Brian Tracy's book The Psychology of Selling is well-respected.
It teaches salespeople how to sell quicker and easier.
We have a detailed overview for all salesmen.
The Psychology of Selling by Brian Tracy is a must-read for any sales practitioner.
You should read it if your supervisor requested you to.
Here's a CliffsNotes-style overview of the book's highlights.
Selling Psychology
Tracy's book explains why salespeople are crucial and how they may reach the top 20% of any company.
"Salespeople are the most important people in any firm", he says. "Without sales, even the most advanced organizations fail. I don't know what will motivate you to go to work today.
A strong sales staff is important, but not everyone will succeed. "
The 80/20 rule sparked Tracy's career. He realized he had to follow the "winning edge principle" to get into the top 20% of salespeople: "Small changes in skill may lead to tremendous disparities in outcomes."
He thinks salespeople may make "an incredible difference in revenue" by improving in key areas.
Seven KRAs include:
- Prospecting
- Relationship-building
- Needs-finding
- Presenting
- Objection-handling
- Selling
- Reselling and referring
The self image
Tracy feels a salesperson's "self-concept" is crucial. A poor self-image in any of these areas implies you'll avoid it, make errors, and feel irritated.
Tracy says prospecting is easy if you have a good self-image.
Your pipeline will be filled with opportunities every day. If you have a low self-esteem, you'll fear and dread prospecting.
Salespeople's self-image affects their income.
“If you picture yourself as a $50,000-a-year person, you'll keep engaging in $50,000-a-year behaviors,” he adds.
You may change your self-worth and work's value by "resetting your financial thermostat."
You'll enhance your self-esteem and sales by challenging self-limiting beliefs.
Tracy: "Successful individuals regulate their inner monologues."
Success breeds success.
Setting and achieving sales goals
Goal-directed?
Tracy says goal-setting affects success.
To concentrate sales operations, a salesperson must know how much they aim to make annually.
Goals for salespeople should include:
- How much do you want to earn annually?
- Increase your greatest earning year by 25-50% to set this objective.
- How much must you sell to reach your revenue goal?
- Monthly/weekly targets
- Break monthly sales and revenue objectives into weekly targets
- Sales targets daily
Divide your yearly income objective by 52 to find your weekly average. Divide that figure by day to get how much you need to earn.
Once you know how much you need to produce daily, you may set activity objectives. Recording these figures over time should help you forecast which efforts will be effective.
Personal and family objectives
Know why you do what you do to be more motivated.
Tracy suggests creating 100 objectives for the future.
By writing them down, you'll start visualizing success.
These aren't major ambitions.
If you imagine a prospect reacting well to your pitch, you'll approach meetings with greater enthusiasm and confidence.
Why Buy?
- Improvement drives every activity.
- We purchase to improve our life.
- Know why your customers buy?
- Why is your product/service better than a competitor's?
Tracy says various behaviors generate varying levels of enjoyment.
Your customers want to buy as many as possible.
Physically, emotionally, and spiritually, they desire to improve.
More satisfied a prospect is, the more likely they are to purchase.
He suggests a few locations to help folks decide — and a few to avoid.
Do:
- Find a prospect's emotional values and highlight how your product/service respects them.
- Before buying, prospects assess how their boss, coworkers, and customers would react.
- Adjust your sales strategy appropriately.
Don't:
These aren't reasons to purchase, therefore don't use them while selling.
Tracy argues individuals purchase for gain and fear of loss.
Prospects desire to add to their life or fear making a purchase error.
He cites a research that shows desire for gain is 1.0 and fear of loss is 2.5.
Fear of losing something motivates individuals to purchase.
When possible, use emotion.
Every buyer has fundamental necessities.
Identify the demands your product/service solves and persuade prospects it's the best.
Customers need:
- Money Security
- Affection
- Respect
- Physique
- Accolades
- Popularity, power, influence
- Love and camaraderie
- Self-improvement
- Transformation
You'll create more sales and please more consumers by enhancing purchasing desire, minimizing fear of loss, and stressing the end value.
