David Hoffeld’s The Science of Selling, shows salespeople how to align their sales strategy with how the human brain naturally forms buying decisions, dramatically increasing their ability to earn more sales. Join us, Thursday, November 17, 2016 at 2:00pm PST, when we collaborate to bring you a web event based on David’s cutting-edge book, The Science of Selling: Proven Strategies to Make Your Pitch, Influence Decisions, and Close the Deal. Register and enjoy a replay even if you can’t attend this complimentary web event. In the mean time, enjoy this excerpt from David’s book, explaining why in sales, one option is not an option.
Single-Option Aversion
by David Hoffeld
Does the number of product options presented impact whether or not a purchase will be made? This was the question that behavioral scientist Daniel Mochon sought to answer. His research, which was published in the Journal of Consumer Research, determined that the number of product options did heavily influence buying behaviors.
In one of his experiments, consumers were asked to purchase a DVD player. When a single DVD player was shown, only 10 percent purchased. However, when two different brands were shown sales skyrocketed, as an impressive 34 percent agreed to purchase the original DVD player, while 32 percent agreed to purchase the second DVD player. In total, a whopping 66 percent of shoppers agreed to purchase at least one of the DVD players when two options were shown.
When buyers are presented with only a single product or service, they rarely feel confident enough to make a positive buying decision and will want to look at alternatives. The reason is because of single-option aversion. This heuristic causes the brain to assign more risk to a decision when there is only one option in a choice set. Without something similar to compare a product or service to, the brain struggles to identify value and the decision-making process will often stall.
On the other hand, when the brain is shown competing alternatives, it will automatically assess each and select the best. This evaluation drastically reduces the perception of risk and the fear of making a poor decision. When presenting your products or services, always give buyers a few options. Doing so will make it easier for their brains to arrive at a decision.
David Hoffeld, Science-Based Sales Trainer & Author of The Science of Selling
David Hoffeld is the author of the acclaimed book The Science of Selling and the CEO and chief sales trainer at the research-based sales and consulting firm, Hoffeld Group. He is a sales and leadership contributor to Fast Company and has been featured in Fortune, U.S. News and World Report, The Wall Street Journal, Harvard Business Review, CBS Radio and Fox News Radio. To learn more about his science-backed sales strategies visit: www.HoffeldGroup.com
Thank you David!
Join David Hoffeld and Patricia Fripp, Thursday, November 17, 2016 at 2:00pm PST, when they collaborate to bring you a web event based on David’s cutting-edge book, The Science of Selling: Proven Strategies to Make Your Pitch, Influence Decisions, and Close the Deal. Register and enjoy a replay even if you can’t attend this complimentary web event, part of the FrippVT Sales Series: https://app.webinarjam.net/register/1772/e340366cba
Exclusive Webinar Book Special
Purchase David’s new book The Science Of Selling and send proof of purchase to info@HoffeldGroup.com and you’ll receive the 10 Scientifically Proven Sales Hacks Infographic that explains each of the sales hacks and shows how to apply them to boost your sales.
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“In my 12 years in sales and marketing, you are the most dynamic, charismatic, and knowledgeable sales presentation trainer and executive speech coach that I know. After your presentation skills training, both my sales and technical support team are closing more sales!”
– Bill Lewis, Director of Sales and Marketing, North America, Unitech America, Inc.
Executive Speech Coach and Hall of Fame Keynote Speaker Patricia Fripp works with individuals and companies who realize that powerful, persuasive presentation skills give them a competitive edge.
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