Selling is an economic decision whereas Purchasing is an emotional decision followed by economic. Sales motivation is to make a profit whereas purchase motivation is – “BRAIN PAIN”. And when brain pain of not making a purchase is more than the STATUS QUO, a sale happens. Hence sales professional should increase the brain pain of not making a purchase more than the status quo before they sell.
Now Brain Pain is handled by Amygdala an almond shaped small part in our brain. It’s conditioned to respond to danger with Flight, fight or Freeze. I am sharing few concepts that will help you understand buyer’s emotional hooks that will unravel the mystery of making more sales..
- STATUS QUO: Status Quo is NO CHANGE. A Status Quo is a preference for the current state of affairs over the change. Because change brings pain.
- OPPORTUNITY COST: An opportunity cost represents an alternative given up when a decision is made.
- LOSS AVERSION: Loss aversion refers to people’s tendency to prefer avoiding losses to acquiring equivalent gains. It implies that one who loses $100 will be more miserable than another person who will gain satisfaction from a $100 windfall.
- ENDOWMENT EFFECT: People often demand much more to give up an object than they would be willing to pay to acquire it—is called the ENDOWMENT EFFECT. And owning an object could be for short period of time or proximity.
- BUYERS REMORSE: This is the pain felt after customer has made a purchase decision. Customers questions why he bought the items, he does not need that, he should have said no. Such decision is driven under sales duress or influence of commitment and consistency.
Armed with above knowledge you can increase your sales closing and sell more.