How Psychology Can Benefit Your Business Sale

businessmanWhen it comes time to sell your business, you want to get the maximum value out of it with minimal effort. Everyone knows that small details such as a fresh coat of paint or tidying up clutter can make a big impact on how potential buyers view your assets. But, what’s going on inside the buyer’s head can be even more influential than what they see with their eyes.

So, how can you use human psychology to nudge buyers towards closing the deal for the price you want?

  • Make Yourself the Authority

Potential buyers will respond better to you if they view you as a trustworthy figure with the authority to close the deal. Preparation is the key to establishing yourself as a trusted resource for buyers. Be sure to avoid sales-y jargon and instead focus on the most recent happenings in your industry. Demonstrate your knowledge in your field by providing the potential buyer with lots of information and education, and even offer to be an ongoing source of information after the deal is done.

  • Be Likeable

People are more likely to do business with someone they like as a person, even if they’re not crazy about their sales pitch. Developing trust and building rapport with a potential buyer is more important than perfecting your speech, so work on your active listening skills, body language, and social awareness to increase the chance of closing a deal.

  • Seek a Commitment

People are much more likely to follow through with something if they say they are going to do it, so nudging a potential buyer towards verbalizing their intent to purchase is a good idea. Once they’ve spoken their intent out loud, make sure to thank them in advance for the purchase to seal the idea and lessen the chance of them backing out.

  • Limit the Options

We’ve been programmed to think that we want endless choices, but the truth is that we often feel overwhelmed with too many options. Don’t flood your potential customer with bells and whistles. Instead, show them the bones of your operation and let them lead the conversation from there. If they show interest, then you can market extras and add-ons!

  • Aim for Reciprocity

When someone does something nice for you, it makes you want to do something nice in return, correct? That’s the rule of reciprocity, and it is a little trick that salespeople use to give the customer a sense of obligation to buy. When selling your business, you might consider offering to include some furnishings or negotiating a better lot rent deal with the landlord for a potential buyer. This will cause the potential buyer to feel as though they should reciprocate your kindness, which could mean the sale of your business or a referral to someone else who is interested!

  • Tell a Story

People have a tendency to tune out anything they identify as a sales pitch, so catch their attention again by framing your business’ advantages in story form. Extra points for including specifics about the potential buyer in your storytelling.

Never been the creative type? Refer potential buyers to reviews and case studies for little stories written for you by former customers!

Trust the sale of your business to brokers who truly understand sales psychology and how to use it to get you top-dollar for your years of hard work. Call Tampa Business Broker Inc. at (813) 993-1671 or contact us online to find out how we can help you close your business’ sale today!

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