The world of sales is full of myths and misconceptions that can hold back both salespeople and businesses. As human beings, we are naturally inclined to believe in myths and misconceptions because our brain is wired to take shortcuts in our thinking and decision-making processes. This leads to cognitive biases, such as confirmation bias and the availability heuristic. These biases can cause us to believe in myths and misconceptions, even when there is evidence to the contrary.
Myth #1 Salespeople are born, not made
This myth is perhaps the most persistent of all sales myths. It suggests that salespeople are born with a natural ability to sell, and that no amount of training or practice can make up for a lack of innate talent. But is this really true?
The evidence suggests otherwise. According to a study by the Sales Education Foundation, only 10% of a salesperson's success is determined by their innate talent or personality. The remaining 90% is based on learned skills and techniques. This means that anyone can become a successful salesperson with the right training and practice.
Of course, some people may have a natural inclination towards sales. They may be outgoing, confident, and able to think on their feet. But these traits alone are not enough to guarantee success in sales. In fact, a study by the CEB found that only 18% of top salespeople have the "challenger" personality type that is often associated with successful salespeople. The remaining 82% have other personality types that are not typically associated with sales success.
So, what does this mean for salespeople and businesses? It means that investing in sales training and development is crucial for success. By providing salespeople with the right tools, techniques, and knowledge, businesses can help them to overcome any natural limitations and reach their full potential. This might involve providing regular training sessions, offering mentorship or coaching, or providing access to online resources and courses.
""Belief in myths allows the comfort of opinion without the discomfort of thought."
-John F. Kennedy
Myth #2 The best way to make a sale is to offer the lowest price
One of the oldest and most persistent myths in sales is that the best way to make a sale is to offer the lowest price. Many salespeople believe that if they can undercut the competition and offer the lowest price, they'll win the sale every time. However, this strategy is not only misguided but can also be damaging to a business's bottom line.
Research has shown that customers are often willing to pay more for a product or service if they perceive it as having greater value. In fact, a study by Bain & Company found that customers who rated a company's value proposition as "excellent" were willing to pay a 9% price premium, on average, over the company's nearest competitor.
Furthermore, a focus on low prices can also create a race to the bottom, where businesses are constantly trying to undercut each other to win sales. This can lead to a cycle of diminishing margins, where businesses are forced to lower prices to remain competitive, ultimately hurting their profitability.
So, what does this mean for salespeople and businesses? It means focusing on the value proposition of their product or service and communicating that value effectively to potential customers. Salespeople need to understand the needs of their customers and demonstrate how their product or service can meet those needs in a way that is more effective or efficient than their competitors.
"We should not let myths dictate our lives or beliefs without questioning them"
-Unknown
Myth #3 Selling is all about being pushy and aggressive
Another common sales myth is that the key to successful selling is to be forceful and persuasive, and to always be closing. This approach is often associated with the so-called "hard sell", in which salespeople use high-pressure tactics to convince customers to buy their products or services.
But this approach can be off-putting to potential customers and can actually harm the sales process. According to a study by HubSpot, the most successful salespeople are those who focus on building relationships with their customers and who are skilled at active listening. These salespeople are able to identify their customers' needs and concerns and work to provide solutions that meet those needs. This approach is much more effective than simply trying to push a product or service on a customer.
In fact, the hard sell approach is becoming increasingly outdated in today's business world. Customers are more informed and empowered than ever before, and they are less likely to respond well to aggressive sales tactics. Instead, they want to feel that salespeople are on their side, and that they are genuinely interested in helping them to solve their problems.
So, what does this mean for salespeople and businesses? It means that a more consultative approach to selling is needed. Salespeople should focus on building relationships with their customers, asking questions, and listening carefully to their responses. They should seek to understand their customers' needs and concerns, and work to provide solutions that meet those needs. By doing so, they can build trust and establish a long-term relationship with their customers, which is much more valuable than a one-off sale.
It is essential for sales managers to refrain from following sales myths and pushing their salespeople in the wrong direction as they can ultimately harm their business. Leading with sales myths will result in missed opportunities, decreased sales, and an inability to keep up with competitors.
On the other hand - Investing in training and coaching sales teams with new standards can provide salespeople with the latest and most effective techniques for success. This approach emphasizes ongoing learning and development, and recognizes that sales success is a journey, not a destination. Effective training and coaching can also help salespeople adapt to changes in the marketplace and stay ahead of the competition. It can help them to build strong customer relationships, foster trust, and ultimately drive revenue growth for the business.