Sales are tricky business. All salesmen/women have to be on their toes all the time and win big business for the company. They have to prepare decks, attend meetings, fish for more and more ‘leads’, and somehow try to close in on the insane targets they are handed over every quarter.
And, we know how crushing it is to face dejection when you can’t convert calls. That is why, sales people are nothing short of Superheroes! But what if we told you that the age old liberal humanities subject – psychology could come to your rescue? After all, isn’t sales all about convincing people about your product? Here’s a lowdown on four lessons that can help you close all your deals.
1. Don’t Give The Customer/Client Too Many Options
Psychology Terminology: Analysis Paralysis
Psychology has proven that if you give people too many options, they get confused and enter a mode of Analysis Paralysis. But, what if you actually have a confounding number of products to sell? It is advised then, that you group your saleable items into Groups/Plans – a process known as “chunking”. First ask the customer to pick the category that is best suited to him, and then choose a plan from the relevant category.
Lesson: Too many options spoil the call! So, make 5 categories or less, and compartmentalize your products into those categories.
2. Losses Affect People More Than Gains
Psychology Terminology: Loss Aversion
It has been observed over time that Indians will fight harder to save a rupee than earn it. Although it’s essentially the same thing, earning is actually a step forward; as a nation, we are quite emotional about losses. So, it’s best to highlight what the customer stands to lose by not signing up, as opposed to what he can win if he does.
Lesson: Hit Them Where It Hits Harder: Tell them how they stand to incur a loss if they don’t buy your service.
3. Haters Gonna Hate, Don’t Bother About Them
You may be selling the best product in your category, but there will still be people who won’t shy away from canning your product. Even Apple has a fair share of haters. While generating leads and pitching to clients, you might come across people who criticize your product! Instead of wasting time trying to change people’s minds, focus on your core client base – the loyal ones and those actually love your products.
Lesson: Don’t Beat Around The Wrong Bush. Focus more on the customers and parties who like your product and believe in your brand.
4. If you Give People Results/Solutions, They Pay For Your Products
Psychology Terminology: Benefit-Cost Analysis
In the fast and convoluted world we live in, we like products that make our lives easier. Focus on how your product can deliver results – that way the customers can get persuaded better.