Selling creatively
Tracy says self-concept affects creativity.
So, practice increases inventiveness.
You need the same inventiveness you employ to avoid traffic to manage potential shocks.
Need more inspiration?
Three strategies:
Goal-set
Consider urgent issues
Inquire specifically
Prospect and find purchase intentions creatively.
These areas assess IQ.
If you know what your prospects want, you can sell them your product/service.
Prospecting questions:
- What are your product's top 5-10 features?
- What needs does your product meet?
- What doesn't your firm offer?
- Focus on these four areas to enter the top 10% of your field's earners:
- Define your product's specialty.
- Instead of generalizing, specialize.
- Where are your products superior than 90% of comparable ones?
- Which consumers benefit most from what you do best?
- Set clear goals and focus on prospects with high customer potential.
250 ideas a year would change your life dramatically.
You'll be a creative, effective salesperson.
More appointments
This is selling's most crucial part?
Creates Better chances of success.
How do you maximize your time with prospects?
Some rules:
When calling, remark, "I need two minutes."
Can we chat now?
Only pitch if the prospect has time.
Never discuss goods or price over the phone unless you can seal the transaction.
Choose your wording wisely - Your prospect is probably reading their email.
Create a hook that smashes their window.
Benefit-focused, no product/service mentions.
Your prospect's attention span is 30 seconds.
Your prospect chooses then whether to listen.
If they still say, "I'm not interested," your queries may not be powerful enough.
Tracy suggests replying "Okay."
When I originally contacted, most in your industry agreed.
Now they're our top customers and refer us to friends."
Your prospect will pay attention, and you'll acquire their business.
Suggestion's Power
We're all swayed by suggestion.
A confident, calm salesman is powerful.
You can seem like one of the finest in your industry by managing your appearance, voice, and attitude.
Tracy suggests several techniques to increase your persuasiveness:
Success attire
Presentation practice
Office improvements
Clean desk
Productivity doubles
Creating value for prospects is key.
Body language is key.
By sitting up straight, looking ahead, shaking hands firmly, and reducing noise and distractions, you'll distract prospects less.
Selling
- The first words you say may make or break a deal.
- Most prospects have "sales resistance."
- Self-defense is natural.
- Understand and tear through your prospect's hurdles.
- Two strategies to overcome sales resistance:
The approach near convinces the prospect to decide following your presentation. Instead of saying, "Let me think about it" or "I need to talk it over," say, "Relax, I'm not trying to sell you anything."
Not why I'm here.” Then say, "All I ask is that you look at what I show you with an open mind, evaluate whether it pertains to your circumstance, and tell me if my product makes sense."
Use this method early in the sales interaction.
"I could show you the greatest [product/service] on the market today; can you invest [amount] now?"
The dialogue shifts from "Will you listen to me?" to "How much can you invest if I keep my word?"
Understand the different buyer personality types.
Tracy identifies six profiles.
The indifferent buyer - Save time by moving on to a more probable customer.
They know what they want.
Don't attempt to convince unicorn prospects into something they don't want.
Self-contained and task-oriented, the analytical buyer.
Be precise with prospects.
Prove whatever you claim on paper, and be explicit with each advantage to help them purchase.
The relationship-focused buyer
They prefer "helping" jobs and being appreciated.
Focus on pleased clients, create a connection, and don't hurry.
Driver purchasers are eager and straightforward.
Buyers are busy, so be direct.
This possibility is goal-oriented.
Once you reach an agreement, write it down and send them a copy.
Know your buyer's personality type to improve sales.
Listen carefully, pause before answering, ask for clarification, paraphrase, and utilize open-ended inquiries.
10 Selling Keys
Tracy provides 10 selling secrets in the last chapter.
Enjoy yourself
Choose carefully
Persistently pursue your aim
Learn forever
Time wisely
Keep up
Character counts
Unlock creativity
Rule #1 Success costs money
Follow these keys for an infinite future.
Tracy adds, "You can be, do, and have more than ever before."
"By being exceptional at selling, you can attain all your ambitions and desires," he says.
Then what?