The Ultimate Sales Hack (Demonstrate Your Product)
Summary
- I'm discussing the importance of product demonstration to increase sales, using a child's toy as an example.
- This toy saw a massive spike in sales from $70 million to $350 million in just one year, and it's because the company figured out how to effectively showcase their product before the purchase was made.
- I’ve learned that allowing customers to experience your product beforehand can drastically boost your sales figures, as it builds trust and interest.
- An example of product demonstration is the evolution of clothing retail; business owners decided to let customers try on clothes despite the risks of theft and the need for additional space for changing rooms.
- This strategy of try-before-you-buy has become a standard practice because it significantly improves the likelihood of making more sales.
Video
How To Take Action
I would suggest starting with the magic of product demonstrations to boost sales. Here's a simple plan to make it work:
- Figure out how you can let customers try your product before they buy it. Think about how children get so excited when they see a toy in action. You want to recreate that excitement.
- If you sell something you can't show directly, use videos or pictures. Show how your product works and why it's awesome.
- For physical stores, consider a small space where customers can experience your products like the changing rooms in clothes shops. Yes, this might cost a bit, but the jump in sales will be worth it.
- To reduce the risk when customers try your product, have some security measures in place or request their contact details first.
Remember, the goal is to build trust and interest. When people can see, touch, or feel what you're selling, they're more likely to buy it. So, find a creative way to show off your products and watch your sales rise.
Quotes by Alex Hormozi
"a big thing that we can do to get more people to want to buy is think how can we demonstrate the product in advance"
– Alex Hormozi
"people used to buy clothes without trying them on"
– Alex Hormozi
"one very enterprising business owner was like I will let people try them on the store"
– Alex Hormozi
"even though I now have to build changing rooms and I have to risk theft"
– Alex Hormozi
"they were able to make more sales and now it's commonplace"
– Alex Hormozi
Full Transcript
so why am I here with a child's toy well this child's toy when it was introduced went from 70 million in sales to 350 million in sales in a year it's over 2 billion dollars of equity value from a company because of one thing that they were able to do and what was that thing a big thing that we can do to get more people to want to buy is think how can we demonstrate the product in advance and so for example a long time ago people used to buy clothes without trying them on and then one very enterprising business owner was like I will let people try them on the store even though I now have to build changing rooms and I have to risk theft but even despite all those things they were able to make more sales and now it's commonplace
