Think Like a Sales Pro – 8 Biases Holding You Back | Selling Made Simple

In a perfect world, we would all make decisions based on logic alone. But the science tells us that the majority of our choices are influenced by biases—automatic modes of thinking we don’t even realize are controlling us. Better understanding these 8 cognitive biases lets sales reps like you get in the heads of your buyers, subtly influence leads, and secure your sales success. 1. Anchoring Bias The first cognitive bias is called the anchoring bias. When making decisions, humans rely more heavily on the first lot of information they receive over any subsequent lots of information that come their way. The issue is, the first lot of information isn't always the most reliable. For example, say I'm selling a product and I tell you it's worth $20,000 a month. Then two days later I come to you with a credible story that I can now offer it to you for the low, low price of $10,000 a month. Seems like a complete bargain, right? This is because your judgment on what pricing is fair is based on the initial information that you received. This is an example of how “anchoring” is used as a tool of influence. Many organizations sell their products by anchoring a fictitious price that the product never actually sells for. Then they pitch the lower price afterward to secure a deal. This can also be used more subtly too. For example, if I ask you whether the tallest building on the planet was more or less than a thousand feet high, I've already anchored this number in your brain which can skew your response. So if you were thinking of a number between 800-1300 ft, then my question that mentioned 1,000 feet specifically skewed your answer. As it turns out, the world’s tallest building is in Dubai and is 2700 feet tall! See how that works? 2. Availability Bias The availability bias is when people overestimate the importance of the information they've already accepted. And that causes them to ignore other information that might contradict what they think they already know. A good example here is that a lot of people in the Western world consider terrorism a very real threat to their safety. Why? Because terrorism is screamed in our faces every single day through newspapers, TV shows, and of course Youtube videos. So most people assume because of the availability bias that you have a real chance of being killed by terrorists, and something needs to be done about it… The reality is, you're more likely to die from a coconut falling on your head or being struck by lightning than being attacked by a terrorist. Yet most people don't worry about these things. If you live in America, you're 130x times more likely to be killed by a police officer, the people who are there to keep you safe from terrorists, than die from a terrorist attack. How crazy is that? This cognitive bias works because most people do not make decisions based on facts; they make them based on stories as stories sink into our brains easier. This is an essential cognitive bias to remember when you're selling. The lesson here is you should blend facts about features and benefits with customer success stories. That’ll leave an impression on your potential customer's mind that will be hard for a competitor to change. 3. Bandwagon Bias See, people tend to believe what other people think. People like to be a part of the crowd rather than nervously looking on as they make a decision that doesn’t fall in line with everyone else. And in sales, you can really use that to your advantage. If you position yourself as either the industry-standard product or the hot new start-up service or service that everyone is flocking towards, you're instantly given an incredible amount of credibility. If everyone is using your product, it must be the best right? That’s how the potential customer will see it anyway. All because of the bandwagon bias.