The Problem with Money Talk
Human beings have long been conflicted about money. When it comes to our relationships, it’s just something we’d rather not talk about much. But wouldn’t it help you in sales to know how to decrease the negative money emotions of prospects?
In complex solution sales, we have to think and talk about money. As a salesperson you propose a solution to a customer problem, for which the customer will pay you. When human beings — including your prospects and customers — think about money, understand that money can mess up your sales experiences simply because of a set of psychological phenomena that take place.
Psychological Phenomena that Can Affect Sales
There are a number of research studies of the psychological effects of the negative money emotions of prospects that can impact sales. Here are two from our microlearning experts that we use in our sales management training:
Implications for Sales
These findings suggest that when buyers think about money, as they do in most sales scenarios, they become more egotistical and less open, more self-centered and guarded. Just the opposite of what would allow them to engage in the healthy collaboration that’s essential to a successful sale.
What You Can Do
Though you can’t prevent your prospect from feeling these negative human emotions when money is at issue, you can minimize the chances that these emotions will derail your sale. Here are three techniques that can help decrease the negative money emotions of prospects:
The Bottom Line
Money is inevitably a topic that is part of any sale. High performing sales teams minimize the negative money emotions by understanding how to avoid the psychological effects that can hinder a successful outcome. Follow the tips above and put the pricing discussion where it belongs.
To learn more about how to help decrease the negative money emotions of prospects, download The 2 Most Common Sales Negotiation Tactics to Prepare For
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