John “JD” Dwyer, CEO of The Institute of WOW, on the Gold Coast of Australia.
[1:45] The Institute of WOW is all about creating wow factors, to take your client’s eyes off the price. Andy asks how JD got Jerry Seinfeld to star in an Australian building society’s ad campaign. There’s a great story!
[10:02] Companies hope to be different, but “live in a sea of sameness.” Without a real wow factor, like the Apple iPhone, you’ve got to create an artificial wow factor. McDonald’s Happy Meal toy takes your eyes off the price.
[11:41] JD had a moving company differentiate themselves by offering a two-person holiday to the Gold Coast, to have Mrs. Homemaker take her eyes off the price.
[12:57] JD has a framework system for adding the wow factor. Identify your most profitable customer, and look for more who look like them; decide on the wow factor. JD has tested them all, and holidays, fuel discounts, and alcohol, are “evergreen.”
[16:38] A turf farm didn’t care to discount, but they had an end-of-season surplus. They offered a carton of Crown Lager Premium with every home’s worth sold. They ran out of turf, even though landscapers could have bought their own beer!
[17:28] Buyers of goods have short attention spans, decide quickly without analysis, want to satisfy a demand, and like something of value for free. So, capture their attention, and they won’t look at the price.
[18:50] How do B2B sales professionals create their personal wow? JD gives sales behavior advice.
[19:25] JD suggests you will double conversions by offering a premium and a deadline: “I will give you an XYZ bonus, if you make a decision by 5:00 p.m., Friday.” Or, “I’ve only got 52 of these available, and when they’re gone, they’re gone.”
[21:03] The law of reciprocation says offer something of value with every contact. Have a landing page to showcase your value. Most sales professionals don’t even do LinkedIn well, but a personal website of your own, with your video, is best.
[26:18] Everybody buys a solution to a problem. Theatrically highlight to the audience that you are the solution to their problem. Marketing and Sales share this tactic.
[26:40] People will pay more to eliminate pain, than they will pay to enjoy pleasure. They will pay more, if it is an enduring solution to the pain.