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The Psychology of Selling 101

What You Need to Know About The Psychology Of Selling

Sales professional and author Brian Tracy, wrote what is considered a bible of sorts to salespeople everywhere entitled “The Psychology of Selling: Increase Your Sales Faster and Easier Than You Ever Thought Possible.” In it, Tracy elucidates some of the key ideas behind what makes a smart salesperson, what allows a sale to work, and why customers are driven to buy.

In this post, we will review some of the major pieces of Tracy’s work and discuss what you should know about selling if you want to sell your own products, market them effectively, and set up your business for success.

Self-Concept

It is always vital to know yourself. What are your strengths and weaknesses? What is your inner dialogue like? “Successful people control their inner dialogues,” Tracy says.

Tracy calls this “self-concept” and mentions that it can be the difference between minor and major success. To get greater returns, you have to believe in your ability to get greater returns. Know the areas you struggle in and work to improve them while also highlighting the areas in which you excel.

Key Result Areas

Tracy points to seven key result areas that you should focus on to improve your sales strategy and success.

  • Prospecting: Having strong strategies to find and develop leads (i.e. prospects or prospective customers).
  • Building rapport: Being able to build a relationship between you and the prospect, built on trust and credibility.
  • Identifying needs: Asking the right questions to help guide your selling techniques and learn how you can serve the customer with your products or services.
  • Presenting: Being skilled in the art of persuasion and showing it in your skill of presentation.
  • Answering objections: Handling tough questions and working around any obstacles the prospect may bring up before buying.
  • Closing a sale: Having confidence when working to close the deal and asking the prospect to buy.
  • Getting resales and referrals: Doing all of the above so well and continuing to communicate effectively to the point that your customers will buy from you again and maybe even tell their friends.

Goals

It’s always vital to know which direction you’re trying to go when selling. What is it that you want to achieve aside from just earning more money? Establish your goals early and often. Some goal-building tips to consider:

  • Establish the buyers’ motivation to buy something.
  • Why are you selling? What will success feel like?
  • What’s the outcome of a sale? What will success look like?
  • Think short- and long-term.

Why Do People Buy?

To be successful when selling, you have to know why people buy. If you know that, you can point them towards your products or services to fulfill those reasons.

  • People decide with emotion: Someone doesn’t buy an expensive sportscar because it’s logical. They do it because of the way it will make them feel. Make them feel the way your product will make them feel.
  • People justify with logic: That person who bought a sportscar may have decided to buy because of the feeling, but when asked about why they spent $100K on it, they’ll try to justify the purchase with logic. “It’s been a dream of mine since I was a kid… I’ve always wanted a car with that much horsepower… It will help me look the part of the businessman I am… It gets me places much faster.” Make sure to show the usefulness behind your product. It’s not illogical to buy it and it doesn’t just serve an emotional need.
  • People trust because of others: People are much more likely to commit to buying something if they can trust that the value is real and tested by other previous buyers. As the seller, you are biased. But if you can provide true testimonials from other happy buyers as to how and why they purchased your product and loved it, then the next prospect will be much more likely to trust you and their emotional decision to buy.

These are just a few basics of Brian Tracy’s “The Psychology of Selling,” but they are all key to selling well and increasing your earnings.

Selling is a tough task, but strong marketing strategies can help you hit the goals laid out by Tracy and get on track to success. Kraus Marketing’s team of expert copywriters, designers, and SEO specialists can help you sell more and sell bigger. Contact our team today to learn more!