The Goal: Get Your Money
If you have been reading this blog for a while then you already know that whenever you conduct a transaction at a financial institution you will inevitably encounter a cross-sell attempt by the representative assisting you. Don’t be surprised if cashing a check turns into the bank teller trying to get you to apply for a credit card or open a savings account. It is standard practice with financial institutions to try to get you to obtain more services, and what better time than when you’re a captive audience awaiting a financial transaction?
Financial institutions aren’t the only ones who do this. In fact, almost any purchase nowadays will probably result in the salesperson trying to get you to spend more than you initially planned on spending. Salespeople know that if they can get you to make a last minute purchase decision there is a good chance you won’t scrutinize the cost of the impulse purchase. Think about how many times you have added an additional purchase while standing in line, whether it’s a candy bar or a magazine. If you’re standing in the candy aisle, comparing costs of the various types of candies then you’re sure to look at the prices and the quantities, but if you’re already in line and with your cart full of groceries and you glance at the candy rack by the checkout, you are much less likely to stop and think about the cost. Your impulse purchase is simply not scrutinized like other purchases, and this is why merchants try to grab you right before your purchase is complete and add something else on.
That’s why a salon asks you if you need any beauty products when you’re paying for your haircut and why air conditioning repair people talk to you about signing up for a service agreement after the repair has been made and you’re standing there with your checkbook in hand. It’s no coincidence that you always seem to encounter an offer for an additional purchase when you buy goods or services, and as long as you realize that you need to be prepared then you won’t fall for this trick.
It’s usually not a devious trick. It’s simply a way to get a little more money out of you since you’re already involved in a transaction. For the merchant, it’s much easier to get you to spend more money than it is to bring in an entirely new customer and compel that person to spend more money.
If you expect merchants to try to get more money out of you then you’re in a good position to either decline the additional purchase or to at least take the time to examine it and see if it’s right for you. Maybe you do indeed need some new shampoo after your haircut, or maybe the service agreement offered by the air conditioning company is a good idea, but don’t get suckered into buying something you don’t need just because you’re taken by surprise by the merchant’s request that you make a purchase beyond the one you already intend to make.
