What’s In A Name? More Money For Your Business

 

What’s in a name?

Money.

Especially if you sell a service.

Here’s the story ...

If you sell a service or a customized product, you almost certainly deliver proposals, bids, or price quotes to prospects before they make a buying decision.

And this is hurting you. Because everybody does that.

Think: When you’re choosing a consultant, insurance agent, attorney, painter, whatever, what do you? You do two things: get 3 price quotes, and choose the best one.

Guess what? If every vendor submits a price quote, the prospect will compare and choose based on ... price. And that’s not a game you want to play. Because there is always someone cheaper than you. Why race to the bottom for prices?

Instead, you can do two things to set your business apart and avoid questions of price:

1.    Never send another price quote
2.    Name your proposal after the prospect

Let me explain.


1) Never send another price quote

By this I mean, stop submitting price quotes to prospects and start submitting sales letters.

Begin with the name. NEVER call your submission a “Price Quote,” “Project Bid,” or anything like that. It’s commodity language, like everyone uses. Instead, speak your own language. Examples:

• Game Plan
• Project Blueprint
• Outline
• Project Summary
• Vision
• Roadmap to Results

Get the idea? If a prospective client is holding two price quotes from competitors, and one “Project Summary” from you, guess who stands out and defies comparison? You, that’s who.

But don’t stop there. Do some actual selling in your price quote/sales letter. To that end, be sure to include:

• Clear, exciting benefits (instead of dull, dry features)
• Testimonials from happy clients and vendors (to offer social proof)
• A clear, call to action (instead of a wimpy “I hope to hear from you soon”)
• Your signature at the end, which makes it an actual letter (and creates a personal bond with the reader)

Now let's take it one simple, incredibly effective step further ...


2) Name your proposal after the prospect

This is a cool trick that could change everything for you. At no cost.

You see, substantial research has shown that we’re most likely to relate to others with whom we share personal characteristics, according to the book Yes! by Robert Cialdini. And psychologists have found that we tend to feel especially positive toward things we associate with ourselves, such as our names.

Here's the application for you: If you name your proposal after your prospect, they will associate themselves with your proposal, feel more positive about it, and be more likely to buy it.

Examples:

• “The Smith Project”
• “The Jeff and Sally Game Plan”
• “The Johnson Blueprint”

Best part: Naming your project after the prospect costs you NOTHING. Yet, in my experience, the proposals I submit to prospects that are named after them (“The Smith Project”) are 25-50% more likely to result in a sale. Boom.

This is so sneaky and works so well that I’ve been keeping it a secret for years. But here you go.

Now. These two ideas:

1. Never send another price quote
2. Name your proposal after the prospect

... are perfect examples of what I call Marketing Multipliers -- small actions that lead to big profits. They are simple. They cost nothing. And you can implement them today.



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