Episodes
Tuesday Mar 10, 2020
HTSS81 - Objections in sales and the Gamblers fallacy - Scott Sylvan Bell
Tuesday Mar 10, 2020
Tuesday Mar 10, 2020
Objections in sales and the Gamblers Fallacy Problem
When it comes to buyers making decision and giving you objections you may be dealing with a Gamblers fallacy or another version of it. The Gamblers Fallacy is where someone makes there decisions based upon erroneous information. The information used is biased because of previous outcomes that are not standard.
A Gamblers Fallacy does have implications on decision making and or objections. Your buyer may decide to make poor decisions and then defend them even in the face of good information. They could have made a purchase with bad products and services and even leave good reviews. There is a certain level of justification even with poor quality or service. The buyer has to protect their decision. This is a combination of gamblers fallacy and a form of protection for the buyer.
The buyer may use catch phrases is something like:
- We spent so much to get here it would be shame to waste the money
- Things will get better, I know they will
- I just have to get the most out of the situation
- I don’t want to lose what I have already done
A company or person could keep bad employees of every type, bad consultants, services or even products. There is the fear that if the wrong decision is made they will look bad or that their ego is pressed enough that they are overpowered with certainty.
Some of this is logical, some of it is emotional and some of it is egotistical. People do buy on emotions and then they justify with logic.
Your buyer may do a few things in order to go with a bad decision or a bad purchase:
- They may make bad decision based upon the risks they have taken with good outcomes. They have not been “bit” by the bad decision they have made so they keep rolling the dice sort of speak. There is a danger out there but they believe they are immune to the outcome and it will not hit them. There is an element of being overconfident, naïve as well as unrealistic.
- They may put more money into a bad situation and keep less than desirable results. This action is to protect decisions they have made through more investments. There is an element of saving face, trying to protect an investment and even stubbornness.
How does this deal with objections and gamblers fallacy
As a salesperson you don’t always have the information on the interactions and experiences that the buyer has had previous. You do have to spend more time asking good questions in the discovery phase with your buyer. You cant sound like every other salesperson that they have met. You will need to think through what you are asking to get to the right information.
As salespeople you may look at what we have to offer as the best solution and on paper it can be for the buyer they may have something they need to protect. Sometimes bad relationships will show up and the buyer doesn’t seem to care, they have to defend their decision
Sometimes when you deliver what you have they will find a problem with it to defend their position. This is a case of reverse rejection where they get angry with you because they know there is an issue or problem.
Some ways to overcome gamblers fallacy and objections
First off you do this in your own life and so recognize it when you do it. You may have to be blunt with the person you are meeting with. When you go this route you will want to watch your patience and your vocal pitch and tone. Know that even with empirical proof they may go the other way
You may have to get them to talk about their outcomes they want and what happens if they do or do not take action. This does not mean that they will follow through.
There may be a point where you decide to not work with the person if they are too delusional about what is going on.
Scott Sylvan Bell
@Scottsbell
#sales #closer #success #Podcast #Howtosellshow #Sacramento
This episode was recorded in Sacramento California
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