Here are the answers to the Pop Quiz:
1. “If you put off this small $150 investment now, you could end up spending $1,500 to replace your entire air conditioning system in a few months…”
Opportunity Cost, since the cost of not acting now could be having to replace the system in the near future. Also, Relativity, since you’re showing the $150 is a bargain compared with the $1,500 option.
2. “For just 60 cents a day—the cost of a cup of coffee—you can sponsor a child…”
Relativity. This commercial ran for years on TV. Sure, they could have said it’s just $18 a month, but it wouldn’t have been anywhere near as successful as relating the sponsorship cost to something they buy every day like a simple cup of coffee. (Obviously, not from Starbucks)
3. “Your investment in this seminar may be tax-deductible, please consult your accountant…”
Pain of Paying, by reminding you that you may get some of the cost back at tax-time. And Mental Accounting, because it’s trying to get you to think of it as a tax-deduction instead of an expense.
4. “You could spend 40 hours wrestling with writing your own sales page, or you can hire me…”
Opportunity Cost is implied–by spending 40 hours writing your copy, you’re not spending those 40 hours meeting with clients or doing other important tasks you’re more suited to doing. You could also argue Fairness, by stressing the effort that’s involved in the task–which may be more than what the prospect realized.
5. “For today only, you can put it on the QVC EZ Pay plan for just 3 payments of $19.95…”
Pain of Paying. Payment plans are a great way to ease the pain of paying for customers. Opportunity Cost, since those who wait will miss out on the payment plan (which adds an authentic sense of urgency to the offer).
6. “You can also use PayPal for payment by clicking here…”
Pain of Paying and Mental Accounting. People often see the money in their PayPal account as “play money”–separate from their bank account where they pay their bills, which also eases the pain of paying.
7. “Choose from the following subscription options: the Internet only version for $29, the print version for $99, or the Internet and print version for $99”
Relativity. Here the relativity is among their buying choices–why would you get just the Internet version when you can get Internet and print versions for just a little more?
8.“I’ll get your lock open in just 15 minutes—without scratching up your door–or my visit is free”
Fairness. This combats the fairness obstacle for the pro locksmith by repositioning the potential negatives (having the procedure look too fast and easy) into positives.
How’d you do?
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Tracy, very interesting and helpful. Thank you. And I am sending you white light for good health outcomes.