Episode 193 - Why People Buy: Understanding the 5 Buying Currencies

Visit http://JohnBlakeAudio.com to Learn How to DOUBLE Your
Enquiry-to-Sale Conversion with The Lead Flow You Already Have.


People don't just invest money when buying your product. They
invest time, identity, energy, and reputation too. Ignore this at
your peril. 


In episode 193, I explain why with an example. A Registered
Training Organisation sells £6,000 courses, with most fees
covered by government funding. Students pay little upfront, yet
50% drop out. Why? 


The sales pitch takes 2-3 minutes. People enroll on a whim, not
fully grasping the commitment. The RTO never engaged the other 4
"buying currencies" beyond the low cash price. 


When you make a purchase, you invest 5 currencies, not just
money: 


Time – Willingness to spend hours learning, integrating,
etc. 


Identity – How owning this alters your self-image. 


Energy – Motivation and effort in utilising the product. 


Reputation – How this shapes what others think about you. 


Money – The actual cash exchanged. 


For the RTO, students invest little money so the sales pitch
ignores the other currencies. However, completing the course
takes real time, energy, and motivation. Dropping out suggests
students lacked the willpower and habits needed to follow
through. 


The pitch should have asked questions about willingness to invest
10 hours weekly. It should have explored how having this
professional qualification will change students' identity and
reputation. 


When people visualise themselves investing in these currencies,
they feel accountability. An engaged client becomes a motivated
client. 


Whether selling marketing services, websites, or training,
applying this model creates loyal customers. They fulfill
requests quickly, complete courses, and value what you
provide. 


So don't assume money is the only buying currency. Listen to this
episode and dig deeper to really engage with your clients,
considering the time, identity, energy, and reputation that’s
been put into a purchase.


To DOUBLE your lead-to-sale CONVERSION with the leads you already
have, go to http://JohnBlakeAudio.com for his exclusive, free,
no-fluff, audio training and companion PDF guide.
Inside you’ll get word-for-word email follow-up templates, phone
scripts, and more that you can put to use today.