ROI – Return on Influence
It’s Greater than You Realize
Your businesses is always concerned with ROI – return on investment. When you company spends money, it expects to make more in return otherwise it might as well just invest in the stock market. When it comes to persuasion there’s an ROI – return on influence – and it’s greater than you realize.
Strategically implementing the science influence into your sales, marketing and leadership is easy and quite often costless. But, the key is knowing what to do and when to do it. I’ll share a few examples of the impact influence can have – ROI – in sales, marketing and leadership.
Sales: Reciprocity and Liking
In one study three times more people said yes to the same request. The difference was that request came after an initial, bigger ask was rejected. That’s an application of reciprocity. When you’re selling do you censure yourself, lowering your expectations, because you think the other person would never go for your “platinum” product? If so you’re making a big mistake.
You probably know people like to buy from those they know, like and trust. A study of Tupperware sales showed twice as often the reason for purchase was the social bond (principle of liking) when compared to product preference and need. Are you building and leveraging relationships to improve your sales?
Marketing: Scarcity and Authority
Bose speaker sales jumped by 45% when the marketing team incorporate scarcity, changing “New” to “Hear What You’ve Been Missing.” Do you alert potential customers about what they’re miss out on when they don’t do business with you?
If that wasn’t enough, sales increased another 65% when Bose incorporated authority. This was accomplished when they addde testimonials from reputable organizations to their marketing piece. Are you tapping into authority and scarcity in your marketing?
Leadership: Consistency, Pre-suasion and Because
If you’re a leader do you ask instead of telling people what to do? Incorporating the principle of consistency in this way can make a big difference in the number of people who say yes and follow through. A restaurant saw their no-show rate drop from 30% to 10% when taking reservations simply by changing a statement into a question.
As a leader, when rolling out a new initiative do you “set the stage” by tapping into the power of pre-suasion? In one study more than twice as many people were willing to give their email address to a marketer when a pre-suasive question was asked right off the bat.
When you make an ask, do you use the word because? You should because in one study 50% more people complied with the same request when it was tagged with because and a reason was given.
Here’s the good news – you don’t need to blow up your sales process, rework your entire marketing campaign or implement a whole new leadership model to get the ROI you want. Learning how to ethically influence others based on decades of scientific research is the first step. After that it’s a matter of incorporating your new knowledge into what you’re already doing. It’s virtually costless and as you saw in the examples shared, your return on influence – ROI – will be greater than you realize.
Brian Ahearn, CMCT®, is the Chief Influence Officer at Influence PEOPLE, LLC. His Lynda.com/LinkedIn Learning course, Persuasive Selling, has been viewed by more than 50,000 people! Persuasive Coaching went live earlier this year and Creating a Coaching Culture will be online in the second quarter. Have you watched these courses yet? If not, click a course name to see what you’ve been missing.