Around the Sales World
Honesty and neutrality never fail to move Customer minds
In a 5 month research study quoted by Harvard Business Review Feb 2021, researchers conducted a field experiment where they interviewed over 3.8 lakh consumers who were considering the acquisition of a credit card from Commonwealth Bank of Australia.
The bank presented website visitors with one of 2 sales pitches:
- Pitch 1: Highlighted only the benefits of the card
- Pitch 2: Also flagged off potential drawbacks. Like, the higher than market annual fees and additional charges on international transactions.
The usage data of the two groups surprised the researchers! Consumers to whom the downsides of the card had been highlighted, spent a good 10 percent more than the other group. Even more surprising, their cancellation rate was found to be 21 percent lower and they were 11 percent less likely to make late payments
Conclusion? If you want to influence someone, you must be neutral. Advantage is, you can take his side. We must always keep the Customer’s well being in mind even if it involves temporary loss of business for us. Honesty, transparency and neutrality never fail to move Customer’s minds
“The people who are crazy enough to think they can change the world are the ones who do”
– Steve Jobs –
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The India Journal of Mercuri International - SEP 2022
