Selling to a prodigal

Selling to a prodigal – does this sound lunatic? If yes, read on – perhaps I can add a few points to your thoughts to ponder. I'm into sales spanning more than the last 18 years, what I can vouch is any amount of sale takes your guts out.

Who’s a prodigal?

There’s an adage that says ‘a miser robs himself and a prodigal robs his heirs’. A prodigal literally connotes the one who spends lavishly and recklessly. Modern day prodigal however is a different breed of customers altogether that earn high and spend high because of change in life style and high pressure jobs that demand most part of their life. I will therefore confine discussion to this prodigal class only; i.e., people who spend profusely their hard earned money. How? Through pubs, restaurants, high end gadgets, cars and night clubs and what not.

Myths about sales:

There are several popular beliefs about sales and at a glance it all appears very easy to achieve. But, unless you venture to run you won’t get to know what it takes to win the race for sure that aptly fits into business as well.

Popular selling myths are -

• Myth 1: Just select a good spot of your choice and sit down with your items. People will automatically pick them up in exchange for money.
• Myth 2: Sale is not happening, perhaps you need a bit push sale. Just give away discount making a bit inroad into your income. No matter, you will come up soon since people will be thronging around your shop.
• Myth 3: Still no progress, you better should stock costly items as you have opened up your shop in the posh locality; thereby you will be destined to the dooms day finally and for sure.

I can keep on adding the myths; but my friend it will not help you. Why? Because, fads don’t pay – you have to be grounded enough to understand market dynamics and how a market operates based on consumer movements. Please understand that there’s no perfect selling proposition – one that clicks for you should be treated as the best selling strategy for you. Look at the neighborhood stores prevalent in Asian countries that thrive on year after year, may be generation after generation, catering to a niche market only. How? All that I can say on a generalist’s view is that they all thrive on one factor – that’s CONVENIENCE.

Selling to a prodigal is easy:

By this time you must have understood that prodigals belong to the higher echelons of our society with strong purchasing powers and need not say that they don’t like to be at par with the common man in whatever they eat, wear, ride or reside. Based on your business you have to be an expert in addressing one or more such traits of prodigals if you wish to have a pie of that premium market.

Selling to a prodigal therefore in real terms is not easy. It’s as typical as handling middleclass / poor consumers with a difference and the differentiation lies in your approach as befitting products’ image and vanity with the prodigals are much more important than that of their actual needs.

I cordially hope that I could make a point or two for you to ponder. Have a happy selling!!!