People Lie With Words And Speak The Truth With Wallets

Ask your contacts if they would buy a product you’re thinking about creating. They will surely say yes. Your product doesn’t exist yet and they don’t have to pay you anything, so it is easy to say yes. Plus it is socially appropriate to say yes. It is socially appropriate to encourage your dream.

While all your contacts say yes to your hypothetical product when it is time to actually make the purchase they say no. Why?

It is painful for people to depart with money. When there is a transaction, the consumer needs to feel that the value they are deriving is great than departing with the money they are spending. It requires real consideration and thought. Not an obligatory yes because it is socially appropriate.

So next time you have an idea for a product and want to ask your contact what they think, ask them to put down a deposit. It will change the conversation from words to wallets. And wallets always speak the truth.

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