How To Close More Deals With Sales Psychology?
Oxford defines psychology as “the scientific study of the human mind and its functions, especially those affecting behavior in a given context”. Using this psychology in our sales strategies and processes can easily be related to sales psychology.
When you understand the customer and their buying psychology, they will buy your ideas instead of you trying to sell it to them.
In this article, we will show the psychology of selling as an idea, some new techniques, and examples.
To understand all these things better, let’s dive into the world of sales psychology.
What Exactly Is Sales Psychology?
This refers to a process where you understand the psychology of the target audience, the market in which you want to sell your product. Not all customers buy with the same approach. Some customers buy impulsively and justify their purchase later, while others buy with logic and reasons over emotions before making the purchase.
Salespeople can definitely use sales psychology to their advantage when they close the deal.
When you have tapped the customer’s emotions to close a deal, there is no way the user is going to think twice before making the purchase.
6 Psychological Sales Tactics To Close More Deals
Below are the 6 important and easy to use tactics that will help you close more deals faster than ever.
1. Use customer loss as an advantage
If the opportunity that you are presenting is great, even the doubtful prospects will think before declining. You can use this as an advantage and frame the opportunity as something they will miss out if they do not make a purchase.
When you tell them that they will lose a lot by turning this down, it will make them more hesitant and you can use this as an advantage.
As a salesperson, you can pitch them, a story where you show them the larger picture. Show them statistics and talk about numbers. What % of the losses they can expect if they turn this deal down.
2. Offer something in exchange
When you deal with a potential prospect, offer something for free. It might be a small offering like an extra month of subscription to your service or early-bird access to any of the services etc. In this way, you understand that the customer will be in the obligation to do something for you in return.
This might be a small gesture for you but the customer will remember this. It also increases your chances of building a long time relationship with the customer where he will remember you for the extra efforts that you did and went for the extra mile to offer a discount or a subscription.
3. Do not confuse by offering more
When you offer a prospect a lot of options to choose from it will confuse them and they will end up not buying at all.
To make sure that your sales deal is closed and they make a purchase, you need to understand the psychology of the buyer. Instead of pitching them all the products that you sell, research their needs and requirements before you talk to them.
So when you jump on the discovery call with them, ask them the qualifying questions and then filter the product they are more interested in and pitch only those products.
4. Talk like an expert and show them your expertise
When you talk to the customer, you represent your company and are a face of it.
While talking to the customers, flaunt them your years of experience and knowledge. This will make them feel like they are talking to an authoritative person and not a rookie.
During your sales pitch, tell them about the awards and recognitions that you and your company have received in the past years. Show them the years of research that has gone into the making of your service/products.
When your prospects trust you, it has a higher chance of closing the deals.
5. Show them your social proof
When you are selling your service/product, you want the customer to believe and trust you, But why will they trust someone, who has been talking to them for not more than 30 minutes?
So in such situations, social proof is necessary. During your sales pitch, you can share with them the customer reviews on your company website, share with them the large brand and clients that you have, etc.
This will make the customer believe your product/service and once you understand this psychology, it is easy for you to close deals.
6. Ask customers to explain their reasons
There will be customers who will take you on their excuse journey. One of the solutions to this is to ask questions to them and let them talk while you listen in silence.
What is stopping you?
Is this holding you back?
A couple of such questions will make the customer talk about their problems and it will open them up. After listening to them, share your thoughts and then use the problems as an advantage to make the deal happen. Here you understood the buyer’s psychology and that will help you close more deals.
7. Learn from your mistakes
Deals do not get closed easily in sales and it takes a lot of time. Your success depends on how you handle your prospect, how you take follow-ups, etc.
When you talk to the customers, you understand their psychology. Over time, you learn and grow from the rejections that you get. Salespeople can utilize the records and sales call analytics to increase and master the customer buying journey.
Sales psychology is a very deep field and understanding humans are even more difficult. With dedicated practice, efforts, tools, and different sales methodologies, you master the process and learn the techniques.
At Convin we help salespeople to close more deals by tracking their sales records.
These records are a bunch of raw data that helps your sales team understand calls and close more deals, every single day by using the Conversation Intelligence Technology.