Understand Your Buyer > How To Convert > Payback time
What is it?
Payback time refers to how long it would take for your buyer to recoup what they have spent on your offering (if applicable).
Why does it work?
It works because many buyers are skeptical about the value they will receive and need to see what they are spending in a different light. A form of reframing, when you identify that within x months/weeks/years your buyer will have recouped what they have spent, it makes the buying decision that much easier to both understand and to make.
How can you use it?
Depending on your offering, consider how long it takes for your buyer to recoup what they spend with you and then make this part of your sales presentation. It could be that you help people to make more money which can then be divided into the cost of your offering, or it could be that you save your buyer money which, in turn means that at some point they will be at “break even”.
To make this even more impactful, you can use real dates and times rather than abstract concepts. So, rather than “three weeks from today”, you could identify Monday, 1st January (or whatever the specific date happens to be) to make it easier for your buyer to understand.
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