Many people struggle to scale their businesses because they're using outdated sales strategies. These days, marketing tactics are changing, and many would say they are actually improving. However, it's important to stay ahead of the game when you're selling your products and services in this day and age! Here's an insight into how you can increase your revenue using sales psychology.
7 Tips to Increase Confidence Using Sales Psychology
Sometimes, we are the ones who get in our own way. If you feel uncertain about a certain aspect of your services, you may come across as hesitant, insecure, or simply not that knowledgeable about what you're trying to sell, even if that's not the case.
Fortunately, there are many ways to remedy this situation. You'll want to give yourself a pep talk before you pitch to any potential buyers. And you'll need to take a good hard look at every detail of how you represent yourself.
Here's how you can use sales psychology when you're pitching to a potential client:
1. Make Sure You are Sitting Up Straight
Posture is everything. If your chest is puffed out and your shoulders are back, this will send a powerful message to your potential clients. It's equally important not to cross your arms when you're speaking with someone who is looking to do business with you. Understanding the intricacies of sales psychology can help you make a positive impact on potential buyers so that you can increase your revenue!
2. Dress Professionally
Even though people say not to judge a book by its cover, let's face it: Everyone does. If you want to make a good impression on your potential clients, it's essential to dress the part. Depending on the workspace, this could simply mean wearing jeans and a nice blazer. Or it could require showing up in a formal suit. At the end of the day, it's important to wear an outfit that you're comfortable in. Something that is also appropriate for the situation at hand.
3. Provide Sweet Treats and Coffee
The devil is in the details, as they say. This is doubly true when it comes to providing people with sweet treats. Apparently, folks associate warmth with freshly brewed coffee and kindness with doughnuts or other sugary indulgences. Here's where you can use it in your sales psychology. If you have these items waiting for them when they arrive, they'll most likely associate you with those qualities.
4. Smile or Nod as Your Client Speaks with You
Smiling can make you appear approachable and friendly, which will probably make your client feel more at home. Additionally, it's important to nod and confirm that you are hearing what they're saying when they're explaining their problem to you. In sales psychology, body language is everything!
5. Study the Subject Until You're an Expert
Feeling unsure about certain aspects of your products and services? This may translate when you encounter a potential buyer. You'll want to take a second look at your policies and procedures. You'll also want to make sure you understand everything you possibly can about what you're selling. And then you'll want to be extremely honest with your potential buyers. If you're uncertain about an aspect of the industry, there's nothing wrong with referring your client to someone who's an expert on that particular subject. Especially if you do so with confidence!
6. Always Take No for an Answer
This may sound counterintuitive but it's honestly a huge time saver. If your client is genuinely uninterested, it would be waste of time to work with them anyway! Furthermore, if you're confident enough to know that you don't need their business, they'll likely assume that your company is quite well-off. And they may still want to do business with you in the future. They probably won't feel pressured to spend their hard-earned cash when they're not in dire need of your services at this time. That will leave a better taste in their mouth than it would if you took the role of a pushy salesman. After all, building rapport and respecting boundaries often go a very long way when it comes to sales psychology and conducting business in a meaningful manner.
We all have off days sometimes, and that's okay. You're doing the best you can, and you deserve to pat yourself on the back. While it can be a struggle to lose a client, it is often for the best. Your business relationship would have probably been rather forced, particularly if they weren't genuinely interested in your products and services.
According to Pamela Danziger, "Consumer psychology is the only constant in a changing retail market." For this reason, it's important to understand the many intricacies of sales psychology.
7. Play to Your Strengths
We all have different strengths: Some people are great at crunching numbers, while others excel at the written word. Some individuals enjoy collaborating and communicating with others, while other folks would much rather work alone all day. Furthermore, many of us are great at public speaking, while some of us shy away from it completely.
Whenever you can, it's important to play to your strengths: If you're an artist at heart, you may want to focus on the visual aspects of your marketing campaign. If you prefer to crunch numbers all day, make sure that's a large part of your job. It's important to do what you're good at and get better at that. It's equally essential to delegate tasks that are not your forte to others. For example, if you love to write, but you hate editing, you may want to hire someone to look over your newsletter before you send it out. This will likely save you a lot of time and energy in the long run, and you'll be able to focus on the more enjoyable aspects of your career!
