Episode 53 Transcript

Welcome to episode 53 of the Business in
Morocco podcast last week we talked
about the first four reasons why someone
might not buy your product or service
and today in part 2 we're going to talk
about reasons 5 - 10 hope you enjoy
all right reason number five the
problem is not that serious for them or
they have solved it in a way that they
think is satisfactory for example I've
encountered customers who know that they
need an online presence that they need
marketing help but they're brother is
doing it or their uncle or their cousin
or their nephew built them the Facebook
page help them do a little bit of Google
and got them to the point where they
have something it's not great it's not
optimized but it's good enough for them
so they don't feel that having a good
brand online is that important or it's
that serious they knew they needed to do
it and they did it but they had a
relative or a friend do it for free so
there's they're happy with their part way
solution and that may be another reason
they don't want to buy from you is
because they they went halfway and
they're satisfied with what they've done
yeah yeah this connects with the 80/20
principle that a lot of times 80% of
your results do come from 20% of the
work and so you get your cousin to do a
little bit of online work for you and
you're getting a lot of benefits just
from a tiny little bit of effort is
there more yeah sure but maybe it's
going to be too much investment to
really too little benefit so it's another
lesson for our listeners is that
competition is not always another
company that's doing the same thing as
you and your competition
could be the work that your customer has
done on their own or the solution
they've created by themselves whether
that's through a notepad or through an
Excel spreadsheet or just YouTube for
example you Ryan your competition is not
just other people teaching habits
and other personal development consultants
it's all the content that's online right
exactly
even my own content that's right you
know I've got hours and hours and hours
of content that's just free and
available online and if you took the
time a lot of the ideas that I'm going
to share in the workshop you can find
there but a lot of the value comes from
having it packaged and organized and
people devoting the time I've had people
say I had somebody who I wanted to work
out some sort of an exchange where I
offered him a free seat at the workshop
and he offered some services to me in
his business and he said no no I want to
pay for it because I know if I pay all
value it more I'll take it more
seriously and that's really true
sometimes we do that with YouTube videos
we're not seeing it as valuable because
it's free and so we're not really
gaining everything we could from them
yeah I think for both of us you're
giving value for free but we know that
our target audience is someone who wants
to have a personal interaction or they
want a personal relationship that's
going to give them direct answers to
their direct questions yeah and
especially for me my clients they don't
want to do the work that I do yeah they
know that they need it they don't have
the time or the expertise and they don't
want to spend their time on Facebook on
websites on Google yeah and so that's
our target audience in a lot of ways the
majority the people that's consuming our
content it's not our target audience
we're hoping that portion of the people
that are consuming our content are
looking for a solution and they're
looking for an authority in that domain
and as a result of our content they're
going to choose us as opposed to just
watching all of our content
yeah to gain the insights or the value
that we offer yeah
reason number six that someone might not
buy is that the switching costs are just
too high meaning they have a solution in
place and changing to ear to loop and
changing to your solution is just too
painful there's a learning curve this
happens a lot with software if I have a
company and I have a software for
customer relationship it would be a big
deal to rip that software out of the
company and put a new software in yeah
another example could be a point-of-sale
system in a restaurant to change from
one to another could be very painful
yeah yeah all the staff are familiar
with how it works you've you know solved
all the bugs and you know how how to fix
it when it goes down and to learn a
whole brand new system even if you know
in the long run it's gonna be beneficial
the hurdle of learning it might just be
too much even something like switching
your bank you think about not just
the relationships you have so when you
go in there you're familiar people you
know I had a guy I got to the bank three
or four minutes after they closed and he
let me come in and process my
transaction because I'm a regular
customer we've built up some rapport you
know we're always making jokes I'm
practicing my Darija on him and he likes
me yeah that wouldn't have happened if I
started brand new at it at a new bank
right but then even just think about I
know where all the branches are all the
ATMs that I can pull money out of I've
they're familiar to me now but if you
start with a brand new bank I'd have to
figure out a where everything is and
that's that's a hassle that's a great
example but it's also important for our
customers it's important for our
listeners to understand when you're
developing
a business a product or service you need
to understand what are the switching
