This weekend I was visiting with my friend who shared that she is reading “The Psychology of Money”. As an investment banker, she initially thought her relationship with money was healthy and so the book wouldn’t give her much. To her surprise, she realized why she owns a Tesla and walks out of Costco with an average bill of $500 a week.
Pretty much everything we do is run by our subconscious mind; our beliefs, values, fear. We make decisions emotionally and subconsciously seconds before we make them logically. Knowing this can really help your sales, training and success.
There are four chemicals that drive our decisions – Dopamine, Oxytocin, Serotonin and Endorphins (D.O.S.E.) Each of these chemicals need to be stimulated to get the sale and keep customers coming back for more (because repeat sales are way easier than first sales).
This is a breakdown of each chemical in the three stages of selling:
Dopamine – this is the easiest one to produce and is created through distraction. Reaching for our phones, eating, flipping channels. Dopamine is important to grab their attention. It’s your social media postings, ads, and omni-presence. You are there to distract them from their day to day life. And if done right, they will appreciate you for it.
Oxytocin – this is the most powerful chemical and the one we thrive for the most. It is created through connection; petting your dog, holding a baby, getting a hug. It’s why we tell stories – to create that powerful connection – and invite them into a group or club.
Serotonin – this chemical is created with status. It’s why my friend drives a Tesla – it’s an extension of her identity. You can trigger serotonin by inviting the prospect to become a “Super Hiro” or “TSLA Owner”.
Endorphins – this is created when you complete something, like exercise or even checking a box. You can trigger this by asking people to like, comment and share. Giving them the quick win.
Phase 1 of the sales process is the marketing. This is when you trigger endorphins with storytelling. You keep them engage and distracted.
Phase 2 of the sales process is the offer. This is where you present the solution to the story you created in the marketing. You give them a new opportunity, identity and a quick win.
Phase 3 of the sales process is the close. This is where you shift to their logical thinking and rationalize buying now. The great deal, the bonuses, the limited availability, the wins they get now.
Focusing on these phases is so important, I created a little cheat sheet that you can print now and post on your wall to remind you of the steps involved. Once you master these, your wallet and your business will explode.
Special Podcast Episode
This episodes explains what happens in the brain when we buy a product, whether it’s a new car or a tshirt. Creating happy buyers – whether it’s customers, co-workers, or you kids – you need to understand these chemicals to more yes’es and less no’s.