It's important to motivate yourself with powerful speeches so that you're on top of your game mentally. Your physical gestures and general attitude will translate to your clients, and you want to send a positive message to every potential buyer.
5 Tips to Increase Your Sales with Sales Psychology
It can be difficult to sell to your potential customers without coming off as inauthentic. However, there is one approach you can take which will actually make a world of difference: Focus on what you offer and how you can help them solve the problems they may be experiencing. They'll often be far more likely to do business with you as a result!
1. Establish Rapport
It can be fairly easy to establish rapport with someone. You can do this by simply finding commonalities. For instance, if you notice that they're wearing a Yale sweatshirt, you may want to note that you went to the same college. Even something as small as both enjoying the same dessert could set you in the right direction. They're more likely to purchase your products if they feel like they find you relatable and friendly.
2. Listen to Their Concerns
Now it's time to listen to this person's concerns. Don't pitch anything to them yet. For instance, if you are selling editing services, you'll want to listen intently as they tell you all about how their manuscript is a mess, and they don't know how to organize it. You'll also want to ask them questions about what their goals are and how they'd like their book to look before they publish it. You'll want to think about the subject of their manuscript and consider your familiarity with that particular topic.
3. If You Think You Can Help Them, Pitch Your Products and Services
If you think you can genuinely help this person, it's time to pitch your services. For example, if you're an expert when it comes to money management and this person has written a rough draft of a book about how to become rich, you two would be a perfect fit! You could then pitch them your services and explain to them exactly what it would cost for you to edit their book and how you would help them organize it, get rid of any bad punctuation, and make it more accessible and entertaining to their readers! If they understand the value of what you're providing, they're very likely to do business with you.
On the other hand, if you're a personal finance expert and your potential buyer has written a manuscript about gardening that needs extensive editing, you'll want to let them know that this isn't your area of expertise and refer them to your friend who is a horticulturist. They'll likely leave feeling satisfied because you were honest with them about your strengths and weaknesses.
4. If You are Sure That This isn't a Good Fit, Let Your Potential Buyer Know
It can be tempting to try and force a sale. However, it usually results in discontent on both sides, and it can lead to a tense relationship if someone who is not actually interested ends up doing business with you. If you genuinely think the two of you are not a good fit at this moment in time, don't be afraid to say so in a polite manner. Instead of trying to force a sale, it's best to refer them to someone else who is better equipped to help them with the issue at hand.
Although this is counterintuitive, it's a much better use of your time. You can now spend your energy on someone who is actually eager to utilize your products and services! Furthermore, your customer will understand that you are always honest about what you can and cannot offer. This will likely build trust amongst your clientele, which is great for business!
5. Always be Honest About What You're Offering
You can stand out from the crowd by being upfront about what your capacities are. Everyone likes to know exactly what they're getting into so that they can decide for themselves whether or not it's worth the price. Fortunately, allowing the buyer to feel as if they're in control of this decision usually leads to increased sales. Being upfront and transparent about your services builds trust, and it is also a very effective way to manage your time.
5 Helpful Pricing Strategies That Utilize Sales Psychology
Many business people struggle when it comes to pricing their products. They may wonder if they're overcharging or if they're actually not asking for enough. There are a few strategies that utilize sales psychology you can use to entice your customers into buying whatever you're offering them.
It's essential to know the demographics of your consumers. You'll also want to learn about their approach to life: Do they value utility or pleasure? Are they obsessed with looking young and beautiful or are they more focused on maintaining their mental and physical health?
Different advertising is necessary depending upon your target audience. For instance, if you are marketing to a bunch of women who really want to look young and beautiful as they're aging, you might focus on how certain creams will decrease the appearance of fine lines and wrinkles. On the other hand, if your audience consists of young men who consistently go to the gym and prioritize their diet and their exercise regimen, you may want to focus on advertising how much your energy drinks can provide them with the stamina they need to meet their fitness goals and how pure the ingredients are in these beverages. Gregory Ciotti wrote an incredible article on this subject.
