By Jeff Shore
Psychology of Purchase
I hope you are as inspired by Valerie Downing as I am. Valerie is a sales professional in Edmonton, Alberta who takes her own development very seriously.

How much so? I offer below the unedited takeaways from just one of my podcast’s. Valerie listened to The Buyer’s Mind as I interviewed Kit Yarrow, Phd on the psychology of pricing. She emailed her boss the following notes. Enjoy!
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– Purchasing is an emotional decision, very little of it is logical.

– We purchase to elevate our present emotional state.

– We do not want to be taken advantage of and want mental shortcuts if possible.

– We want ease, no hassle in making the purchase.  (Ease is right)

– Across the world, the same principle applies.  The price should be “fair”.  Lowering prices creates mistrust and devalues the product.

– Kit’s study proved people “enjoy” the product more if it isn’t a bargain.

– People don’t really understand what is a good price for any product.

– They need symbolic cues to validate their purchase decision.

– More than anything, they need trust.  Trust in the product and the sales person.

– Jeff added here that like-ability (of the salesperson) is still one of the most key influencers.

– Price is an enabler but is not an influencer in the way we might expect it to be.

– People are trying to satisfy a psychological need with our purchase experience?  (Because, over the last many years, there has been a huge erosion of trust in the world)

– People need proof or validation to help them purchase.  She says people want us to protect them from themselves.  (Do not go down Bargain Road- It will do the opposite.)

Point to remember:

– Avoid giving exact prices until they have had time to look at the product and talk about how it works for them.  Gently postpone that conversation.  Give a range and start talking about what they need.

As a sales professional it is easy to fall into the discount mentality hoping that a better price will win the sale.  But price doesn’t determine the sale, there are many other factors that do.

You can listen to my interview with Kit Yarrow, or any of the other incredible professionals I’ve interviewed, by checking out my podcast The Buyer’s Mind.  For more information click here.

The Buyer's Mind with Jeff Shore