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The Buyer’s Identity

When we take action in our lives, it changes us in some small way. We go from who we were before we took the action, to a new version of ourselves, no matter how small or insignificant the change.

The same is true when we make a purchase. Think back when you bought your last car. Just thinking about which car and brand you bought likely said something about you. Maybe it’s that you’re practical, or a risk-taker, or have a lot of money. Whatever it is, you not only made a statement about who you are, but also about brand loyalty.

After we buy something, we tend to value it more than before we bought it. Part of this is to avoid buyer’s remorse. That is, no one wants to admit they made a bad choice.

But I’d argue that there’s something else going on, too: when we buy something, we become part of a club. That’s why I’m so adamant about selling a worldview. When faced with options, I’d rather buy from people like me, or like the person I aspire to be. I want my values reflected in my purchases.

As a service provider, you have a chance to assert your own views. Most consultants are scared to do it because it might scare off some people who don’t agree. And that’s the point. While your worldview will repel those who disagree, it’ll work like an electromagnet to those who agree.

Once someone becomes a buyer from you, they’ve changed their identity. They’re now someone who buys from you to solve problems X, Y, and Z. The likelihood that they’ll buy again is very high.

You’ve probably heard that it’s 5-25x more expensive to acquire a new customer than to retain an existing one. It’s true in every business: your best bet for more profit is to sell more to people who have already bought. Part of this is identity, part of it is trust.

Once someone becomes a client, treat them right and they’ll be a client for life.