The brain is a very fascinating and little understood organ. But when it comes to sales, getting your head with sales psychology could be your greatest asset. Sales psychology is the study of how potential consumer’s psychological state influences their buying patterns. One of the mistakes marketers make is trying to replicate other successful sales campaigns without considering the differences in the psyche of their targeted customers.
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Psychology of sales says that instead of convincing customers to buy your products or services, present them with what they believe their need is. A ‘one-size-fits-all’ type of method won’t work if you are looking for big sales and repeat customers. Sales are one of the most interesting parts of the business because people are diverse. Tapping into this diversity is where your strength lies. Before spending money on expensive sales plans, consider the psychology of the consumers of your targeted market.
Although everyone falls on a scale of measurement and will rarely be polarized in their buying decisions and habits, they will also stick to their psychological buying style. Take these polarities for an instant- an impulsive buyer, or a meticulous buyer.
Some other examples:
- Deal looker or brand looker
- Influenced by marketing strategies such as advertisements or positive feedback from friends and family.
- Easily swayed by emotions connected with goods or brands.
- Moved by traditional habits and trends.
Understanding your target consumers and creating sales strategies to fit their psyche can make the needed difference in the sales plan of your product.
Psychological Marketing- Five basic principles
Experts are trying for years to figure out the best strategies backed by data for sales. They present the baseline as customer psychology. The five basic principles are:
- Build a rapport with the customers
- Be consumer-focused or oriented.
- Understand the correlation between value and cost of products
- Gain credibility
- Be generous.
Build a rapport with the customers
It is important to know your targeted customers, but it is more important to create a relationship with each client. The more you listen and interact with consumers, the more you understand their needs, and the better equipped you are to meet those needs and demands. As you listen proactively to your customers and consumers, you will also build a very trusted relationship with your client. Psychologically, people have a requirement to be known and understood. Building rapport can take a few days – or it can take years with longer-standing and bigger clients. That extra touch of knowing your customer is what will push your sales in the market through and will give you a competitive edge.
Be consumer-focused or oriented
When you market your product or service, remember that it is not about the merchandise, it’s about the buyer. Putting them at the center of your sales approach by addressing their needs is way more likely to succeed than boasting about how wonderful your products or services are. Most consumers see boastful sales as disingenuous. However, if one can give the time to know the consumer’s needs and sell the product into that space, sales will be easier.
Understand the correlation between value and cost of products
People innately understand that value comes with a tag. If your would-be customers think your products are too expensive, then there is a good chance you haven’t created enough value for them. The value of an item is some things you’ll manufacture through both production and inventive advertising.
Every industry has competition and wide price-points. You will notice that good businesses manage to keep up sales regardless of what proportion they charge, as long as their price stays in line with the perceived value of what they offer. Figure out whether your customer is more focused on a bargain or on finding something useful. This will tell you if your product is expensive or valuable. Try to find a balance between the value to value ratio carefully.
Credibility is achieved once you have the customer’s trust and may speak authoritatively and with expertise. If you are knowledgeable and speak with confidence, then trust will naturally lead to closed sales. If you are selling highly technical products or services, seek advice or testimonials from people who are already influencers in that field(therefore we see YouTubers review products and services). If you’re selling something that features a niche market, get as informed as possible. The more you recognize the market, the more credible is your pitch, and therefore the stronger your sale.
Making the sale is merely a little a part of sales. Ideally, you would like your customers to return and to recommend your business. The best way to do this is to be generous and understanding the consumer’s need. That might mean being generous with the time you spend with a client to know their needs. It could mean adding a personalized gift or adding a special touch. Make sure that it stays in line with your business. Ensure your efforts and hard work don’t clash with your business. It may seem counter-intuitive to offer gifts or discounts, but the future pay-out is larger.
What is the golden rule of selling goods and services?
Treat the customer the way you want to be treated as a customer
Treat the customer the way you want to be treated as a customer Although, it seems simple, it all comes back to sales psychology. Your job as a salesperson or marketing expert is to put yourself into your customer’s shoes and see the product or service you are trying to sell. This is a skill that you simply will get to learn and hone as you become a far better salesperson.
By putting the customer first, treating the customer as a god, and trying to understand their needs, you are already pushing out competitors. We live in an age of authenticity and staying true to ourselves and our beliefs is significant. Understanding your customers, helps them to remain faithful to your brand forever.