Chapter 19The Four S’s: Sales
Selling is a science. That is not just a catchy phrase, but a reality. It is not about schmoozing customers or playing golf with prospects. Successful entrepreneurs understand the science of sales and use it to build their business. Scientists have spent years studying the concept of behavioral economics. Behavioral economics or behavioral finance is the study of the effects of social and emotional factors on the economic decisions made by individuals and institutions and the consequences for market prices. There are three prevalent themes in behavioral economics:
1. Heuristics: People often make decisions based on rules of thumb and not strict logic (short-cuts).
2. Framing: People tend to rely on collection of ...