costs for your potential clients to
change what they're doing and come over
to you and you need to select your
product or service carefully knowing
that what you do is ten times better
than what's out there and that the
problem is really painful so that you
can overcome the objections and overcome
the pain of the switching costs so that
you can have a successful business that
that can be stable and profitable over
time yeah you think about some of our
listeners will be familiar with audible
which is the listening to ebooks through
Amazon they are often doing everything
they can to win customers offering two
free ebooks right off the bat anyone who
signs up you know anybody who has all
you need is an international credit card
to get an Amazon account and you can get
two free books any one that you want
just to begin because they're trying to
overcome that hurdle of the new
application and drawing new customers
but then even after you leave audible
they're always wanting to try to win you
back and offering you free ebooks to
sign up because then it becomes a
recurring payment every month and you
forget about it or you develop the habit
of listening to audiobooks and you
become a regular customer so they're
trying to minimize those switching costs
by giving you an incentive to overcome
it reason number seven that someone
might not buy your product or service is
that they simply want to benefit
personally from the relationship we know
I've heard many stories of it happen in
Morocco people who are in charge of
budgets they are in charge of making
purchasing decisions for companies they
will demand to be paid off on the side
in order to award you a contract or buy
your product or service and sometimes
there's just no way around this it's
just a fact of life yeah this can be
worse in some industries than others and
it's definitely worse in some countries
than others it's there's laws that have
reduced it a lot at some of the Western
countries but it still exists there's
still subtle ways of you know tickets to
sports events or events or take your
wife to dinner at this restaurant on me
these things still happen all the time
but in Morocco and can be even more
explicit and I experienced it when I was
working in the security barriers
industry one of the guys that was acting
as a bit of a middleman for me as a bit
of a representative told me you need to
raise your prices because I need some
more room to work with meaning your
company's still gonna end up with the
same money at the end of the day but I'm
gonna get this the contract sign for a
lot more because pieces of it are going
to be torn off as it goes through the
hierarchy of the organization and that
was pretty dramatic that was something I
I was surprised to see but it exists and
it it will continue for a while longer
before all of that gets gets eradicated
or minimized so that's definitely a
reason why someone might not purchase it
because they don't feel like you're
offering them what the competition is
even though it's a higher price yeah
we're definitely not just talking about
Morocco here I have friends in San
Francisco in California United States
and they have told me that they want to
do construction projects and they go to
the City Planning Office to get the
permit and it's very clear
oh that that permit you need is still
still going through the process but if I
were to have Giants tickets like
baseball tickets well then I think it
might get pushed to the top of the list
so the corruption and the bribery for
these things is not just in Morocco it's
all around the world
and when government is bigger and there
are more regulations and more taxes
corruption tends to be a bigger deal
yeah it tends to be more prevalent yeah
so yeah happens here it happens
everywhere reason number 8 the potential
customer has tried products or service
like yours in the past but they had a
bad experience maybe they went to a
habits presentation or a training and it
was bad or maybe someone came and sold
them marketing services on Facebook or
website creation and they paid a bunch
of money and they didn't get anything
yeah I've actually met clients like that
who had really bad experiences they paid
out a bunch of money and they got
nothing in return yeah and if that's
true and you enter an industry that has
a lot of charlatans a lot of people who
say they can do a lot of things but
don't produce any results your business
might be impacted by the negative
experiences that your potential clients
have had in the past that's right yeah I
mean both of us are working in
industries that are largely unregulated
and so we know the value that we're
offering and we also know the character
that we have and that we're going to
deliver what we promise if not more but
some of our colleagues in the industry
may not hold to the same standards and
unfortunately their actions affect our
reputations in some ways which goes back
to some of the other ones we've already
established like you need to build trust
you need to become an authority you need
to have testimonials you need to build
up your reputation so that someone can
find that you are different than your
yeah that goes right into number eight
which is so number eight is clearly tied
to number one this issue of trust the
issue of clearly distinguishing your
product or service through brand through
content through referrals that's why all
of my clients I recommend that they give
video testimonials we're about to start
a English class here out of my office
