6 Ways You Can Use Human Psychology to Close More Deals
Everyone in sales is looking for an edge. Whether it’s an untapped new lead source, or some inside information that can give you an advantage over your competition, you do what you can to win the deal. But what if there’s an obvious, yet often overlooked, way to give yourself a competitive advantage?
There is, and it’s something that advertisers, authors and even casinos already use to get you to think and behave a certain way: human psychology. Admittedly, the human psychology is complex, and often our understanding of it is both profoundly limited and constantly evolving. But the good news is that you don’t need a PhD to use it to your advantage in sales.
Here are some ways you can use human psychology to benefit you on your next pitch:
1. Loss aversion
In cognitive psychology and decision theory, loss aversion is when people prefer avoiding losses over acquiring equivalent gains. In other words, most people would rather not lose $5 than gain $5. In sales, you can leverage loss aversion by letting your prospect know that they’re likely to lose money on a deal by putting off a decision, or perhaps by going with your competitor. Focus on what they’re going to lose to drive the point home. It could be what puts them over the edge and turns them into a customer.
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