1. People Tend to Appreciate Anything That's Free
Dan Ariely wrote a brilliant book titled Predictably Irrational, in which he mentioned a particularly fascinating Amazon study. Apparently, the company had a slightly different policy in France than it did in other European countries. There was a mere $0.20 cent shipping fee. As a result, Amazon's sales were drastically lower in this country than they were in the rest of Europe. All because the company did not offer free shipping in France. It just goes to show that people appreciate getting a good deal, and minimizing fees can go a long way!
This is important to take into consideration when marketing your products. If you can provide free shipping or discounted items, your customers will appreciate it. This motivates them to do business with you!
2. Pay Attention to the Details
You may not think that one simple word could lead to a 20% increase in sales, but it did. In a CMU study, trial rates for a DVD subscription went up when they changed one phrase from "a $5 fee" to "a small $5 fee." If people feel like they're getting a bargain, whether or not they actually are, they're more likely to buy your products and services.
3. Reframe the Product's Value
According to Gregory Ciotti, "It's easier to evaluate how much you're getting out of an $84/month subscription instead of a $1000/year subscription, even though they average out to around the same cost."
In short, in sales psychology, customers often prefer to pay in small increments instead of large sums of money.
4. Depending on Your Audience, You May Want to Focus on How Your Product Helps People Build Memories Instead of How Much it Costs
For instance, if you sell beer, you may want to concentrate on how people can create memories with their loved ones instead of the actual price of your products. This sales psychology seemed to work for Miller Lite.
In short, understanding the art of sales psychology is primarily about identifying a problem and fixing it. If you take the approach of being someone who is helpful to your consumers, they will almost always buy your products or services when they need help. Furthermore, if you concentrate on providing value, your clients usually won't mind spending a few extra dollars for premium products.
5. Join a Sales Accelerator Program
There is no better way to increase your revenue than by learning real, proven sales psychology techniques along with an acceleration program designed to get results in real time.
While there are many options, it's worth looking into the Deal Flow Accelerator, a six-week sales training program that will help you scale your business to seven or eight figures and beyond. You've already accomplished a lot, but you don't want to rest on your laurels. You want to keep pushing yourself and improving your products and services so that you can continue climbing to the very top of the corporate ladder. Here are some highlights of the program.
Deal Flow Accelerator covers the following areas:
- How to scale your business & your sales
- How to tactfully gain more ideal clients for your business
- Stop prospects from ghosting you during the pitch phase
- How to be a visionary CEO to spend more time doing what's important to you
- How to unlock sales psychology
- How to profit from your discovery process
- How to stop negotiating and start closing
- How to scale each deal within your pipeline
- How to be a better leader and delegate within your organization so you can take back control of your business
For reference, here are a couple reviews from business owners who took the program:
"The Deal Flow Accelerator Program is one of the best sales programs I've ever been a part of.
I was able to close around $80,000 worth of contracts during the program because of the way Brian told me to sell. I was able to get my foot in the door with a major utility company that [I] otherwise probably would not have been able to get in the door with and also get paid to do an assessment for that same company."
—Brian Shepherd, Founder & CEO of BrandX Worldwide
"We were a step away from closing down a business that has been around for 90 years. And I don't think I'm overstating it when I say that the Deal Flow Accelerator Program gave us what we need to save our company.
Has the program impacted us? It's changed everything. And I don't know whether it's had a bigger impact on me or the company, but I would have to say both.
So impact is a light word. It was transformational. "
If you are looking to increase your sales, step up as a leader, and learn the most cutting edge sales tactics then it's worth considering applying to the Deal Flow Accelerator.
Now, we will say that the program is not for everyone. It only takes place a few times per year and requires 6 weeks of commitment. It's not for businesses looking for a shortcut or just a couple of quick one-liners – it's really for established businesses or business owners looking to scale and get to 7, 8 or 9 figures. It is very in-depth.
If you're interested in learning more or applying to the program to see if it's a good fit for your business then you can click this link and check it out.
Whatever you decide, we definitely recommend joining a program to for yourself to work ON your business instead of getting caught in the day-to-day and working IN it.