The Pyschology of Sales

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Chris Burry @ European Innovation Academy Summer Session 2013

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The Pyschology of Sales

  1. 1. The Psychology of Sales Chris Burry Co-CEO US Market Access Center
  2. 2. or © USMAC 2013 - 2 - Which Outcome Do You Want?
  3. 3. Just a quick review…. More startups fail from a lack of customers than from a failure of product development And to get customers we need to SELL © USMAC 2013 - 3 -
  4. 4. People utilize both emotion and logic when buying Emotions  Desire / want / pain  Fear / uncertainty / doubt  Culturally dependent Logic = Justification  Not always logical © USMAC 2013 - 4 - The basic psychological challenge in selling
  5. 5. Common wants / needs 1. Love 2. Wealth 3. Praise 4. Comfort 5. Safety 6. Give me more… © USMAC 2013 - 5 - People are always looking for something Emotions Logic
  6. 6. Fear, uncertainty and doubt are central to stopping sales: 1. Am I paying to much? 2. Will the product work? 3. Will it deliver the value promised? 4. Can I afford it? 5. Is there something better? © USMAC 2013 - 6 - Want / need is counter-balanced by FUD Emotions Logic
  7. 7. 1. What if the price goes up? 2. What if they sell out? 3. If I don’t buy it and my competition does will I lose? 4. Can I afford it? 5. Is there something better? © USMAC 2013 - 7 - FUD can help you too Emotions Logic
  8. 8. In my career, I have lost more sales to one competitor than any other than any other Any guesses? Do Nothing © USMAC 2013 - 8 - The most common ‘competitor’ Emotions Logic
  9. 9. People use logic (often faulty) to rationalize and justify their decisions. It is the process of resolving the split between Want / Need vs. Fear, Uncertainty and Doubt © USMAC 2013 - 9 - How do we get past do nothing?
  10. 10. Chris’s simple rules for selling: © USMAC 2013 - 10 - Ok, so now what do I do?
  11. 11. People have emotions Ignore the emotional component of sales at your peril © USMAC 2013 - 11 - Rule # 1 –You are selling to people NOT machines
  12. 12. You must ‘get to know’ what motivates them, what they want, what they fear and their cultural and societal norms. © USMAC 2013 - 12 - Rule #2 – You must know your audience
  13. 13. I learned this from Jeffrey Gitomer. If they don’t like you, they aren’t going to buy from you. More relevant to in-person sales than on-line Like comes before trust © USMAC 2013 - 13 - Rule #3 – People do business with people they like
  14. 14. If they don’t trust you, they aren’t going to buy from you. How are you going to get your customers to trust you? © USMAC 2013 - 14 - Rule #3 – People do business with people they trust Bonus Topic – Watch this TED Talk Paul Zak: Trust, morality -- and oxytocin?
  15. 15. People get ‘stuck’ when presented with too many options They want some choice, but not too much Remember that ‘do nothing’ is always the default choice © USMAC 2013 - 15 - Rule #4 – Don’t give them too many choices
  16. 16. This is why we talk about a “Value Proposition” not a “Price Proposition” Selling is helping your customer find value The increase in value must offset the FUD © USMAC 2013 - 16 - Rule #5 – Focus on Value not Price
  17. 17. You get to ‘propose value’ The customer gets to ‘decide value’ But… you can offer a framework that helps the customer decide © USMAC 2013 - 17 - Rule #6 – Value is Defined by the Customer
  18. 18. I have talked a great deal about what is happening in the customer’s head. Not let’s talk about what is happening in yours. © USMAC 2013 - 18 - Changing gears
  19. 19. If you aren’t confident, they will sense it (and not trust you) If you give off ‘negative energy’ they will sense it (and not believe you) You have to learn to listen © USMAC 2013 - 19 - Rule #7 – Your attitude matters!
  20. 20. Selling involves rejection Most people fear rejection That fear stops them from selling Success in selling means managing your fear © USMAC 2013 - 20 - Rule #8 – Manage your fear How do you avoid losing to ‘do nothing’
  21. 21. Again, selling is about humans Making a connection enables ‘like’ and ‘trust’ © USMAC 2013 - 21 - Rule #9 – Make a connection
  22. 22. Learn from your successes Learn from your failures © USMAC 2013 - 22 - Rule #10 – Learn from each sales call
  23. 23. © USMAC 2013 - 23 - Questions?
  24. 24. Let’s Connect US Market Access Center 10 South Third Street, 3rd Floor San Jose, CA 95113 Our Headquarters facebook.com/usmarketaccess @usmarketaccess linkedin.com Groups – US Market Access Center San Francisco Palo Alto San Jose +1 (214) 673-5187 Phone cburry@usmarketaccess.com Email Chris Burry Co-CEO Contact www.usmarketaccess.com © USMAC 2013 - 24 -

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