Page 134 - 100 Great Business Ideas: From Leading Companies Around the World (100 Great Ideas)

Quick Ideas 105 to 106

106
Let Them Decide

There is no way to estimate a customer’s willingness to

spend money on repairs, improvements, products, or services

they really want. Never tell a customer how they should invest

their money. Let them make the decision. Don’t throw cold

water on a possible sale when you don’t know the value of the

item or transaction they are considering. Oftentimes sentimen-

tal value, emotions, and history play into a customer’s decision

to spend more than you might think makes sense.

When the owner of a

Assignment high-rise office building in
downtown Chicago at-
Value is in the eye of the tempted to sell the building,
beholder. Put the customer in it had fallen into disrepair and
the power position, give them was completely vacant.
their options, and then let When one prospect came in,
them make the decision. he began to belittle the value

of the building as he talked

about the leaky roof, the loose brick, and other major repairs.

There was no way for the existing owner to know how much

or how badly this prospect wanted to own the building. The

more the prospect talked the building down, the more the exist-

ing owner lowered the price. Finally they reached a deal, and

unexpectedly the new owner had the building imploded and

removed from the site. He knew the value of the land, which

was what he really wanted. The seller lost thousands of dollars

because he assumed the buyer wanted the building, not the

land.

133