"The Psychology of Selling" by Bryan Tracy is a captivating book that unveils the inner workings of our minds when it comes to sales. In this book, Tracy uncovers the tricks of the trade when it comes to sales psychology. He shares practical strategies for connecting with customers, overcoming objections, and closing deals. Full credit goes to the author Brian Tracy. It is recommended to read the entire book to gain a complete understanding of its valuable, practical, and highly useful advice.

The book is divided into 8 chapters. We have synthesized it into the following 6 sections:

1. Sales Motivation

Self-Motivation

It is incredibly important, in everything you do and especially in sales, to have a high level of self-esteem generated by yourself. Every time you say, "I like myself!" your self-concept improves. It is crucial to start working on this aspect of your life to improve in sales.

Before meeting a potential client, say, "I am a great salesperson, and this will be a great visit!" Repeat it several times. Prepare yourself psychologically for a positive experience.

In sales, your level of self-esteem determines the amount of money you earn. The best salespeople have a natural ability to easily make friends with their customers.

Before each sales visit, sit down and boost yourself by repeating: "I am the best in this company, I am the best in this industry, I am the best in the country."

Sales Obstacles

There are two main mental obstacles that prevent making any sale and closing deals, and they are fear of failure and fear of rejection.

Fear of failure

Is the biggest reason for failure in adult life. It is not failure itself but the fear of failure, the possibility of failing, and the anticipation of failure that paralyzes you and causes you to waste your potential.

Fear of rejection

If you work in sales and feel a fear of rejection, you have chosen the wrong job. Undoubtedly, you will be rejected many times; it comes with the territory.

When someone says no to you, they are not rejecting you as a person. They are simply saying no to your offer, your presentation, or your prices. Rejection is not personal.

2. General Sales Tips and Notes

• 80% of sales are not closed before the 5th visit or the 5th closing attempt.
• When people feel that someone genuinely cares for them, they are more open to listening to that person and buying what he or she sells. Think of your best customers today. The people you enjoy selling to and the people who enjoy buying from you are the people you like the most and who like you the most.
• The primary emotion for sales success is enthusiasm, which accounts for 50% of your sales skills. One of the best definitions of sales is "a transfer of enthusiasm." The best salespeople love their products or services and love the field of sales. Their enthusiasm is genuine.
• The highest-paid sales professionals in every field have committed to their goals. They write and rewrite their goals every day and continuously add new things to their lists.
• Many salespeople speak too loudly and too quickly because they are nervous, and silence makes them uncomfortable. They feel they must fill every moment with some clever comment and observation about their product or service. But they are mistaken. When you ask questions and advise the potential customer, make sure to leave moments of silence in the conversation. Allow the customer to reflect and digest what they are saying. Don't rush, stay calm and relaxed.
• Quality is not an argument. The only time you can use quality as an argument is when comparing your product, which is sold at a higher price, with another one that is sold at a lower price. Quality always comes after convenience and usefulness have been demonstrated.
• In some cases, one potential customer may be worth a hundred times more than another. The basic rule in sales is to always fish for whales, not minnows.
• The highest-paid sales professionals always have a planned presentation. It is twenty times more powerful than an impromptu presentation. Those who earn lower salaries simply say the first thing that comes to mind when meeting with clients.
• "Price before value is an obstacle to the sale." If you reveal the price too early, before the customer knows what is included in the amount, they will often worry about the cost rather than the benefits they will receive.
• When the potential customer finishes speaking, pause and wait for three to five seconds before responding. Allow silence in the conversation. Salespeople should be comfortable with silence. This is crucial for sales success. Most salespeople are a little impatient and sometimes nervous and anxious to make the sale. If you don't allow silence, which allows what is said to sink into their minds, they won't be able to process your sales message. At the end of the encounter, they will have nothing more to say than, "Let me think about it." And when they say that, you have likely lost the sale entirely.

