In a world where products don’t often have real physical differentiators, behavioral science and neuromarketing are becoming more and more popular among marketers.
As humans, we rely on our brain when it comes to making decisions, but many scientific research has proven that indeed the brain does not make these decisions very rational. Understanding how our brain makes decisions, will help you optimize your sales pitch.
Below you will find 7 practical tips to help you improve your sales pitch with psychology:
It’s all about perception
If your product is too cheap, people will perceive it as low value. You can change how people perceive your products by changing how you present them. Think about the look and feel of your presentation materials, like which images would produce the emotions you want to instill in your prospects. Use people similar to your ideal prospect for testimonials so they can emphasize with them.
There is much more to product perception than this. If you read closely, you will see that all the tips are related to how your brain perceives reality.
Tell a Story
We know from scientific research that when people hear stories, they vicariously experience the actions in them. For example, we can see on a brain scan that when people hear a story, the same parts of the brain activate as when they do the action themselves. Experiencing it (even in their minds) makes people connect with your message more. We cannot experience facts, we can only experience stories. So instead of telling your prospects facts about your product, tell them a story demonstrating how it works. Make them visualize using your product in their mind, until they have to have it.
Read our whitepaper to learn more about structuring your presentation as a story, or take a look at this post on 8 classic storytelling techniques. http://www.sparkol.com/engage/8-classic-storytelling-techniques-for-engaging-presentations/
Create a Compelling Beginning
The beginning of your pitch is very important, as people decide very quickly whether a presentation is worth listening to. So you should start by making your prospect curious, or interested enough in your story to want to know how it ends. One way to do this is by starting off with an interesting question that they need to find out the answer to. In our blog post How to Start a Sales Presentation, you learn about 6 great ways to start your pitch.
Do not overwhelm your prospect with too many choices
We live in a world that offers too many choices. Humans don’t really cope well with choice. We know from research that having too many choices leads people to make fewer decisions. It also increases their fear of making the wrong choice. Offer your prospects between 3-4 choices at the maximum, and make sure you use some keywords so they can easily differentiate between them. A good way to do this is by using the Shaman meeting canvas.
Talk about what they will lose or miss out on instead of what they might win.
We are more afraid of losing or missing an opportunity than we are motivated to win, because we have a skewed perception of winning and losing. When you talk about the benefits of your products, try to frame them in terms of ‘loss’ instead of ‘gain’.
Create a Sense of Urgency
Urgency makes us act quickly and suspends logical thought. So how do you create urgency? You can increase scarcity (only 3 seats left), or make a limited time offers (offer ends in 2 weeks). Use time related words in your pitch to increase urgency.
Offer multiple price options
One heuristic our brains have is called ‘anchoring’. We use the first price we see as an anchor to which we compare other prices. How this works can be illustrated with an offering for The Economist. When students where asked to choose between a web subscription ($59) and a print + websubscription ($125), most students took the cheaper web subscription. But when a third option was introduced (print only: $125), most students would choose the more expensive print + web subscription, as this seems to be the best value for money deal. When you decide your price, you can give an alternative option that makes your desired option look like a great deal in comparison.
Another pricing strategy you can use is to break up the cost of your product into daily cost. If something costs $60 per month, that’s only $2 a day. You could then compare it to a small everyday purchase, like this; “For less than your daily cup of coffee, you can get this product… “