The Psychology of Selling is a well-regarded book by legendary sales professional Brian Tracy. It shares ideas, methods, strategies, and techniques for salespeople to sell faster and easier than ever before. It’s a must-read for salespeople of all verticals, and we’ve got a complete summary here.
Brian Tracy’s classic guidebook, “The Psychology of Selling: Increase Your Sales Faster and Easier Than You Ever Thought Possible,” is on the must-read list for every sales professional. It’s likely your boss has asked you to read it -- and you should. But in case you need a CliffsNotes version, here’s a quick-read book summary sharing some of its most valuable highlights.
Tracy begins his book by explaining why salespeople are important and how they can break into the top 20% of reps in any business.
He explains, “The only real creators of wealth in our society are businesses,” and “Salespeople are the most vital people in any business.” Tracy continues, “Without sales, the biggest and most sophisticated companies shut down.”
If that doesn’t get you fired up to head into the office today, I don’t know what will. While a vibrant sales team is crucial for success, not everyone is bound for greatness. The 80/20 rule was an eye-opener for Tracy, early in his career. He knew that in order to break into the top 20% of salespeople, he would need to abide by the “winning edge concept” which states: “Small differences in ability can lead to enormous differences in results.”
He believes if salespeople focus on getting a little bit better in key areas of selling, it accumulates into “an extraordinary difference in income.” These seven key result areas, or KRAs, are:
Tracy also believes a salesperson’s “self-concept” is important to success. A bad self-concept in any one of these key areas means you’ll avoid it, make mistakes, and feel frustrated. If you have a positive self-concept about prospecting, Tracy argues, it will be no problem for you.
Every day is full of opportunity and your pipeline will likely stay full. If you have a poor self-concept, however, you’ll view prospecting as something to be fearful and anxious about.
Self-concept also impacts how much a salesperson makes. “If you see yourself as a $50,000-a-year person, you’ll continually engage in behaviors that keep your income at $50,000,” he says. But if you “reset your financial thermostat,” you can adjust your self-concept of worth and the value of your work.
By taking steps like this to challenge your self-limiting beliefs, you’ll boost your self-esteem and your sales performance. “Successful people control their inner dialogues,” Tracy says. A successful person thinks successful thoughts.
Are you goal oriented? Tracy argues the quality of goal orientation is associated with your levels of success. For example, a salesperson must know exactly how much they want to earn in a year in order to focus sales activities. Salespeople should have goals in the following areas:
Tracy recommends writing down 100 goals you’d like to accomplish in the years ahead. By writing them down, you’ll begin to visualize yourself achieving them. These goals don’t have to be big. If you visualize a prospect responding to your pitch in a positive, enthusiastic way, you’ll approach your meetings with more excitement and a successful attitude.
Every action a person makes is motivated by improvement. We buy because we believe it will enhance our lives. So, do you understand why your prospects buy? And why will they be better off by choosing your product/service over a competitor’s?
Tracy explains different actions give people different units or degrees of satisfaction. Your prospects want to receive as many of these units as possible with every purchase. They want to be better off physically, emotionally, and even spiritually. The more your product can satisfy your prospect, the more incentive there is to buy.
He recommends tapping into a few areas to help people make a decision -- and avoiding a few as well:
Do:
Don't:
Tracy says the two main reason people buy or don’t buy are desire for gain and fear of loss. Prospects either want to add more to their lives, as mentioned above, or are afraid of making a buying mistake.
He cites a study showing desire for gain has a motivational power of 1.0, while fear of loss has a negative motivational power of 2.5. This means people are much more motivated by fear they’ll lose something by not buying. So, tap into that emotion when possible and appropriate.
Every prospect has basic human needs motivating them to buy. Identify which needs your product/service meets and convince your prospects it will meet those needs better than anything else on the market. The primary customer needs are:
By increasing buying desire, reducing fear of loss, and emphasizing the ultimate benefit you’ll make more sales and satisfy more customers.
Your level of creativity, Tracy argues, is determined by your self-concept. So, to increase your creativity, all you need to do is practice. The creativity you use to get around traffic is the same kind you need to handle surprises in prospect presentations and calls.
Still need some help stimulating creativity? Try these three tactics:
Practice creative thinking while prospecting and uncovering buying motives. These areas test your intelligence and brainpower. If you’re able to find out what your prospects really want, you’ll be able to convince them they’ll get it by purchasing your product/service.
When prospecting, ask the following questions:
And if you want to take a more strategic approach to selling, focus on these four areas to join the top 10% of earners in your field:
If you brainstormed 250 ideas every year, it would have a tremendous impact on your life. You’ll become one of the most creative and successful salespeople in your field.
The most important part of selling? Spending more time with better prospects. And how do you make the most of your time when you find these prospects? Abide by a few rules:
You only have thirty seconds to get your prospect’s attention. During that time, your prospect decides whether or not to listen to you. 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.
Tracy recommends saying, “That’s alright. Most people in your industry felt the same way when I first called. Now they’ve become our best customers, and they recommend us to their friends.” Your prospect will instantly start paying attention and you’ll get a second chance at their business.
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 Tracy recommends making the most of your power of persuasion:
It’s also important to create an impression of value with prospects. Start by using positive body language. By sitting erect and facing forward, shaking hands firmly, and minimizing noise and interruptions during your meetings, you’ll give prospects fewer reasons to become 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.” It’s normal and a form of self-defense. Instead of fighting it, understand it and work to break down your prospect’s barriers. There are two ways to deal with sales resistance effectively:
It’s also important to understand the various personality types of buyers. Tracy claims there are six basic profiles:
Understand which type of personality your buyer has, and tailor your approach for a more successful close. As always, listen attentively, pause before replying, question for clarification, paraphrase in your own words, and use open-ended questions.
In the final chapter, Tracy shares the 10 keys to success in selling:
When you follow these keys, your future is unlimited. As Tracy says, “You have within you, right now, the ability to be more, do more, and have more than you ever have in your life.” He continues, “By becoming absolutely excellent in your chosen profession of selling, you can achieve all your goals and fulfill all your dreams.” So, what are you waiting for?