Analyzing the Potential Client's Needs

• A fundamental aspect, one of the most significant in sales, on which the entire process depends, is your ability to accurately identify the needs of your potential client. Take as much time as necessary and ask as many questions as possible to discover exactly why this particular potential client needs to buy your product or service at this moment.
• Professional sales begin with a needs analysis. Until you have asked enough questions and listened carefully to enough answers, you won't be in a position to sell. The more the focus is on the customer, the greater the chances of making the sale.
• The best salespeople master the art of listening and let the customer do the talking. The more questions you ask and the more patiently and attentively you listen to the responses, the more the customer will open up and speak to you. In psychoanalysis, this is called a Freudian slip. It means that if you allow a person to freely talk about themselves, at some point, they will have a slip; they will say what they really think in that moment.
• The potential customer doesn't care about what your product is. They only care about what your product or service will do for them.
• The two main reasons people decide whether or not to buy are the desire to benefit and the fear of loss:
• The desire to benefit is related to the desire to improve, to achieve an improvement in certain conditions. Your first task is to help your potential customer understand how much better their life or work would be with your product compared to how it is now.
• The fear of loss refers to the fear of making a mistake in the purchase, getting stuck with something they don't want, don't need, can't use, or can't afford.
• Therefore, the best sales presentation demonstrates to the potential customer how much better off they will be if they buy and, at the same time, how much worse off they will be if they refuse to buy. To sell the maximum of your products or services, you must concentrate your time, attention, and energy on discovering exactly what will make this customer buy.
• Focus on selling that key point. Do whatever is necessary to convince the potential buyer that they will receive that decisive benefit to make the buying decision. Touch upon the point of greatest interest over and over again.
• How do you discover the point of greatest interest? Simply ask, especially when the potential customer hesitates or pulls back, "Mr./Ms. potential customer, if you were to ever buy this product/service, at any time in the future, why would you buy it at that moment?" Then maintain absolute silence.
• When you frame it as a theoretical question, often the potential customer will say, "Well, if I were ever to buy this product, I would have to be convinced of [key point of interest]."
• Sales experts distinguish between a "business victory" and a "personal victory". A business victory is what the company gains as a result of using your product or service. A personal victory is how the individual will personally benefit when your product or service is installed and working successfully. You need to know how to sell for both victories.
• In every sale, there is a key benefit that the customer is seeking, and you must find it; however, at the same time, there is a key objection for every sale, the main reason why the customer will hesitate or decide not to buy. It is absolutely essential that you discover this key objection and find a way to provide a satisfying response to the customer.

Maintain Their Attention

• Comment on what the potential customer has just said in your own words. Paraphrase their comments or questions. This is known as the "acid test" of listening. When you make comments about what the potential customer says, you demonstrate that you were truly paying attention.
• The best salespeople are active in the sales conversation. They don't just speak, but they move around, use their facial expressions, and gesture with their hands. They provide information to the potential customer and retrieve it. They ask them to calculate figures and percentages.
• If all you do is talk, it will be very difficult for the potential customer to pay attention or remember anything you say. Use images, graphics, illustrations, and even numerical comparisons to reinforce and facilitate the understanding of key points.
• The most effective way to present the product or service is to take each of the important data points you need to communicate and rephrase it in the form of a question. Instead of saying, "This costs $295 per person," say, "Do you have any idea how much something like this normally costs per person?" Once you have framed it as a question, you will have the full attention of the potential customer when you answer.
• Some of the most popular trial closing questions you can ask are: "So far, does it make sense to you?"; "Is this what you have in mind?"; "Do you like what I have shown you so far?"; "Would this be an improvement to your current situation?"; "Are we on track so far?"; if they answer no, "No problem, this machine has many other features that I think you will really like." Then you continue with your presentation.
• Inexperienced salespeople, caught up in nerves, present all the features or benefits, one after another, without pausing or taking the time to evaluate the customer's reaction. At the end of the presentation, the customer will be overwhelmed and have no choice but to say, "Let me see it, let me think about it."
• Your job is to create as many exciting images of the customer benefiting from what you sell as possible.

