Looking to improve your productivity and sell better? Here is a list of five research-backed strategies to immediately help you earn more sales.
According to “The Science of Selling, Proven Strategies to Make Your Pitch, Influence Decisions, and Close the Deal” by David Hoffeld, Inc’s “The Science of Selling” shared:
Show more than one option
A research experiment found that when participants were shown a single product and asked to purchase, only 10% compiled. However, when two products were shown, sales skyrocketed, as an impressive 66% of shoppers purchased.
Without something similar to compare the product to, our brains will struggle to identify value, which will cause the decision-making process to stall. In contrast, when there are multiple options in a choice set, the brain will select the best, and this victory reduces the perceived risk in purchasing it.
Create price anchors
How does a prospect determine whether a price for a product or service is fair? By comparing the price with an “anchor” – perhaps what they paid the last time, or what a competitor quoted, or what a similar product would cost.
Studies show that the anchor the brain uses as its starting point is highly influential as the brain forms an anchor which creates a bias that shapes how it perceives subsequent information. This is why you need to address price before you reveal it by creating a point of comparison.
When you present matters
A prospect is doing a comparison between another agent and you. Should you present first?
According to a research by two behaviourial scientists, if you and a competitor are presenting back to back, you should go first because you will shape your prospect's perception and create biases that will put your competitor at a disadvantage. Though, if the time between presentations is more than a week, you should go last. The memory of your competitor will fade with the passing of time, while your presentation will be fresh in the potential customers' minds, which will increase the likelihood you'll be chosen.
Demonstrate social proof
Our brains connect the persuasiveness of an idea or behavior with how others are responding to it.
How can you trigger social proof when you're selling? Share stories and examples of how others, similar to your potential customers, have purchased your product or service. You can also use phrases such as, "a lot of people," "most people in your situation" or "our most popular option" to stimulate the sway of social proof.
The freedom of choice
When salespeople attempt to create urgency they often unknowingly arouse feelings of reactance - which is the feeling of pressure that occurs when people believe that their ability to freely choose is being restricted by another.
Letting people know that they are free to accept or reject a choice with phrases such as "Of course, it is up to you," at the end of a request have been shown to both reduce reactance and increase compliance with requests. In fact, one study found that this boosted compliance rates by 400%!