Why Do People Spend Money? 4 Small Business Cheat Codes Revealed

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Why do people spend money?

If you can answer that question, you are well on your way to experiencing total financial freedom. Your business will thrive, and the amount of vacations you take a year will double.

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While I have yet to answer that question for myself, I have deciphered a few cheat codes.

4 tactics that will shift your business into overdrive!

 1) Sell the solution

We spend money to keep the house warm, we buy gadgets to simplify processes and we purchase over the counter drugs to ease a chest cold. All of these expenses solve a problem. We are willing to dump huge amounts of cash if the result is the cure for what ails us. If you’re not in the business of solving problems, you may want to rethink your offering.

 2) Ditch the sales pitch and start educating

The title “Salesman” instantly draws an image of slicked back hair, and an overpowering scent of discount cologne. Based on that perception, it’s always a bad idea to start off a conversation in sales mode. We only buy something after we feel that our purchase decision is justified. You can easily break down any barriers by educating a customer about your business. Don’t only discuss what it is you sell, but vocalize your history, and why you decided to launch a business in the first place. A little insight goes a long way!

 3) Go out of your way to say “Thank You”

You are indebted to your customers. They are the life blood of your business. Nothing will tank a business faster, than ignoring the most important asset you have. We focus so intensely on our personal efforts, that we often forget to say Thank You. Some companies go as far as to equate their success with the fact that they built the business. That their genius is what catapulted that annual revenue increase. Not one single business since the dawn of time was ever made successful by the people that worked in it. Without the existence of individuals that choose to spend money on your product, or enlist your service, you have no business. Go out of your way to show them your gratitude, and they will reciprocate the favor by ensuring you continued growth.

4) Learn to work with your “competitors”

Competition is always good for business! It fosters innovation, and always keeps the customers guessing. Without it, your business would grow stagnant, and form a thick layer of green sludge that would prevent new ideas from reaching the surface. Like it or not, your competitors probably have strengths that you’re envious of. At the same time, you’re able to do things better than they can. So why not combine forces? If you work together rather than turning into Plankton from SpongeBob SquarePants (Google it!), and trying to demolish each other, you will both reap the benefits!

The time has come for you to make some changes in the way you do business. You can either choose to embrace them, and learn how to grow, or you can ignore them. If you go with the second option, you might want to start playing the lottery a little more often!

~Andy

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Sometimes the smallest changes make the biggest difference!

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