Money

• Money is a highly relevant aspect; whenever you can link your product or service to the fact that the customer will save or make money, you will have their full attention. Whatever you sell, describe it in terms of how it will increase income or reduce costs, or both possibilities.
• The customer will only decide to buy when they believe that the value they receive is much greater than the price they have to pay. Always focus on offering more value rather than the lowest price.

3. Discover Your Company's Unique Selling Proposition

An excellent way to discover your unique selling proposition is to consult with clients you have already worked with. Make a list of your last 10 clients, call each one on the phone, and let them know that you are conducting a market study to improve your services. Then ask the question, "You could have purchased this product or service from another company, but you chose to buy from us instead. Could you tell me exactly why you decided to buy from us instead of someone else?" Stay completely silent, let them think, and don't interrupt.

Whatever the response is, write it down. From that day forward, whenever you meet a new client, make sure to tell them, "Most of our best clients say that the reason they decided to buy from us was [key point of interest]. Is this important to you?"

Taking advantage of this, you can ask additional improvement questions:

• "Why did you decide to buy from us instead of buying from someone else?"; "What specific benefit or value do you believe our product provides?"; "How could we improve it in the future for you?"; "What kind of customer do you think would benefit the most from our product?"; "Is there anything in particular that our product [or service] does that you didn't expect when you bought it?"

If you want to get deep into how to make a value proposition of your company, we recommend to look our blog post: Attract your ideal clients by Building a Unique Value Proposition.

Key Questions to Have Clear

The following questions about your product or service are crucial to have clarity on before meeting any potential client:

• What are the five to ten most appealing features of your product?
• Do you know the most appealing features of your product? List them in order of importance. Then determine the following:
• Why would someone buy your product in the first place?
• Why would someone buy your product from your company?
• Why would someone buy the product from you?
• What specific needs of your potential customer does your product fulfill?
• What does your company offer that others don't?
• What is your "unique selling proposition"?
• What is the area of excellence of your company or product?
• In what ways is your company, product, or service superior to anything else available on the market?
• What special benefits does your product offer to customers that can't be found anywhere else?
• Which customers can benefit much more from what you do better than anyone else? Who are they? Where can you find more of these ideal individuals or organizations for your product? If you had to post an ad looking for "perfect customers," how would you describe them?
• Which customers or markets could potentially buy large quantities of what you sell? Where are they, and how can you approach them?
• The competitive advantage of your product or service should be so clear to you that if someone woke you up at 3 a.m., shook you, and asked, "Why is your product better than anyone else's?" you should be able to answer that question even while deeply asleep.

4. Opening and Closing Techniques

Opening

• A better approach is to introduce yourself and then ask, "I need about two minutes of your time. Is it a good time to talk?"
• A strong opening, with a question that focuses on the result or benefit of your product, can almost lead to closing the sale. A strong opening eliminates the customer's concerns, makes them fully alert, and captures their entire attention. They are instantly willing to listen to you.
• Example of the salesperson who carried the glass to demonstrate that it doesn't break when struck with a hammer
• Your opening words should trigger the response: "Really? How do you do that?" For example, "I can provide you with unbreakable glass." "Really? How do you do that?" Your statement should immediately capture their full attention.
• The first fifteen to twenty-five words that come out of your mouth determine the tone for the rest of the conversation.
• It is advisable to plan your opening statement or question word by word, rehearse it in front of a mirror over and over again, and memorize it. Only then should you go out and deliver it to a real potential customer.
• My first question was for the receptionist: "Who is the person in charge of sales and sales training in the organization?" "Mr. Brown, our sales manager." "Could I speak with him, please?" The receptionist would connect me. When they answered, I would say, "Mr. Brown, my name is Brian Tracy. I work at the Institute for Executive Development. I was wondering if you would be interested in a proven method that could increase your sales by 20 to 30 percent in the next twelve months."
• At least initially, the potential customer wants to ensure that your visit will be brief.
• The potential customer wants to be sure that, if they meet with you, they won't be under any obligation. This is why you say, "I have something to show you, and you can judge for yourself."
• Never expect people to call you back, no matter how honest or intelligent they sound. As a salesperson, you must always take the initiative until you secure the first face-to-face appointment.
• No one buys a product or service while standing up. Refuse to sell that way.
• "A person will not buy from you until they are convinced that you are their friend and that you act in their best interest."
• When you look like a complete professional, well-dressed and well-groomed, and your sales presentation is organized, effective, and impactful, the customer unconsciously senses that you are selling a valuable product that is worth

