Understanding buyer’s psychology to attain business success
Talking to a potential customer is tricky, and needs to be done carefully to achieve success. The successful sales representatives know that while communicating with a potential buyer, they need to think from the buyer’s perspective instead of emphasizing on the seller’s process.
“Why People Buy”?
This is one of the most important questions that need to be answered in order to successfully sell your products. If you can understand the buyer’s psychology behind the purchase decisions, though the lens of a buyer’s thought process, you would be able to achieve that success which you have always wanted.
Purchase Decisions Made By People Are Based On Emotional Impulses Too
Most of the sales representatives believe that many people compare the logical facts about the product like price, utility, their needs etc., before taking a purchase decision, but, the truth is that as much as they consider the logical facts, they take into account emotional impulses too. For instance, imagine a guy who had seen a picture of a Ferrari, the bright-red sleek machine with mind blowing looks. He fell in love with the car there itself, and later, when he actually has money to purchase a high-end car, he will be more leaned towards purchasing Ferrari over all other luxury cars, which offer better cost-benefit ROI. The guy will then try to justify his emotional buying decision with the technical specs of the car like cutting-edge looks, aerodynamic design, horsepower, safety records maintenance requirements etc.
So the decisions taken by buyers are logical, as well as emotional. The sales representatives who know this try to make the potential buyers understand that what emotional values can be attached to the new purchase that he/she is pitching, and certainly it increases the chances of sale.
Buyers Look For Value
Buyers always want to ensure that the product or service on which they are spending money is worth purchasing. While values cannot always be translated into numbers, but, what you are offering to the customer must be worth the price.
For instance, a woman would not mind spending thousands of bucks on buying a night serum, but, will always be apprehensive that whether this much money should be spent or not. But, if you add just one line while selling that this serum would last for 3 months, as only a few drops are required every night, they wouldn’t think twice. So, with every product, don’t just highlight the benefits, but try to add some value that can justify the price of the product.
Buyers Are More Biased Towards Fleeing Losses Than Seeking Gains
Yes, before taking any purchase decision, the buyers think more about the losses which they are facing instead of the gains that they can make the purchase.
So, to make more sales, it's important to give buyers the conviction that you relate with them and understand the pain they go through while helping them with the ways to get rid of the pain. They will be more convinced and will trust you, and then, you can provide them the apt solutions from your suite of products.
Buyers are Apprehensive and Suspicious
Yes, they naturally are!!!
Most of the sales representatives who meet customers have a personal agenda of their own, and they try to push them to buy things whether they need those things or not, whether those things are high-quality goods or not, and that’s why buyers are very suspicious. They believe that the sales representative is trying to sell something because this sale would benefit him monetarily or will boost his/her career.
This is why the selling experts suggest that sales persons should first work on establishing a relationship with the buyers based on trust and conviction. Once they trust you, they will become at home with you and will easily purchase goods without being apprehensive.
Buyers Love Visual Treats
Most often, we find facts, figures and technical specifications on the brochures of the products, and though, it’s a good idea to include these numbers to give lucid information about the product, but, you cannot win customers only through these numbers and facts.
They crave for visual treats and the stories depicted through visual components like the past success stories. It has been rightly said that a picture is worth more than a thousand spoken words. The use of charts, graphs, and striking images can greatly attract the buyers, and especially when you exhibit the advantages of your product and service through visually appealing pictures.
Achieving success in business is not difficult if you can get into the buyer's head and understand that what their concerns are. If you can address their concerns and provide apt solutions, they will easily become loyal customers. Understanding the buyer’s psychology and formulating the selling strategies completely on its basis can go a long way in minimizing the buying gap.