Sales : Using the Law of Expectancy
If you've ever been on a sales call and felt like you were talking to a brick wall, it may not be your fault. Believe it or not, there are certain laws of psychology that may apply to this situation!
The law of expectancy states that "individuals tend to have an expectation about the outcome of their actions and take action in accordance with this expectation". In other words, we feel like what we're doing will work out well because we anticipate it working out well. On the other hand, if someone is feeling pessimistic about a situation (i.e., they don't think they will be able to sell anything) it's because they expect themselves to fail.
So how can salespeople leverage this fact to their advantage? By assuming that their prospects expect to be successful and then behaving accordingly. If a customer expects that the product they're getting will be of high quality, they are more likely to purchase it. If they expect that they'll have to work hard to get results, they are also more likely ...because of their expectation.
Let's look at an example: Sally is a real estate agent who is selling a house in her town. The property has been on the market for several months and Sally has been unable to close a sale with anyone. Sally notices that all of her potential buyers seem to be neighbors of the property. She decides to perform a little experiment with one of the neighbors. She asks him if he's happy with his current home and he responds that he is. Sally then asks him if he would be interested in taking a look at her listing. He agrees and Sally sets up a formal appointment for him to view the house, which she does with much fanfare.
The first thing that happens when the prospective buyer arrives is that Sally informs him that she has only one other open house on the block! This seems to imply to him that she really wants to sell this house and that it's going fast. If she didn't have one of the other open houses, she would have never mentioned it to him.
Now, let's say that the customer takes a look at the house and decides he is not interested in it. In fact, he doesn't even want to show it to his wife! What would you think Sally did next? She would probably get upset and feel as if her best efforts had been wasted. Yet, she wouldn't be wrong! Her actions are a direct result of her expectation. If she thought that this was a "for sale" sign out front of one of the most desirable properties in town, she'd probably feel devastated about losing this sale but not necessarily wrong about her actions.
Now, let's say that the customer really liked the house and decided to put in an offer for it. What do you think his next step would be? He'd probably ask Sally to sell him some life insurance! It seems as if this is exactly what he is going to do because he has walked into Sally's office and asked her to help him with the paperwork. Not only that, but he has told her that his wife does not like moving! This means one thing: The customer expects the sale of this house will be hard work for Sally and he wants her well taken care of!
This example clearly shows how our expectations can influence our actions. By seeing the listing as her best shot, Sally has chosen to close this sale in spite of it being a difficult one. This occurred because of her assumption that she'd be able to make a sale!
Of course, there are more than just the circumstances to take into consideration when using the law of expectancy. There are also other factors that can influence our actions. One example is our emotions. A customer may feel pressured or overcharged by another salesperson and want revenge by not purchasing something from them. The owner may also feel that this sale is personal in nature and decide not to do business with a potential customer because of their gender, or race, etc.
While we can't change the fact that other salespeople are more aggressive, we can change our emotional response to these situations. Instead of getting upset about someone else's tactics, our goal should be to remain positive and keep focusing on who we can reach. If a customer doesn't want to talk to us, there is always another potential customer out there!
Overall, it is important that you realize that your actions are a direct result of your expectations! Your customers also bring their own expectations with them when they walk in your door. The more you realize this and adjust your actions in accordance with it, the better your sales skills will become!
Source: http://www.sales-training-guru.com/using-law-of-expectancy.html
Catalog ID: 9908082
Date: 3/28/14 4:34 PM
Posted by Sales : Using the Law of Expectancy. You can read more articles from this topic: http://www.sales-training-guru.com/blog_category.asp?oid=6&category=6
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Conclusion
The relationship between the law of expectancy and sales is a very strong one. When you are able to see your customer through clear eyes, you will be able to reach them more often and come out with a win in your pocket. However, there are more variables than just the law of expectancy that can influence your success. If you take the time to learn about all of these variables and what they mean for your customer, then you will have an even better chance at making sales consistently!
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