every penny you charge for it.

• Then explain, "All I want to do during our time together is to explain some of the reasons why so many other people have bought this product and continue to buy it. 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 or not, and then tell me, at the end of our conversation, whether the product makes sense to you or not. Does that seem fair to you?"
• Then add, "And based on what you've told me, it seems like this is ideal for you right now, unless there's something else I don't understand." This forces the potential customer to tell you the reason they have doubts or objections.

Closing

• Here are two good questions to ask a hesitant potential customer: "What would need to happen for you to move forward with this offer?" "What would you need to be convinced of in order to buy this product or service?" Often, the answers you get will give you the key to closing the sale.
• When you say that your product is excellent and a good choice for the potential customer, they dismiss your words instantly because, after all, you're a salesperson. People love testimonials.
• The demonstration close starts with a strong question that points to the main result or benefit the customer will enjoy when they buy your product and, simultaneously, qualifies the potential customer.
• "Mr./Ms. potential customer, if I could show you the best investment available in the current market, would you be able to invest five thousand dollars immediately?"
• This question completely changes the nature of the conversation. It's no longer "Will you listen to me?" but rather "How much are you capable of investing if I can fulfill the promise in my opening question?"
• Let's say the potential customer says, "I don't think I have five thousand dollars." Then you can ask, "Well, could you invest three thousand if it were the best investment you've ever heard of?"
• If you sell life insurance, for example, you could ask, "Mr./Ms. potential customer, if I could show you the most comprehensive insurance policy available to protect you, your family, and your home, possibly at the lowest price in the current market, would you be able to make a decision right now?"
• If the potential customer says, "Well, that sounds great; let me think about it," you can immediately respond by saying, "Mr./Ms. potential customer, right now you already know everything you will ever know about this product. Based on what you've told me, it seems like a very good option for you. Take it without further delay."
• But if you give them the opportunity to walk away and "think about it," they are likely to forget why they were ever attracted to your product or service in the first place.
• After making my presentation, when the potential customer would say, "Well, let me think about it," I would say, "I'm sorry, I don't make follow-up calls."
• Never assume that you understood what the potential customer just said. Instead, pause and then ask, "What do you mean?"
• Whatever the potential customer says or whatever their objection is, you can always follow up with the question, "What do you mean?" "It's too expensive." "What do you mean?" "We can't afford it." "What do you mean?" "We're satisfied with our current supplier." "What do you mean?" "It's not within our budget." "What do you mean?"
• Every time you ask, "What do you mean?" the potential customer will elaborate on what they just said. They will provide more details. And each explanation increases the chances that they will tell you what you need to know to help them make a purchasing decision.
• Use closed-ended questions to bring the conversation to a close. These are questions that can only be answered with a yes or no. Closed-ended questions always begin with verbs like "is," "are," and other present tense verbs. "Are you ready to make a decision today?" "Is that what you're looking for?" "Do you want to start immediately?"

5. Types of Customers

In sales, the big problem is that we all tend to see the world through our own eyes. So, we often treat everyone else as if they were just like us. If you are a socializer, you will treat all people as if they were socializers. If you are a driver-type salesperson, you will be straightforward, get to the point, and expect people to make quick decisions once you've given them good reasons to buy.

