How People Make Buying Decisions
May 24, 2024There are two types of psychological profiles for decision making:
a) Fear-of-Loss (80% of people)
b) Desire-for-Gain (20% of people)
The first group represents how the majority of people make decisions, based mostly on emotion and the potential fear of missing out (FOMO) if they don’t make the right decision (or purchase).
The second group represents the minority of decision makers, who are more analytical and less emotional with their decision making process.
They focus more on the potential reward (ROI) and use data to make their decisions.
The best salespeople use tactics for identifying what type of decision maker they’re selling to.
Common practice is to default for the emotional buyer (FOMO) because it’s accurate 80% of the time.
This is why the ROI pitch usually doesn’t work, because only 20% of buyers make decisions this way.
The best salespeople identify their prospect and adapt their approach accordingly.
It’s really the differentiating factor between a junior and senior salesperson.
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Happy Selling,