Two huge factors drive every buying decision: the desire to gain something — and the fear of losing out.
When making a purchase, people weigh up the benefits they might gain against anything that could cost them in terms of money, time or anything else they consider important. If you want to boost your sales, it's vital to understand this process of weighing up gains and losses.
Most salespeople agree that tapping into fear of loss is one of the biggest psychological plays they can make during a sale. For most humans, the worry of losing something important completely outweighs the joy of gaining something new.
This can manifest in several ways:
You can use this in two ways: either reassure a prospect that any sale will lead to a positive outcome (always gaining) — or highlight the losses that could arise from not taking the deal (lack of insurance, missing a great offer).
Gain takes many forms. Some decision makers focus entirely on price and benefits, while others care about brand identity or the status that comes with ownership. With products such as mortgages or insurance, security is also a tangible gain.
To sell a gain, you need to approach each prospect separately — understanding which gains are most important to them. Once you have this information, continue to emphasise those benefits to mitigate any fear of loss they might have.
To make good use of fear and loss as a sales technique, your telesales staff need to quickly understand what a prospect views as important. By building rapport, they'll soon figure out what matters, what doesn't, and how to tailor their pitch accordingly.
With a few tweaks, your staff can improve the quality of their calls hugely — giving their overall conversion rate a boost.
Blue Telecoms provides the tools and technology to help your sales team convert more prospects into customers.