What Strategies Work and Why

The Psychology of Selling One Product to Many People

Marketing is a constant battle of trying different techniques to see what will work best

It’s a common misconception that trying to sell a product or service to more people will result in increased profits. In fact, the opposite is true. In order to increase sales, it is imperative to target a narrow segment of people who are most likely interested in your products and services.

In the article below, we’ll explore why this strategy will produce better results by considering two aspects of your business: marketing and sales.

Marketing

When you market to more than one audience, you dilute your message, which means that fewer people will actually be exposed to what you’re selling.

That’s a simple fact of marketing.

Marketing isn’t just about designing an appealing ad that will grab people’s attention. It’s also about making sure your target market can see, hear, or read your ad.

The best way to do this is by targeting an audience as narrowly as possible.

For example, let’s say you’re selling car insurance.

If you were to decide to sell your product in a state where the majority of your market is spread out over the entire state, you would be wasting time and money on advertising that will have a limited impact.

Instead, it makes more sense to concentrate your efforts on just one small portion of the state.

By narrowing your marketing efforts to this region you’ll be able to narrow down what type of people are looking for car insurance and direct them towards your business.

Sales

When you decide to sell one product to more people, you weaken your position in the marketplace.

You do this by having to compete with two separate sets of customers instead of just one.

The result? It is much harder for you to get the attention of both groups and convince them that your product or service is good enough for them.

To counterbalance this effect, many salespeople will use what’s called a split-test.

In a split-test, the salesperson makes changes to his or her sales pitch, adds in the new features of a product, or changes pricing, and then tests these options with different groups of customers.

When the salesperson finds an option that results in higher profits, he or she will present that version to everyone.

The Most Common Mistake Salespeople Make

The problem with this strategy is that it can take a lot of time sometimes months to find what works best.

It’s not the best way to make more profit, and it can lead to some negative consequences.

If a salesperson uses it too often, he or she may find that customers are becoming irritated with the repeated changes he or she is making to their sales message.

In fact, there have even been cases of this technique backfiring on salespeople.

One famous example involves an insurance salesperson who was using a split-test strategy to promote his product.

He went around to different towns and villages, offering the same insurance policy at very different prices.

Customers were not happy when they discovered that they had been sold the same thing twice in different towns!

When you have a comprehensive understanding of both the psychology of selling and how to make more profit by selling to fewer people, you will discover that it’s possible to sell more products in your organization by targeting a smaller audience.

This will make sure that you’re leaving no stone unturned when it comes to marketing and sales.

More importantly, it will ensure that your business is more profitable for years to come.

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J.D Rehbein-Wrightstein founder of The Savytech articles is a writer who loves to help people discover their hidden potential as well as their true purpose in life. He inspires and educates people on living an awesome life with inspiring articles. Connect with him on Twitter for more!