10 Tidbits Every Seller Should Know
Buyers, like anyone, have some tendencies when looking to procure a product. As a seller, these are some things that you should know. PTC Computer Solutions and Parker Associates have worked hard since 1982 to understand the psychology of buyers. Here are ten things that every seller should know about the buyer psychology, especially if you are trying to sell over social media.
In social selling, prospect knowledge is power. We can never know enough about our potential buyers, especially the specific reasons they buy (and don’t buy) from us. With powerful knowledge in mind, here are 10 buyer psychology nuggets every social seller should know:
People love to buy
Despite what you hear, people actually enjoy being “sold.” Learning about new products and creating new experiences can be a satisfying journey. What people don’t enjoy is feeling coerced or manipulated.
Making it your day-in, day-out goal to help prospects enjoy their buying experience is a fail-safe way to achieve social selling success while enjoying your job at the same time. You can never go wrong with being fair, friendly and helpful.
Your prospects are egocentric
Your potential buyers are narrowly focused on what’s in it for them. More specifically, how can what you’re offering help them solve a problem or become more effective in some way.
And remember, it’s not just about them personally, but also where they’re at in their company and in their decision making process. According to an IT Buyer Experience Survey, “buyers want insights based on their role, their challenges, their stage.” So, always make it about them and where they’re at in the process, never about you.
Buyers decide with emotion
On the surface, it may appear as if your prospects are making their decision through a logical thought process. They’re not. As you are helping your prospects, look for the emotional trigger you can focus in on. It’s been said that all buying decisions stem from the interplay of the following six emotions:
- Greed. “If I make a decision now, I will be rewarded.”
- Fear. “If I don’t make a decision now, I’m toast.”
- Altruism. “If I make a decision now, I will help others.”
- Envy. “If I don’t make a decision now, my competition will win.”
- Pride. “If I make a decision now, I will look smart.”
- Shame. “If I don’t make a decision now, I will look stupid.”
Buyers justify decisions with facts
We buy with emotion, then we use facts and logic to explain why we bought. For example, a man purchases a set of golf clubs because his favorite player uses them and he thinks they look cool. But when others ask him why he purchased them, he’ll be sure to tell them about how they are ideal for his swing, are built to last a decade, have a bigger “sweet spot,” etc.
One of the mistakes sales people make is leading with facts, thinking they will sway the buying decision. Instead, always lead with determining “WHY?” then provide enough facts to help your prospect justify the decision.
People think in terms of people
Studies have shown that the main purpose of our brain is to help us manage our social interactions. This is why it’s much easier to stay engaged with a story when there are people involved. Tell your story using names, quotes, photos of people, etc. Keep your social selling social.
You can’t force your will on people
Your prospects are ultimately going to do what they want to do, so make people want to do business with you. Find out what your prospects’ needs are and then build a bridge between your prospects’ needs and what you’re offering.
Buyers are naturally suspicious
And some are more suspicious than others. The social seller’s blanket solution for managing suspicions is simple: never claim anything you can’t back up. If you don’t have data or a testimonial to prove your claim is true, then don’t claim it.
Buyers are all about value
Value is always relative, which is why it’s vital that you unearth each prospect’s individual perceptions. What are they used to paying? What could they do without? What would they gladly pay more for? How would they view your offer differently from others?
In the end, the value you show must be equal to or greater than your price. Understanding what your prospect finds valuable is the only way to ensure that the value equation works for all stakeholders.
People like to experience it before they buy it
Which is why nearly every sales organization provides either a sample or a demo. Social sellers are more apt to succeed when they can get buyers to envision themselves with the product or service. Captivate your prospects by vividly explaining how your offering will make them feel.
Most buyers follow the crowd
Nothing attracts a crowd like a crowd. Most of us value proof in numbers to justify our decisions. If the majority of buyers are opting for “Option C”, there must be a valid reason for it, right? We seek guidance from those who came before us. It’s why your first sale is usually the hardest sale you’ll ever make.
Social selling success is much easier with testimonials and case studies. Never miss an opportunity to document a success story.
Although we’ve barely dipped our toe into the human psychology pool, understanding the basics of what makes your buyers tick can go a long way toward helping you establish a social selling strategy that works for you and, even more important, your prospective customers.
The Team of experts at PTC Computer Solutions is ready to assist with Technology for Business and the Sales & Marketing Process. We are experts and ready to help your business move forward with technologies in your business and retail worlds. If you need some assistance and guidance, contact us to set up a personal meeting. We’re happy to discuss your personal situation and offer some ideas on how you can better handle technological advances.
Parker Associates works closely with Builders and Developers to ensure that the planning is done up front so that the final product is as good as it gets. Finding the highest and best use is important, but filling the market space is also equally important. New Home Builders that Parker Associates and the REMA Team work with are great examples of this. The REMA Team works closely with their customers to ensure they are planning the development and the homes with all of the most affordable and functional features while considering the holistic design of the site and home on the site. It doesn’t happen without a focused approach and they are very good at making sure this happens.
There are so many difficult questions that must be faced in a great many developments and building construction. We can help. Contact our seasoned professionals at info@realestatemarketingteam.us or (904) 607-8763.
If you are building or developing or have or are living in a community that is in need of improving their position, give us a call or email us. We offer FREE advice. Stay on top of the competition. Know the latest data and market research that can help improve your chance for success in business and the real estate industry. PTC Computer Solutions, Parker Associates, and REDdot Marketing work closely as the REMA Team to provide a great number of services for developers, builders, and professional business operations. Contact REMA for more information.
David WB Parker is a principal of Parker Associates of Jacksonville, Florida, marketing consultants to the real estate industry as well as the President of PTC Computer Solutions, IT Consultants and Strategists, and also an active real estate sales professional with PARFAM REALTY. Though based out of Jacksonville, Florida, David and the team at Parker Associates have worked in 17 Countries and 33 States through the years as well as 65 out of 67 counties in Florida. David can be reached at 904-607-8763 or via email davidp@ptccomputersolutions.com.