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The Sales Buzz Issue 159 - Learn From a Bookmaker Who Pays Out Early on His Bets
April 10, 2012
Learn how to increase sales from a bookmaker who paid out early to his winning customers.
Bookmaker Fred Done from Manchester UK paid out on Manchester United winning the English Premiere Soccer League with seven games still to play...
Learn From a Bookmaker Who Pays Out Early on His BetsA bookmaker has paid out early on £500,000 worth of bets, is he mad or is he a shrewd businessman who can teach us a valuable sales lesson.
Bookmaker Fred Done from Manchester UK paid out on Manchester United winning the English Premiere Soccer League with seven games still to play.
Although Manchester United were 5 points ahead of their nearest rivals the competition was not over.
So why would a successful bookmaker pay out £500,000 on bets that he could still win, and is there a lesson for sales people and business owners in this unusual act.
What Fred Done knows about gamblers is that when they win they will spend the money, they see it as winnings, money they didn’t have, and while they are on a winning streak they will want to place another bet.
In fact the punters generally spend more than their winnings on their following bets.
He also knows that the people who placed the bets on Manchester United like betting on soccer games. If Fred waits until the end of the season, when there are no more games to bet on, his customers will have money in their pockets and nothing to bet on so he won’t get his money back,or the extra the punters will put on.
So in a situation where he could lose, by paying out early he gets great positive publicity, and gives he winning punters their money while there are still plenty of games left to bet on in the current season. This is a shrewd man that knows his business and how his customers think.
To use this technique in your sales business ask yourself these questions:
How can you give your customers money, credit, or price reductions, at a time when they will spend what you give them and more?
Think about how you can give your customers a benefit that they can only get if they spend more than they had originally planned?
Is there a way that you can give your customers their product early so that they will want to spend money in that time between when they actually receive the product and when they would have done?
The above could work well with a service focused sale where you supply the service early at no extra cost, or at a cheaper price, as long as the buyer takes an additional service now. I’ve seen examples of this where customers get a discount or reduction equivalent to half the cost of a second service or product and only available if they make an additional purchase. They feel they are wasting the discount if they don’t use it and so are tempted to buy something else.
You can use credit as if it was winnings, especially in the retail sales sector.
If the buyer is looking to buy an item on credit can you give them more credit than they are asking for, perhaps for the same repayments but for a longer time period, and offer add on sales that they can purchase with this additional money.
If you do this with an add-on to the original product that requires an emotional buying decision you can get some great results.
Take a lesson from a shrewd bookmaker that knows his customers, how they think, and how they make decisions.
Look for how you can give something away that will increase sales or revenue, and when you get really good at this you might even come up with an idea that gets you the same massive publicity that Fred Done gets when he pays out early on his bets.
Another place to look is at NLP Sales Training Course presented by the Professional Selling Organisation. This is not your normal sales training, this is new ideas with a very fresh perspective and a unique approach using NLP techniques.
I'm Stephen Craine from the website Sales-Training-Sales-Tips.com
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