Bring out the Fear of Missing Out

You can use the threat of scarcity or the choice of losing the product or running out of the product to your advantage. Even though it is a different tactic than leveraging loss aversion, it is similar to the psychology behind why it works.

The limited availability mindset can apply to services, products, and special offers. This tactic acts by playing off social proof by suggesting that the product can run out due to high demand. Let your potential customers know that a discount or bonus is tied to a specific volume or a certain number of sales after which the discount expires.

Fear of missing out
Fear of missing out

By emphasizing that the item will likely sell out fast or that the offer is time-limited, you create a stronger desire to buy than if there were unlimited quantities and unlimited time to buy.

Be Likable

Being likable is a social construct. You are more likely to say yes if you like the person who is selling it. This is why many companies use celebrities are used to endorse their products or brands. Some people will buy a product just because they adore the person endorsing a product.

We buy stuff from people we like quickly. It could not be simpler - we want to bond with the people we like. That is why it is easier to sell to people we actually like. Hence, it is helpful to appreciate and understand all your customers. We are far more likely to make a purchase from people when we have a human relationship based on trust.

This shot was taken during a roadtrip with a couple of friends in the Dolomites. This pretty much sums up the lovely adventures we had over there – just us (and some beers) in the mountains for one week. Although it is just a snapshot, it captures a true, precious moment of togetherness and friendship.
Be Genuine and Likable

Give Fewer Options

Providing your customers or leads with too many options can confuse them and make them not want to choose or buy any products. Instead of pitching all the products one by one, you can instead consider a bundle deal option with multiple products combined together.

Speaking to your customer’s ahead of time helps to know where their interest lies and what their needs are.

Conclusion

Sales is a humongous field, but psychology is a deep, never-ending sea when you explore humans. You can boost your sales by trying out the psychological sales triggers that we have listed out above.

 

To summarize the above nine sales tacticsbased on sales psychology here are:

 

  • Arouse and Trigger Curiosity
  • Leverage Loss Aversion
  • Flaunt Your Expertise to Build Credibility
  • Showcase Social Proof
  • Use Storytelling to Make an Impact
  • Bring in a Feeling of Reciprocity
  • Bring out the Fear of Missing Out
  • Be Likable
  • Give Fewer Options

 

Every sales deal is different, so the interaction with each prospect should be as personalized as possible. These approaches allow you to focus on a particular opportunity and provide with exactly what the customer needs at each stage.

Once you understand your potential customer’s perspective better, you will be able to deliver better sales results. Always remember that buyers ultimately buy from people they trust, and in sales, trust starts from understanding.

 

J. Michael Dennis, ll.l., ll.m.,

King Global Earth and Environmental Sciences Corporation

King Global Earth & Environmental Sciences Corporation is part of the Management, Scientific, and Technical Consulting Services Industry and the Professional, Scientific, and Technical Services sector.

 

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11.10.2019

Sales