How to sell a new product to the market?

In previous week’s post, we explained the idea of the Familiarity Bias- that people would rather buy what they are familiar with even if that product or service is inferior than they would with the best product available but one they are unfamiliar with.

The more we are familiar with a product or a service, the safer and more secured we feel. We are more comfortable with the ones that are safe and secured.

Thus what happens here is that we choose what we feel are safer and more secured over the better products or services.

For example, a company who has been acquiring the services of this janitorial services for a very long time would rather stick with them than have a new janitorial services do the cleaning for them even if this new janitorial services is much cheaper than the previous one.

The company is able to predict what the work of their current services would look like. They already know how they work and what the result of that work is. They are familiar with it.

If they change their janitorial services and get a new one, they are not sure what the result of the new one is. It could be cleaner but it could also be worse. At the same time, iba nanaman mga dokyumento na kailangan nilang ayusin. Ibang tao nanaman mga kakausapin nila.

Not only is it too much of a work, it is also risky. Of course, there are extreme cases wherein the company might be saving money or cutting costs, then they might inquire of the services of the newer and much cheaper janitorial services.

But even then, they could just negotiate with the former on how they could get the expenses lower.

That wanting to feel safe and secure is something that has been driving human decisions and often people are more comfortable with choosing what is safe and secured thus the chances of retaining or buying the safer or more secured option is significantly higher.

So if you are selling a new product or you are a new business trying to win over other businesses, this could be some sort of a bad news to you.

Do people always choose the product that they have always been using for a long time rather than the ones that are new and potentially better? That is not always the case.

There are so many factors people consider when making a buying decision. There are, of course, the end-goal of the prospect. People also factor in how these products or services could make them look like. Price is and always will be a factor. So are costs and ROIs.

But at the end of the day, familiarity which breeds safety and security will play a role in how people make buying decisions. In some instances, it plays a huge role in it.

So if we are selling a new product or we are a new business, how can we win sales and business? Welp, this is what we will be talking about today.

And here is the thing: people do not just get safety and security from familiarity. Another thing to remember is safety and security is subjective. Sometimes, to be safe and secure; people would be required to take risks.

For example, two companies are competing for the number one spot in a certain market, in this example lets say two restaurants fight over who has the best bananaque in town. For them, what is safe and secure is being number one because if they fall on number two, they will lose business. Nobody wants to eat the second best bananaque.

And to them, doing something new and risky, like adding some new ingredients to their bananaque, could be the way to number one which leads to them being in a safer and more secured position.

Adding a new ingredient, lets say adding vanilla extract, is actually a risky move. Consumers might not like it (or they might). Yet to be number one, to be in a spot wherein they can feel safe and secured, they have to do this risky thing. If they just do what they always do (which is what they are familiar with), they might lose and that is definitely not safe and secured.

Same emotion, different scenario. And that is the thing: safety and security is different for each people. Yes, familiarity breeds safety and security. But if you are facing a problem that threatens our survival and thriving, sometimes the safer and more secured option is to take some risk and dwell into a new solution.

Just think of it this way: you are having acne due to wearing facemask (or maskne as some people say). You feel bad about the acne and your current facial wash is not helping getting rid of the acnes. The acnes are, in a way, a threat to your physical well-being as well as emotional well-being. It is harming us. Then you see this new facial wash that promises to get rid of acne in as fast as 7-days.

If you are in that position, what is the safer and more secured option? Leaving your acne as it is and feel the pain OR risk buying this new product that promises to wipe your acnes away?

In this case, the safer and more secured option to get rid of acne is in buying the new product. You feel a threat to your physical appearance and it affects your confidence (emotional well-being). You have a problem and you feel the pain. If you don’t do something, you will continue having that problem and feeling the pain.

In short, not doing anything or staying in the familiar territory of using that old facial wash is unsafe and unsecured to your physical and emotional state. Thus a safer option is trying a better product.

Does it apply to everyone who has acnes? Definitely no. If you already have a spouse and you do not really care about acnes, the safer and more secured option is using your old soap.

But for a model or influencer who is always in front of an audience, they have to get rid of their acnes as soon as they can.

And that is the point: it is all about the pain threshold of the prospect we are talking with. If the prospect does not feel the pain of the problem they are facing, what to them is safer and more secured is the status quo or the one they are already familiar with.

If they feel so much pain (physically or emotionally) over that same problem, the safer and more secured option is, of course, do something about it, i.e. buying the better product.

And that is the key if you are selling a new product or you are a new business entering the market: you have to position your business or product as the solution to a problem that is or will potentially harm the survival or thriving of the market or the prospect.

Not only that but we have to identify the pain they are feeling. We have to increase their pain threshold over that problem through telling them what is at stake or what will happen if the problem remains unresolved.

For a salesperson, that means reiterating to the prospect the specific problem they are facing (or at least the potential problem they could face) and what might happen if that problem remains unresolved.

For example, we are selling this new type of dog food to dog owners. Dog food, of course, is very important to dog owners. It can literally make or kill the dog. Dog owners prioritize safety and security of dog food above all. It is probably a market that is very hard to penetrate if you are new.

But lets say the dog food you are selling will make dogs stronger and more energetic. It is also FDA-approved and is proven safe for dog consumption. It has some caffeine-like ingredients in it that makes dog more energetic and happier.

Of course, not all owners will buy that. If you are a dog owner who is already happy with your dog, you probably won’t buy. But what if your dog is always lonely, sad, and isolated? Lets say your dog does not want to play with you. It would rather be in its cage than go outside and be playful. And then suddenly someone is selling a dog food that could potentially make your dog more energetic and happier.

Wouldn’t you at the least consider buying that product? You, the dog owner, feel a pain: your dog is not happy and not energetic. As an owner, you feel as if your dog does not love you or that you are not giving enough for your dog. Masakit yun. Then suddenly, a new product comes in and promises to make your dog happier and more energetic. It is like the cure to your pain.

And that is the point in selling a new product or market a new business amidst all the safer and more secured alternatives: if people feel a pain and they perceive our product as the solution to that pain, they will, at the least, consider buying our product.

If they remain with their status quo or what is familiar to them, they are in danger.

They are at risk of continuing to feel the pain or at the least make the pain worse. The safer and more secured option is in buying our product that could take away the pain.

The key here for salespeople is this: we have to let prospects know what problems our product is solving and how it can resolve that pain. At the same time, we have to reiterate what will happen to them if the problem remains unresolved. Reiterate the problem, amplify the pain.

The key here for salespeople is this: we have to let prospects know what problems our product is solving and how it can resolve that pain. At the same time, we have to reiterate what will happen to them if the problem remains unresolved. Reiterate the problem, amplify the pain.

The familiarity bias is a powerful bias in consumer behavior as it brings safety and security to people. But at the end of the day, if people face a problem and that problem is pain in the butt, the safer and more secured option is to get out of the status quo and do something new and potentially riskier.

And in that we have an opportunity: we have to frame our product as the solution to that specific problem and that it can help them resolve their pain.

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