Flexible Personality. To succeed in sales, you should strive to have a flexible personality. This requires taking a moment to evaluate the type of potential customer you are speaking with and adjusting your personality accordingly.

Sales Pitch Depending on the Profile

• Different Profiles:
• If you're talking to someone in charge of administration, they will be interested in cost-cutting.
• If you're talking to someone in marketing or sales, they will be interested in increasing sales and resulting revenue.
• If you're talking to the owner of the company, they want to improve the bottom line.
• You should always talk about your product or service based on what the customer wants, not based on what you sell.
• Ask questions about what the person does and the results they are responsible for. What are the key performance indicators of their job? Why do they get paid? What results are expected from them for the company? How are they evaluated by their superiors? These are key questions you should ask yourself and discover the answers to.

There are several types of buyers:

• Apathetic: 5%, always pessimistic, cynical, depressed, or uninterested. They won't buy even if you give it to them for free.
• Informed: the opposite of apathetic, knows what they want, the benefits, features they are looking for, and the price they are willing to pay. If you have what they're looking for, they'll take it. They are positive and pleasant. They are also rare, but they exist. When you encounter them, sell them exactly what they want, no more, and don't change specifications.
• Analytical: 25%, reserved, task-oriented, not very outgoing, pays attention to details, asks questions about exact numbers, specific details, specifications of what you're selling. Be quicker and more precise, avoid generalizations. They don't make hasty decisions. They are slow to decide, they want to make the right decision. There's no point in trying to rush these people.
• Relational: 25%, tends to be reserved, not overly expressive. You have to go slowly and relax to get along with them. They care about people. They strive to create harmony and happiness among the people around them.
• Driver: task-oriented. Their personality profile is that of a director, direct, impatient, and to the point. They are efficient and practical. Their main interest is to get results. Get straight to the point, a driver buyer doesn't like small talk and has no interest in establishing a warm relationship with the seller. They are concerned and busy with their tasks, and you are interrupting them. Your presentation should be quick, quickly get to the end products, and focus on the specific results and benefits they will enjoy if they buy from you.
• Socializers: sociable and outgoing. Here you can talk about personal topics to gain their trust.

6. Final Tips

• Don't be indecisive or vague. Decide exactly what you want in life. Set it as a goal and then determine what price you will have to pay to achieve it. Most people never do this.
• Your mind can appreciate in value. Read, listen to audio programs, attend seminars and courses, and never forget that you will never have a more valuable asset than your mind.
• A good question often asked in the time management field is:
• "What can I, and only I, do that if done well, will make a real difference?"
• Sometimes you hear people say, "When I'm at work, I do my job. But when I leave, I don't think about it anymore." This kind of person has a limited future in whatever they're doing. A person who doesn't think about their work when they're away from it is someone who is not suited for that type of work. If you engage in the right activity for you, your work and personal life will be intertwined, and only a thin dividing line will separate them.
• Finally, and perhaps most importantly of all, commit to working hard.
• 85 percent of self-made millionaires in the United States— an astonishing percentage—admitted that they were not smarter or more talented than others but that they worked "much harder" than anyone else, for much longer.
• When you start your workday, commit to "work every minute." Don't waste time. Keep moving forward. Move fast. Develop a sense of urgency, a bias for action.
• In your sales career, especially in the beginning, you must work at maximum capacity, with 100 percent of your energy, to free yourself from the gravity of the Earth and escape the burden of mediocrity. But once you reach cruising altitude and belong to the top 10 percent of earners in your field, you can release the accelerator, spend more time with your family and friends, and still maintain high income and excellent results.

Disclaimer: This book summary of "The Psychology of Selling" is for informational purposes only and should not be considered as a substitute for reading the actual book. The summary reflects our interpretation of the content and may not encompass all the details and complexities of the original work. It is not intended to provide legal, professional, or financial advice. Readers are advised to consult the original book for a comprehensive understanding.

URL of the book on Amazon.

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