September 16, 2024

Sales psychology is a powerful tool that can significantly enhance your ability to close deals, particularly in high-stakes transactions. It leverages psychological triggers like scarcity, urgency, and FOMO (fear of missing out). A recent study found that FOMO plays a big role, with 37.6% of fans’ impulse buying of show tickets being influenced by it. This shows how important FOMO can be in driving quick purchases, making it a key tactic for successful sales strategies. Psychological Techniques to Increase Deal Size Using sales psychology to increase deal size can be a game-changer, mainly when working with high-value deals. One of the most effective techniques is anchoring, a cognitive bias where the first piece of information provided is often the price. In sales, anchoring is robust because it influences how buyers perceive the value of your product. For example, setting a high initial price can make subsequent offers seem more reasonable, even if the final number is still above the buyer’s initial expectations. How Anchoring Boosts Deal Size Anchoring helps sellers control the negotiation by making the first move. Research has shown that the party making the first offer tends to have an advantage. When you set a higher anchor, you frame the product or service’s value to make it harder for buyers to negotiate. For example, in a high-ticket sale, you might introduce a high-end package or an expensive feature set first, setting the anchor at a premium level. As the conversation progresses, even if the buyer negotiates, they are