The Psychology of Selling by Brian Tracy (Book Summary)

I recently read "The Psychology of Selling" by Brian Tracy. This book summary will give you a brief description of the skills that every sales professional needs to know. If you want to beat your competitors at work and increase your commission, then follow the ideas given in this video, So Lets Begins :

1. The Inner Game of Selling

Businesses is the only producer of money in our society And the most important people in any business are salespeople. Without sales, the largest and most complex companies also close. Tracy learned the 80/20 rule early in his career and this rule opened her eyes. They knew that to be among the top 20% of salespeople, “Small differences in ability can lead to enormous differences in results.” they believed that if salesmen focus on getting a little better in the key areas of selling , it could make "an extraordinary difference in income". These are the seven key outcome areas : Prospecting, Building rapport, Identifying needs, Presenting, Answering objections,Closing the sale, Getting resales and referrals. Tracy believes that a salesman's "self-concept" is critical to success. Poor self-concept in one of these key areas means you will avoid it, make mistakes and feel frustrated. Self-concept also affects how much money a salesman makes.

"If you see yourself as a $ 50,000 year man, you will constantly engage in behaviors that will keep your income at $ 50,000" but if you "reset your financial thermostat," you will change your self-concept and your Accumulate the value of the work properly. By taking such steps to challenge your self-limiting beliefs, you will boost your self-esteem and your sales performance. “Successful people control their inner dialogues,”

2. Set and Achieve All Your Sales Goals

Are you goal oriented? Tracy argues that the quality of the goal orientation is linked to your level of success. For example, a salesman should know how much they want to earn in a year so that they can focus on sales activities. Salespeople should target in these areas : How much do you want to earn in the next 12 months? To decide on this goal, take your highest income year so far and increase that number by 25-50%. How much do you have to sell to achieve your income goal? Change your monthly income and sales goals into weekly sales and income goals.

If your annual income goal is $ 50,000, divide this number by 52 and know the average per week, and number that comes out, divide by day, so that you can really know how much to earn every day. Once you know how much you need to earn every day, you can determine what activities to do to reach that goal. Determine why you do what you do, and you will get immense inspiration from which you will be able to do difficult things smartly.

3. Why People Buy

Whatever action each person takes is for some improvement. We buy something because we believe it will improve our lives. And why will they be better off by choosing your product/service over a competitor’s?

There are some areas that help people in making decisions and some should be avoided : -

First thing, what to do, Identify a prospect’s emotional values. Find out what your prospect values and how to emphasize that your product/service honors those values. Consider how it will make others feel. Before a prospect buys, they consider how their manager, colleagues, and clients will respond. Anticipate this, and alter your sales approach accordingly. Now let's talk about don'ts Focus on price and quality. These aren’t reasons to buy, so don’t use them as such when making a sale. Tracy says that there are two main reasons for people to buy or not to buy something, that is the profit and fear of loss.

Prospects either want to add more to their lives, or are afraid of making a buying mistake. Every prospect has basic human needs that motivate them to buy. Identify what kind of needs your product / service can fulfill and convince your prospects that it will meet those needs which are better than anything in the market. Customer needs are : Money, Security, Being liked, Status and prestige, Health and fitness, Praise and recognition, Power, influence, and popularity, Leading the field, Love and companionship, Personal growth, Personal transformation.

Increasing the desire to buy, by reducing fear of loss and by emphasizing real profits you will make more sales and satisfy more customers.

4. Creative Selling

Your level of creativity is determined by your self-concept. Therefore, to increase your creativity, you only need to practice. While prospecting practice creative thinking and highlighting the purpose of buying. This field will test your intelligence and brain power. If you are able to find out what your prospects really want, then you will be able to convince them that they buy your product / service.

When prospecting, ask these questions :

> What are the 5-10 most attractive features of your product?

> What specific needs of your customer does your product satisfy?

> What does your company offer that other companies don’t?

And if you want to take a more strategic view of selling, focus on these four areas to join the top 10% of earners in your field : Determine whether your product What it does for your customers. Be a specialist instead of a generalist.

In what areas are your products better than 90% of similar goods or services on the market. What do you do better than anyone else so that customers get the most benefit. Set clear priorities and focus on prospects. If you brainstormed 250 ideas every year, it would have a tremendous impact on your life. You will become the most creative and successful salespeople in your field.

5. Getting More Appointments

The most important part of selling? Spending more time with better prospects. And when you get such prospects, you can give the best of your time by following these rules : When you place calls, say, “I need two minutes of your time. Is this a good time to talk?” Only when the prospect confirms they have the time should you launch into your pitch.

Never talk about your product or pricing on the phone. Do not try to sell the product, try to appoint. Your prospect is likely on the other end of the line looking at their email. Develop an opening line the equivalent of a brick going through their window. Keep it benefit-centered without directly mentioning your product/service. You have only thirty seconds to get your prospect's attention. During that time, your prospect decides whether to listen to you or not. If you do get through to them and their response is still, “I’m not interested,” it might mean your questions aren’t strong enough. We’re all greatly influenced by the suggestive elements around us. A calm, confident, and relaxed salesperson is a powerful salesperson. By controlling your internal environment (your appearance, voice, and attitude), you can look -- at least on the outside -- like you’re one of the best people in your field.

Here are a few more ways to make the most of your power of persuasion :

> Dress for success.

> Practice your presentation.

> Renovate\Upgrade your office.

> Work from a clean desk.

> Double your productivity.

It’s also important to create an impression of value with prospects. By sitting erect and facing forward, shaking hands firmly, and minimizing noise and interruptions during your meetings, you will give prospects less reason to be distracted. The first words out of your mouth set the tone for the rest of your sales process and eventually, either a sale or rejection.

Most prospects have "generalized sales resistance". This is normal and a form of self-defense. Instead of fighting it, understand it and work on eliminating your prospect's odds. There are two ways to deal with sales resistance effectively : This close gets the prospect to agree to making a decision after you’ve made your presentation.

Instead of letting your prospect say,

“Let me think about it,”

or “I need to talk it over,”and that being the end of it, reply,

“Relax, I’m not trying to sell you anything right now.

That’s not the purpose of my visit.”

“All I ask is that you look at what I have to show you with an open mind, determine if it applies to your situation, and tell me at the end of our conversation if this product makes sense.”

You can use this technique early in the sales conversation. Open with,

“I could show you the best [product/service] on the market today, are you in the position to invest [price] right now?”

The focus of the conversation is instantly shifted from,

“Will you listen to me?” to “How much can you invest?”

It is also important to understand the different types of buyers. Tracy claims that they have six basic profiles : Instead of trying to change this buyer’s mind, save yourself the time and move on to someone who is more willing to buy. They know exactly what they want. Make the most of these unicorn prospects. This buyer is self-contained and task-oriented. Slow down and be exact with these prospects. Be able to prove -- on paper -- everything you say, and be precise with each benefit to make it easier for them to buy. It is a relationship-oriented buyer. They gravitate toward “helping” professions and like to be liked.

To make a sale, focus on those customers, build relationships and don't rush them. These buyers are direct, impatient, and concise.

Get straight to the point with these buyers, because they’re busy and preoccupied. This type of prospect is achievement-oriented.

Conclusion :

So this was an Complete Overview of "The Psychology of Selling" by Brian Tracy. Hope you’ll like it. If this post (article) really found helpful to you then must share it with your friends and family members !!