yeah and one of the things I'm trying to
do is get former students of the teacher
name's Andrew get former students to do
testimonials on video saying I know
Andrew I've taken his class this is what
it was like he was very kind and patient
and very professional and I've made a
lot of progress in my English since
taking his classes fifteen thirty second
video but that can be very powerful when
it comes to influencing the decision of
other potential clients yeah
I've asked Andrew to get customer
testimonials in Arabic and in French so
that people can see oh that person's
liked me quite frankly some of the
English learning options here in
Casablanca they're not always that great
maybe the classroom is filled with 25
people maybe the professor is not a
native speaker or maybe they haven't
been trained in how to teach a language
which is very important right so
you've got to distinguish yourself from
your competition through testimonials
and offering content online yeah or else
you might run into the reason number
nine that people don't make a buying
decision which is you're just too
expensive if you can't clearly
distinguish your product or service from
the competition
then price is going to be the only way
to distinguish you your product or
service and if there's a lot of
competition offering the same thing then
you may just be too expensive
yeah once you can't tell your product
from another product then there's really
no reason to differentiate other than
I'll just take the cheapest one if
they're both offering the same thing
then why not keep as much of my money as
I can it's effectively been commoditized
and I feel like this with with running
shoes you know I like to run so I'm
buying a new pair of shoes
pretty much every year and when I go
into the store
I mean I'm not passionate enough about
it to do a lot of research and to find
out what are all the distinguishing
features they're all running shoes and I
look at this huge wall full of options
and I basically am just looking at two
things one is price and another one is
brand because of the trust and because
of the positive experiences I've had
with certain companies I lean towards
brands that I'm familiar with and feel
comfortable with and an often purchase
Nikes so cheap Nikes I look at at
Nike that I think looks good and just
look for a cheap price I don't want to
spend a lot of time in the shop it fits
feels comfortable and I'm gone yeah so 9
and 10 are really related 9 being your
products too expensive 10 being the
customer just can't tell the difference
between your product and the competition
and if they can't tell the difference
then they may just not make a decision
at all
one of the things we worry about as
consumers is making bad decisions if
we're thinking about buying a car or a
pair of shoes or hiring a consultant and
we're not sure that we're making a good
decision we may just not make that
decision the status quo is often the
greatest competition to a buying
decision and that's good because people
don't have a lot of disposable money and
they know that they need to treat that
disposable money wisely and if they're
not absolutely sure that you're the best
decision and they may just wait yeah or
they may seek out the competition that's
why we like you said Ryan brand and
content online and testimonies are so
important for influencing people to make
buying decisions yeah yeah that's good
all right just to wrap it up and remind
our audience of the 10 reasons why
people won't buy one there's a lack of
trust between you and the buyer number
to the potential buyer doesn't have the
authority to make the buying decision
number three the buyer doesn't
understand what your product or service
is or they'd understand the purpose
number four they either don't have the
problem that you solve or they just
don't care that much about it number
five they know they have the problem but
it's not just they know they have the
problem but it's not serious or they
have solved it in another way number six
they understand they have the problem
they know it's serious but the switching
costs are just too high it would take
too much time money or effort to change
from their current solution to your
solution number seven they want to bribe
that's a pretty straightforward one
number eight they've tried products or
services like yours in the past but they
had a bad experience
number nine your product or service is
too expensive and number ten
they just can't tell their
between you and everyone else so they're
just not going to make a decision
I hope this content has been helpful and
yeah I think that's all we got for today
can I just give a shout out to Elias one
of our listeners he told me that he
discovered the podcast a couple weeks
ago and he has binge listened to every
episode he started at number one and
went all through the first 50 he was
waiting on episode 51 and he listens on
Spotify so Thank You Elias and to our
other listeners help others discover
this podcast if you're enjoying the
content you're benefiting from it please
share it on social media with some of
your network you can you know what's
that but to specific friends that you
know are into business living in
Morocco and speak English or you can
just put a general post on on any social
platform it would really help us expand
our audience so thank you yeah all right
so we got for today we'll see you next
time have a lovely day doing business in
Morocco

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