over new customers. For more of his insights into sales and marketing, check out his blog at www.InternetLifestyle.com.
For more targeted strategies you can use to make sales - and take your business to new heights - sign up for ETR's 2008 Bootcamp DVD Library. From the comfort of your living room, you can watch our speakers - including 2 hours of Yanik's best secrets from his stunning live presentation - divulge techniques they've used to make at least $100,000. Who knows? With this advice, you could wind up making upward of $1 million in 2009. Learn more here.
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What's New From the Publisher's Viewpoint: Your Reward for Beating Buffett
Changing the Channel was officially launched on Tuesday, October 28. All day Wednesday, the book was on my mind. But when I sat down to enjoy dinner with my family, I tried to forget about it. (And with an unseasonable cool spell in Florida, roasted organic chicken was the perfect comfort food!)
As I cleared the table, my husband offered to do the dishes. It was obvious to him that I was itching to know how the book was doing.
"Why don't you go check on the book?" he said.
I'd peeked at how sales were going a few times during the afternoon ... but the book's status hadn't budged in the race to beat Buffett. (Meaning the book about Warren Buffett by Alice Schroeder.)
So I left Patrick to do the dishes and headed to my computer. And there it was - #1 on Amazon.com's list of Business and Investing best-sellers!
Not only that, it had climbed all the way to #10 on Amazon's list of overall best-sellers. (The next morning, Jason Holland told me that it hit #8 later that night.)
I can't say how proud I am of all the ETR folks - and how thankful I am to our readers for pushing the book up to the top.
Our rapid climb past authors like Jim Collins, Stephen Covey, and Seth Godin is solely due to your taking the time to buy Changing the Channel. I sincerely hope you are being delighted by the book - and that it will help you boost your income, achieve a higher position in your business, or finally get your own business off the ground.
In the meantime, if you're one of the readers who bought the book as soon as it was launched, I promised that I would give you a bonus that would knock your socks off. I think you'll agree that this fits the bill!
I'm going to be hosting a special webinar exclusively for book buyers. I'll be answering some of your toughest questions about marketing, business building, managing a team, and - of course - Changing the Channel. To sign up for this no-holds-barred conversation, simply enter your name, e-mail address, and receipt number from your Amazon.com order here.
Thanks again for helping drive Changing the Channel to #1.
[Ed. Note: MaryEllen Tribby and Michael Masterson have combined their 60+ years of business-building and marketing experience in one easy-to-read book. Changing the Channel: 12 Easy Ways to Make Millions for Your Business reveals 12 profit-acceleration secrets that can help YOU boost your company's revenues... and skyrocket your own career. If you don't already have a copy, get yours here.
Fight the Flu... With Onions!
Flu season is upon us. And if you're like me and want to stay healthy the natural way (no flu shots here!), do this: Eat onions.
Red onions (as well as apples and broccoli and tea) are rich in a nutrient called quercetin that may help to ward off the influenza virus.
In a recent study, published in the American Journal of Physiology, quercetin was found to negate the dip in immunity that comes with physical fatigue. And that "dip" is the window of opportunity for viruses and bacteria to take root and hold you hostage until they run their course.
What's the best way to get this natural flu fighter? First, because quercetin is highly concentrated in the skins of fruits and veggies, make sure yours are organic (and unpeeled, for maximum potency). And since quercetin isn't destroyed by heat, a bowl of French onion soup, a warming cup of green tea, or a fragrant serving of cinnamon baked apples should do the trick. Much more enjoyable than a flu shot... and the only side effect is YUM!
[Ed. Note: As nutrition expert Kelley Herring points out, you can find plenty of all-natural methods for staying healthy. Now, you can access the latest breakthroughs in weight-loss programs... healthful recipes... and other ideas for achieving optimal health - all from one of the largest integrative-medicine practices in the country. Learn more here.
Survive the holidays with Kelley's brand-new recipe e-books, Guilt-Free Desserts and Healthy Holiday Hors d'Oeuvres. You'll find 60+ healthy recipes you can easily make at home.]
It’s Fun to Know: The Most Unnecessary Job Ever?
Do you struggle to find the right music to “set the mood” for a romantic dinner? Tired of being made fun of for pumping Def Leppard at backyard barbecues? Have no idea what to play during a quiet evening at home?
Well, if you have several hundred bucks to burn, problems like these can be solved by your own personal music stylist.
Hired by the musically hopeless and uncreative (with deep pockets), “house” DJs assemble custom playlists consisting of hundreds, or even thousands, of songs for beach houses, ski lodges, city apartments… even individual rooms (like the kitchen or, yes, the bedroom).
(Source: The New York Times)
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Suppose that there was an almost magical switch you could flip that would put all your dreams within reach.
And I’m talking ALL your dreams…
Adding a few thousand bucks to your paycheck each week. (And who doesn’t want a little extra cash?) Turning your passion for gardening into a small business… or becoming a black-belt martial artist… or writing a book of poems.
Whatever you want to do…
Here’s your chance to get everything you want out of life.
Word to the Wise: Inure
To “inure” (in-YOOR) – from the Latin for “trouble, pains, exertion” – is to accustom to something painful, difficult, or inconvenient.
Example, as used by Allen Barra in Inventing Wyatt Earp): “They were a hard-driven, hardworking crowd inured to the hardest living, and they found their recreation in hard drinking and hard fighting.”
[Ed. Note: Become a more persuasive writer and speaker ... build your self-confidence and intellect ... increase your attractiveness to others ... just by spending 10 VERY enjoyable minutes a day with ETR's new Words to the Wise CD Library.]
Copyright ETR, LLC, 2008
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Of course, Big Pharma will be doing VERY well–they will have a pretty captive market no matter what happens. If socialized medicine comes to pass, then most of the top-prescribed drugs will be forced down the throat of EVERY American they can get their hands on. And they will keep convincing healthy people that they’re sick to increase their market shares, even though Crestor (AstraZeneca’s cash cow) can eventually lead to DEATH. Don’t believe me? Read Shane Ellison’s columns sometime (http://www.thepeopleschemist.com). Big Pharma is so profitable because they’re out to make money–not treat people.
Hmmm… so if they forced GM to sell there cars at 10K a pop then GM wouldn’t be going bankrupt, right.
The only thing that might come of Obama price controls is existing pharmacueatical companies will turn into cash cows selling as much of there exisiting drugs as they can, and research of new drugs will come to a screeching halt as the incentive of making big money in new drugs dissapears.