The biggest thing standing between a salesperson and a closing is often the prospect's fear. The psychological principle of loss aversion teaches us that the pain of losing is about twice as powerful as the pleasure of gaining. So, what are they afraid of?
 
In this episode, you will learn:

· What prospects are afraid of in the buying cycle

· How to use psychological techniques to uncover and address prospects' fears to close the deal

 

Connecting with buyers on a deeper emotional level will help to build trust and will put you in a better position to make the sale.
 

Subscribe to this podcast today and stay up-to-date on the latest in sales psychology.

For more, check out our blog: 20 Sales Management Strategies to Lead Your Sales Team to Success 
 

At SalesDrive, LLC, we help companies perfect the salesperson hiring process by offering a variety of tools, like a sales assessment and psychologically-based interview guides, that aid companies in never hiring a bad salesperson again. SalesDrive was founded in 2005 based on the single biggest frustration many companies face, selecting sales candidates who interviewed well, only to flame out when placed on the line. Dr. Croner reviewed more than 80 years of academic research as well as his own work in conducting intensive behavioral interviews and discovered that high-performance salespeople shared three innate personality traits. After identifying a gap in the marketplace, he went on to develop The DriveTest® sales assessment. The only sales assessment to measure the three non-teachable traits necessary for new business acquisition.
 
 If you are hiring salespeople, request a free DriveTest assessment today: https://salesdrive.info/free-trial-request

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[00:00]  Katherine Abraham: Hello and Welcome to the Sales Psyched podcast, where we discuss strategies for leveraging psychology within the world of sales. Each episode is hosted by Dr. Chris Croner, who has a PhD in clinical psychology and has spent his career helping companies around the world build stellar sales teams.

[00:20]  Let's get started.
 
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[00:30]  Chris Croner: Dr Chris Croner here with a salesperson's number one enemy and how to defeat it.

[00:35]  The biggest thing standing between you and a closing is often the prospect's fear. That's right. For example, the psychological principle of loss aversion teaches us that the pain of losing is about twice as powerful as the pleasure of gaining.

[00:54]  Additionally, most people recall bad memories with much more clarity and detail than happy ones. By the way, this is because our brains process negative information more thoroughly than positive information. We like to take the time to evaluate the bad things happen to us to make sure that they don't happen again.

[01:13]  But in this case we're only talking about a sale here, not a trip to the dentist or the principal's office. What on earth are people afraid of it?

[01:21]  The number one thing they are afraid of is making a mistake. And in their minds that can take several forms.

[01:29]  For example, they may be afraid they're paying too much. Or they may be afraid that the product or service won't work. They may have a tough boss and they're afraid that they'll be criticized for making a bad decision. Or they may simply not trust us. We haven't yet earned their trust as an honest advisor or broker.

[01:49]  So, it is really, really important to understand what may be scaring a prospect into holding back. In therapy we like to look for clues. These clues could be in body language. For example, changes in facial expression or tone of voice. When a psychologist notices a patient's emotions intensify, they may ask "what just went through your mind." This will lead to the patient describing the subconscious, automatic thoughts that are triggering their emotions. The therapist will then help the patient evaluate and change the thoughts or fears that are holding them back.

[02:32]  You can use a similar technique with your prospects and clients. For example, if you notice a change in their tone of voice, you might say "Mr. Prospect, I know that this is an important issue for you. I just noticed a change in your voice. May I ask, what went through your mind just now?"

[02:51]  At this point, your prospect may identify the fears or concerns that are holding them back. Once you understand the fear, you can match it directly with the antidote. If it's price, you can show them comparisons or translate price to value. If it's trust, successful case studies and endorsements can be helpful. If it's performance, guarantees usually hit the nail on the head.

[03:19]  Remember . . . remove the fear, close the deal.

[03:25]  Look forward to seeing you next time.
 
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 [03:30]  Chris Croner: Thank you for listening to the Sales Psyched Podcast. If you haven't already, please be sure to click the subscribe button and leave us a five-star review. If you found this information helpful, please consider sharing it. We'd love your help in spreading the word.
 
[03:46]  Until next time, take care!