How To Lead Sales Conversations That Are Win-Win

Leading sales conversations begins by understanding that sales prospects may have risk aversion and loss aversion. Creating gains and financial value for your prospects is a key factor. During your sales conversations overcome and flesh out a prospect’s current biases so they can be addressed. This makes it so that everyone comes away from the sales conversation being heard.

In most cases, when the sales conversation ends well the deal will close. However, not all sales processes have a single conversation sales method. Some sales professionals will need to meet with their buyer prospects 1-3 times during the sales process.

So how do we close the deal while overcoming risk aversion and loss aversion? It all starts by measuring the value that you as the salesperson can provide and helping the prospect realize that value.

Selling To Overcome Loss Aversion

The same goes for selling a company service. Think about an air conditioning company or an information product sales business that offers education products and coaching. In both business models loss aversion exists for the prospects. Impressions are made as a company. The same holds true in a sales conversation & presentation that a sales pro makes for a prospective buyer of your: product, service, offer, etc. In order to lead successful sales conversations, we must first show the value we bring to the table.

Measuring Value In Your Sales Conversations

Both the sales representatives, and people interacting with the prospects are either creating or taking away value in every instance. Ideally you want to always be utilizing sales processes that add value and remove pain, solve a problem or provide a solution for your sales prospects.

Solving problems effectively and efficiently is one of the most powerful ways to add value in any sales meeting or sales call. Especially when both parties come to an agreement at each milestone-point in the sales conversation process. This is where someone once having a cognitive bias that could have been holding them back from buying can potentially begin to see things in a new way. Explained and shown or demonstrated visually & verbally by the sales professional during a sales meeting, pitch, consultation or sales presentation.

FlowChat Sales Training Tip: Adding value is easy when leading your sales conversations with buyer prospects. Start by understanding the market, and the needs of your buyer prospect, ask about their product or service, and tell them how you can help only after you have added value and provided some clarity. Be a good listener and ask the correct questions as the opportunities present themselves during your prospecting and sales conversations. Always give and add  your value to the conversation sandwich. Being genuine first, seeking to help without expecting anything in return.

Measuring value starts with this equation:

Gain = value + cost

Now that we can measure and assess the gains and the values we can provide in any given sales conversation. Let’s discuss cognitive biases and the role they play in sales and in your sales conversations.

What is a Cognitive Bias?

A cognitive bias is a systematic thought process caused by the tendency of the human brain to simplify information instinctively processing a decision or reaction through a filter of personal experience and preferences.

Leading sales conversations can be a challenge if you do not have a good feel for the room and you lack an understanding for asking the right questions. However, when we do key in on asking the right questions at the right time.  You can begin to identify the cognitive biases that may exist in the mind of your sales prospect or customer. Even after the deal has closed and you have new and old customers working with your business. Customers may still have cognitive biases. Which can continue to play a role in their future decision making and collective negotiations happening between you (the salesperson) and your client.

Understanding the Loss Aversion Bias

Understand that loss aversion is the psychological tendency for avoiding potential loss. When it seems there is risk to lose more than can potentially be gained.

Here are 7 examples of situations where it can be easy to recognize if a person may be experiencing tendencies of loss aversion:

1. A person who is hesitant to invest in something because they are afraid of losing money.
2. A person who avoids taking risks, even if it means missing out on potential opportunities, because they are afraid of failing.
3. A person who is unwilling to try new things because, they are afraid of making mistakes or failing.
4. A person who is reluctant to change their routine or habits, even if it means missing out on potential benefits, because they are afraid of the unknown.
5. Someone in sales that avoids prospecting because they don’t have the right social media prospecting tool
6. A person who is hesitant to end a relationship, even if it is unhappy or unhealthy, because they are afraid of being alone.
7. A person who is hesitant to make the next sales call because they are afraid of rejection.

FlowChat Sales Training Conversation Recap

Overall, loss aversion can lead people to make choices that are not in their best interests. Sometimes prospective buyers are too focused on avoiding negative outcomes rather than seeking out positive ones. Congratulations! Now you know exactly how to lead sales conversations and overcome loss aversion & risk aversion on any sales call.

How can this apply to your sales meetings and conversations with prospects? Let us know in the comments below.

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