Psychological Factors that are Important to Boost your Sales

Psychological Factors that are Important to Boost your Sales

How are Sales & Psychology Related?

The study of sales psychology examines how a customer’s or prospect’s mental condition may affect their purchasing behaviour. After all, when one is selling, they have to know what entices a customer and where their convincing power lie.

You can read your client more effectively if you are familiar with some basic psychological hints, methods, and hacks. You have a better chance of winning the client’s business if you understand their psychology better. Since every single one of your consumers is unique, you can’t always sell a product or a service using a one-size-fits-all strategy. Different forms of attention are needed for different personality types.

Here are some factors that one may include in their pitch or presentation while selling their product or service to the client.

1. Social Credibility

The most important factor that you, your product or your brand need to have is social proof or credibility. People tend to go for a thing that other people have already tried and tested. This gives them the confidence that their investment would be worth and that someone else has given them unbiased feedback.

However, with time a lot of brands have figured out how to get fake testimonials or reviews which has made it of utmost importance that your brand image is good and recommendable. A company should have enough proof to back that its organic image is unique and not questionable. 

2. Effective Storytelling

Psychological Factors that are Important to Boost your Sales

Everyone loves a compelling story, and enough has been said about this in the past. Brands that are old and sell more are those brands whose story has aged well. For example, Apple, Nike, Microsoft, and many other companies started in a garage with a vision and grew eventually.

Storytelling is engaging, relatable, purposeful and gives the company a significant reason for its existence. Practising and narrating the story is important, as metaphors further give meaning to the tailored product or service that you’re offering.

3. Be a Friend first, Salesperson second

Instead of displaying a variety of metrics, focus on their feelings. Expressive personalities are also interested in your opinions. This calls for you to exercise the greatest degree of empathy and attempt to empathise on a personal level with this group.

Just like a friend, you listen to the client. Don’t directly try to oversell because more sales are made with contacts and friendships than salesmanship. Build a healthy relationship, understand requirements and then sell what you’re offering.

4. Reciprocity

The rule of reciprocity states that people would give something if they’ve received something. Setting up a free demo of your product or service will give your consumer a hands-on experience of your product. Trial closing refers to offering free modules, sample videos, free gifts or a discount on a new product.

It could also be a subtle way of testing the waters, and getting feedback, and could also promote repetitive sales. A small gesture can go a long way in retaining a customer, but this rule only works when generosity is there and nothing is expected in return.

5. Fear of Missing Out (FOMO)

Psychological Factors that are Important to Boost your Sales

Using phrases like “Limited seats left”, “applications ending soon”, and “early bird offer only” creates a sense of urgency and curiosity in the customer, and they’d be more likely to try the product or service you’re offering.

This factor works because a salesperson uses the threats of scarcity to his/her advantage. There’s a famous saying “The heart wants what it can’t save” and it makes sense as this tactic sparks a deeper desire in the person that there wouldn’t be enough quantities of the product available.

6. Fewer Options, More Clarity

Providing too many options at once to your client makes it harder for them to land on a decision. Choosing the product based on the needs of the client would help them relate more. If the same is conveyed on call or email, the client will surely believe that you have put in enough research behind them.

Also, by giving options, your prospect is more likely to shop around as they would like to research more options themselves. Choice overload only leaves people unsatisfied. Just like in a restaurant, many choices may confuse someone, and they’d get a suggestion from the chef.

Egniol Group of Companies is based in India with the vision of revolutionizing Indian Startups and MSMEs. With a workforce of over 280 employees, we aim to cater to our clients in the best way possible. 

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