The free market is a large auction where buyers compete with other buyers and sellers compete with other sellers. Few have such a unique product or service that only they can produce.  Even in those instances, we need to be careful that a high price doesn’t push buyers elsewhere.

For example, I’m doing a research project and wanted to buy several books. One book was $75 new, but I found a used copy in “acceptable condition.” I really didn’t care whether the book was dog-eared or marked up; $12 was better than $75. Another book listed for $25, but I was able to purchase a used one for $5.  Without the information Amazon provided, I wouldn’t have been able to make those decisions.

A staff member, who reported to me, had messed up; and I was explaining the situation to my boss.  To lessen my responsibility, I said something like, “I didn’t know.” The immediate response from my superior was, “If you didn’t know, you should have known.” In retrospect this rebuke was spot on. In fact, I’ve stolen this response several times when I dealt with colleagues.

There is great power in a rhetorical question. Bernie Cornfield proved it.  He pioneered the selling of mutual funds in the 1950s. He started with the question, “Do you sincerely want to be rich?” The short answer for most people was, “Yes.” He used this rhetorical question to power his organization that employed 25,000 salespeople at the height of his success.

Rhetorical questions can also be very powerful in closing sales.

Often customers buy products on a pre-decided schedule. For example, I had the responsibility for corporate purchasing years ago where an office machine might have a three-year lease. The company holding the lease would typically come in three or four months before the expiration time to renew or sell me a new or upgraded machine, likely at a more expensive price. Other salesmen might also try to interest me in a new machine, but at the wrong time. I turned them away because I wasn’t currently in the market for another copy machine. Not one ever asked me what the renewal date was so they could schedule a call before I signed with somebody else.

I am amazed at how few real estate agents stay in touch with customers and prospects after a sale. The average homeowner moves every 5 to 7 years.  Each instance will require a real estate agent to sell a home and possibly assist with the acquisition of a new place.  Real estate sales are very competitive, and the commissions are rather substantial so investing time to keep in touch with former customers is smart.  By asking how the family is doing, if the family is growing or whether kids are leaving home; the wise agent can be first in line for an additional commission.

Amazon does a good job of sending reminders suggesting buying a product again.  While I tend to find these annoying, I believe they are effective in selling product.

 Sometimes, as business leaders, we don’t like a lot of feedback, especially when it is contrary to our decision. David, the king of Israel, didn’t want to listen to negative feedback from Joab about a census. Here’s how it went.

So the king said to Joab and the commanders of the army, “Take a census of all the tribes of Israel—from Dan in the north to Beersheba in the south—so I may know how many people there are.” But Joab replied to the king, ”May the Lord your God let you live to see a hundred times as many people as there are now! But why, my lord the king, do you want to do this?” But the king insisted that they take the census, so Joab and the commanders of the army went out to count the people of Israel. (2 Samuel 24:2-4, NLT)

Later David regretted his decision.