Information is the secret to success in sales.
The more you know about your prospect and your product, the better you’re able to determine if it’s a good match.
During the sales process, you’ll face objections from your prospect and you’ll need to know how to deal with them.
To do this, it’s essential that you understand the psychology of the prospect.
Create a Customer Profile
This understanding starts with creating a detailed customer profile.
This profile includes demographic information and, more importantly, data on how they feel and what they think.
You can find this data by searching for your target buyer online.
Follow them on social media and anywhere else they’re talking online.
Start gathering information about them and build your profile.
The Psychology of Value Versus Price
People buy products based on subjective value, not objective price.
If your prospect can see the unique value your product offers them, they will buy it.
For example, they will need to see how your offer will change their life for the better.
Or how your offer will help them overcome major issues they’re facing,
When you hear the objection that the price is too high, this actually means they don’t yet understand the unique value your product offers.
The Reason Behind the “No”
When you first start to offer a new product or service, you will make sales, but more often than not, you will get a “no” at first.
This is what every salesperson fears, but there’s no reason for it.
In fact, it offers valuable information.
You can learn more about your prospect’s psychology from their “no” than from their “yes.”
Find out why they’re not interested in this time and you’ll gain a better understanding of how they think and feel.
Then tune your sales copy or pitch to address the reason behind the “no”.
Focus on Benefits, Not Features
There is an old saying in the sales world; people buy with emotion and justify with logic.
The features of a product are important to a prospective buyer, but they will make purchasing decisions based on emotion.
How your product will make them feel is what will really trigger the “yes”.
They are more interested in what your product will do for them, than how it works.
You may be keen to show how your product’s robust features set it apart from everything else on the market.
However, to close the sale, you need to show the prospect how their life will improve through using the product.
This happy, future vision appeals to emotions and, along with useful features, will help you to make the sale.
Gain the Prospect’s Attention
No matter what the unique psychological traits of your prospect, all share one thing in common: they have a limited attention span.
You need to gain and keep the prospect’s attention.
Do this by understanding what is most important to the person and then appeal to that.
In sales jargon, we call these “pain points.”
This term refers to areas of the prospect’s life or business where they’re experiencing pain and looking for relief.
They don’t have to be in actual, physical pain, but they will be dissatisfied with their current situation.
Remember that sales is a collaborative process between you and the prospect.
You’re trying to find a solution to their problem that best suits their needs.
Together, you are considering your product to decide whether it’s the right fit.
Approach each prospect with empathy and a clear understanding of how they think and feel.
Once you understand the reason the prospect has shown interest, you’ll be able to navigate their sales objections.
Update Your Sales Materials
After a few sales you will begin to identify some common objections.
Pre-empt those objections by including the answers in your sales materials.
Sales materials include presentation decks, call scripts, marketing documents, product data-sheets.
Once you are clear of these common objections, brainstorm every other possible objection a prospect could have.
Then make sure you address these objections in your sale – before your prospect has time to think of them.
In the next article in this series, I’ll discuss how to handle objections during a sales call.