From the course: The Persuasion Code, Part 1: The Neuroscience of Sales
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Gain = value - cost
From the course: The Persuasion Code, Part 1: The Neuroscience of Sales
Gain = value - cost
- People buy only if they believe that the value exceeds the cost. What causes the gain? The gain that your customer will experience, is equal to the sum of the financial, strategic and personal value of each of your claims minus the cost. It's important that we also keep in mind here that there are other forms of cost. Beyond the financial cost, there might be a strategic or personal cost. For example, the pain and time associated with switching vendors is a personal cost. So let's look at the example of Volvo. What does the gain equation of Volvo look like? The financial cost of a Volvo is about $50,000 depending on the model, but we have to factor in other costs here too. For instance, you may have to deal with your brother in law if he works for Ford, and that's a personal cost. Okay, now, what is the value? Will you be able to save money by driving a Volvo? No, not really. The value is in the peace of mind of…
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