June 25, 2021

What Is Selling Formulas & Why To Use It?

Do you ever wonder how some brands seem to always be on top of their game? How they always know what their audience is thinking and feeling, and can react accordingly? How they dominate the market with ease and make selling look effortless. Well, if this sounds like your brand or business, then we have good news for you: there is a formula for that! In today's blog post we will explore what selling formulas are, why marketers use them so frequently, and how you too can implement them into your marketing plan. Let's get started!

We can define sales malpractice as inexcusable deviations from the proper professional standards of performance applied to selling. The term has also been defined as "the profession's dirty little secret" which is, profitably selling products that are not necessary or useful to customers. This can be sorted using certain sales formulas. Before that lets first ponder upon why do companies face the issue of sales malpractice!

Why Do We Suffer from Sales Malpractice? 

Sales people often suffer high turnover rates because their industry does not embrace quality over quantity when it comes to hiring new talent. People who survive in this field are constantly looking for ways to sell more by using traditional, sometimes outdated techniques. They fall victim to what psychologists define as "mental heuristics". Heuristics are basically shortcuts our brain takes so it can process information faster and easier. Our brains are always looking for ways to manage information efficiently. This is why heuristics are powerful, but also dangerous because they can cause you to take shortcuts that may not be in your best interest. Now, let us see how this problem can be effectively sorted out by using the Selling Formula!

The Selling Formula: How You Can Overcome Sales Malpractice? 

According to Psychology Today, the only way we can overcome mental heuristics is by learning how our brains process information and changing our behavior accordingly. That is exactly what this formula does. It will help you understand the psychology of selling so you can put it into practice and start seeing results immediately. If you connect prospects' wants with their needs, you will get them excited about something new which will help them see all the problems your product or service solves for them, according to Dr. Robert Cialdini. 

Let's say a customer tells us they are concerned about your product being too difficult to use or confusing to implement properly. As they don't have the right IT staff on hand to set it up correctly. We might respond by asking them, "What challenges does that create for you?" The customer responds, "It means that my IT people are spending too much time trying to get this company-wide initiative up and running. This is taking focus away from what they usually do." Then we would ask;

1. What's your biggest challenge with . . . ?

2. How would this impact. . . ?

3. What problems is that creating for you? 

4. And what results are you looking for? 

5. What have you tried so far? 

6. Who else has this problem? 

How You Can Effectively Connect With Prospects Through Your Questions? 

When you ask people questions, they feel engaged. This helps them feel more comfortable with you and that builds rapport which makes them like you more. Your goal is ultimately to create a connection that will lead to trust, comfort and openness. When prospects open up to you about their challenges, it is much easier for you to connect with them because instead of spending your time trying to figure out what the problem is, they have already told you! You can then use this information to sell intelligently by asking smarter questions. 

Key Takeaways on the Selling Formula 

1. You must connect prospects' wants with their needs.

2. The six most effective questions directly relate to a prospect's biggest challenges so don't ask about anything else.

3. Connecting automatically builds rapport and makes prospects more comfortable which helps you create a meaningful connection that ultimately leads to trust, comfort and openness.

4. Once you have identified your prospect's biggest business challenge, let them know that you understand their pain by asking, "Can I help?" 

5. If prospects have an issue with your product or service's ease of use, you can ask the feature-benefit question series to understand how they are impacted by it. You can then focus your pitch on overcoming this roadblock so they begin seeing the value in why the process may have been complicated in the past. 

6. The most important takeaway is that there's no need for you to work in a vacuum when selling. By learning how to communicate better with people, you will dramatically improve your closing rate and build rapport which will keep customers coming back for more! 

In Conclusion

To conclude, sales formulas can be a very useful tool which only “you” - the salesperson have control over. Paying attention to the psychological hacks that salespeople use will help you avoid falling into the same trap. However, relying on them too much might cause your business to suffer. The best way to beat these sales malpractices is by staying ahead of the game and learning how they work so you can protect yourself. Stay safe out there, salespeople!

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Spencer Farber

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