Selling Psychology in Business Affairs: The Power of Persuasion

If you’re familiar with the concept of sales in business, then you know it is not all about the product or service being sold; it is also about how you sell that product or service that makes the difference between financial success and failure. In fact, many business leaders point to selling psychology as the key to their company’s growth and expansion. But what does selling psychology really mean? How can you put this concept into practice in your own business? Here are some helpful tips to put selling psychology into action at your company.

Part 1: What Is Buying Motivation?

In order to understand how to sell, we must first understand what buying motivation is. Buying motivation is the psychological process that drives a person to make a purchase. There are four main factors that influence buying motivation: perceived needs, perceived risks, perceived benefits, and perceived costs.

Part 2: How do you Motivate Buying in People?

You can use psychology and anatomy to understand what motivates people to buy things. For example, buying causes a release of dopamine in the brain, which makes people feel good. This chemical is released after someone purchases something. This means the best time to upsell is immediately after they made a decision to buy. Providing real value to customers is also important, as it shows that you care about their needs and wants.

Part 3: Addressing Needs

In order to be successful in selling psychology in business affairs, you need to be able to address the needs of your client. This means understanding what they want and providing them with real value. Providing facts and statistics is one way to do this, but you also need to be able to show how your product or service can help them achieve their goals.

Part 4: Addressing Wants

Everybody has wants. The trick is understanding why an individual wants a certain product or service. For example, a 30 year old lady may want to buy the most expensive purse in the store because she wants to feel valued and beautiful; or that same lady may choose to buy the most expensive purse because she just learned her husband had cheated on her. Now, in your selling proposition, it’s critical to understanding why someone would buy from you. If you are able to figure out that, you will have a higher probability of making a sell. 

Part 5: What Makes Customers Trust You More?

Most people don’t want to admit that they don’t trust you. Of course, that is reasonable considering many have been taken advantage of over their lifespan. The biggest contributors to a better trust are testimonials, referrals, ratings, experience, photos, and etc. However, another psychological phenomenon is actually the opposite of that question. Many people may not be looking for you to provide credentials, but they are afraid of regretting their own financial decision. As a business owner, it’s your job to figure out how to address this issue. 

Part 6: Buying a Better Deal

No matter how much it costs, if you spend a lot of time on the value of your product people will see your price as a standard. People like to go out and get other quotes for a service if this is the scenario, but in their mind your price is justified simply because of the value you chose to disclose to them. Take time to give people options. That way, the question is not, “Do I want to buy this product/service?” It is “Which one of these options do I want more?”. Thus, transitioning the mind into an assumed close mindset. They are no longer thinking if they want it or not rather, they are looking to which one of the options they want.