FOOL'S EYE VIEW
Make Yourself Richer By Selling The Sizzle

By David Kuo (TMFDragon)
October 18, 2001

Carburton Street, London – At some stage in our lives, we will all be called upon to do a bit of selling. It might be selling the family car, or perhaps something a bit bigger like the house. It might even be something far more important like "selling" ourselves to a potential employer.

For some people, the thought of having to confront a prospective buyer can leave them quaking in their boots and might even cause them to break out in a cold sweat. But it needn't be like that. Selling can be fun -- just as long as you know the ground rules on which the selling game is played. And of course, the rewards for doing a good selling job can be quite lucrative.

So what exactly is selling?

The "selling concept" is a novel idea and assumes that buyers suffer from inertia. It also asserts that buyers need to be persuaded into a purchase -- otherwise they won't buy. In other words, the buyer will ordinarily be reluctant to enter into a purchase agreement and needs a push from the seller to "coax" them into consenting to buy. This idea differs from the "marketing approach" to selling, whereby the seller aims to identify the needs and wants of the buyer and then tailors the product to cater for those demands. If the demands are met, then the act of selling becomes almost superfluous because the product should simply sell itself.

But selling in practice lies somewhere between these two concepts. It is true that the product has to match the demands of the buyer, because otherwise, we're in the realms of the "hard sell". Those of us who have been at the receiving end of a "hard sell" will know just how unpleasant this can be. But it is also true that buyers do sometimes need a nudge in the right direction to get them to fork out the cash. This is where "selling the sizzle" can help.

Sell the Sizzle and Not the Steak

The secret to selling is to sell the benefits of your product and not the product itself. Let's take the example of selling your home. If you are selling your house, then you should first of all sit down and write down the things that make your home a better buy than any other house on the market. These are known as the "plusses" that will make your home more attractive in the eyes of a buyer. These plusses -- or "sizzles" -- are the attributes that are going entice the buyer into making a decision and, in turn, will make your job of closing the sale that much easier.

Estate agents can be great in the basics of marketing. Their "marketing mix" includes the Product, Price, Place and Promotion. But while estate agents can be good at handling these four marketing "P"s, they are often lacking is in the selling of fifth "P", namely the Plusses.

Tackling the Sale

Prepare your house well for the sale -- it's amazing what a lick of paint will do to help enhance the features of your home. Make sure the gardens are tidy, the flowerbeds are free of weeds and fix any broken windows. Then take a look around the inside of the house and give the rooms a good clean. There's nothing more off-putting than dripping taps and broken light switches. It might seem a bit of a cliché, but first appearances are important. And having done all the minor maintenance jobs, your home will be much more presentable and easier to sell.

When the buyer arrives, treat them not as the enemy but as a source of information. Remember, your initial job is to find out as much as possible about their needs and wants. Then ensure that you highlight the attributes (you should have them ready at your fingertips) that will satisfy those needs and wants. For example, if they have children, then point out just how close the playground is. If they enjoy gardening, then tell them about the wonderful garden centre just around the corner. It's really quite simple.

Closing the Sale

If you've managed your marketing correctly, the next bit, namely closing the deal, should be a piece of cake -- but only as long as you keep your wits about you. Move in with the "implied close" -- it tends to be less pushy. Ask the buyer if they would like to see the rooms in their new home again before making an offer. This should help to give them a gentle prod in the right direction.

Let's say your house is on the market for £100,000. The buyer may pitch the first offer at £98,000. Those who are familiar with the "split the difference" technique will know that the implied price here is £99,000. But you must never concede on price and instead let them move towards your asking price. Tell them you will throw in the carpets and curtains but the price has to stand at £100,000. They will edge closer again, perhaps to £99,500. This time toss in the garden shed and pre-empt the close by saying that the deal can be done there and then at £100,000 with the carpets, curtains and garden shed now included in the price. Voila!

The selling game is second nature for the well-practiced sales person, but for the rest of us, it might seem awkward at first. However, the secret for successful selling is to prepare well and as in any negotiation, try not to concede on price but trade instead.