How To Sell Using Fear !!!

Having worked in an insurance industry for more than 8 years, I realized that the only thing which this large community was selling successfully over the years is, nothing else but FEAR !!! 

The more one could empathies with the client and install fear of an unfortunate happening, the more were the changes of him getting the sale. The most famous dialog which we used to say to convince our clients was “ If god forbid, some thing happens to you , how will your family be taken care of ?”.

At the end of the sales call, the insurance advisor used to walk away with a hefty Insurance Premium check. 

In fact what he had sold was not even known to him, which was: - A drop of Ink, piece of paper and a promise to pay.  (In return of that big Insurance premium check, he was giving back a Policy pack)

In fact, with the beginning of the year 2020 and pandemic hitting mankind, I see this phenomenon of fear being used to sell products in multiple industries.  Fear is everywhere when it comes to business these days. Organizations are using it an highly effective sales strategy. Not only pharmaceutical and sanitization companies are using this but also, other organizations involved in security solutions. 

Why? Fear is a universal condition, one that leaves most of us searching for ways to get back to our comfort zones. Marketers and advertisers have capitalized well on this concept in business--everything from cyber security systems to all-in-one marketing platforms that promise us ways to get back in our safety zone.

Sales leaders are using the doomsday scenarios to all their prospective clients. It's important to understand that there are correct and incorrect ways to apply fear, and knowing that distinction will help you motivate and inspire rather than scare and paralyze. 

One should be very careful in using this fear sales strategy, as it could back fire big time, or may even scare the client to the core, leading to pessimism in his outlook and shutting all possibility of sale. 

To master this, one needs to do the following and keep in mind:-

a)        Understand the pain point of the client: - 

Offering a bunch of random, scary business scenarios isn't motivating. One needs to answer the four cardinal questions: - 

i)         What do the customers need right now?

ii)        What are the market forces at work in the industry? 

iii)       How do the seller pitch against competitors? 

iv)       Are there internal issues at the company? 

b)        Apply Restrain: -

The seller should master the art of restrain, when the person is negative and in fear. Here if the seller pushes hard, the client will be easily closed, leading to the entire sales process going for a toss. 

At times one may want to leave the customer to himself for a while and push for the closure once the client has become comfortable. With this strategy, he also buys the trust of the customer 

Even at times the seller needs to use the right words to create a calm and trusting environment. Post this only he may lead the prospect into a closure. 

c)        Be sensitive: - 

One should try and present the scenario in a polite and sensitive manner to build the urgency, like saying, “ These days every one around is trying to steal the customer data, so it would be wise to try and secure our perimeter, and ensure nothing such happens to us.” This line provided the urgency along with presenting a sensitive outlook to the prospect, the danger is presented as a realistic possibility, rather than an inevitable fact.

d)        Always end the meeting on a positive and exciting note: - 

Even when the seller is hinting on the fear or insecurity, one should use the power of positivity in sales. One of the biggest advantage of using this technique is that you put the point across, leading to the inevitable sale, rather than pushing the client into a corner and make him uncomfortable.

Hope the above would help upcoming sales professionals master the Art of Fear Selling.