A 10-Minute

Summary of "The
Psychology of Selling"
by Brian Tracy

Meg Prater

Published: June 08, 2018

The Psychology of
Selling

The Psychology of Selling is a well-regarded

book by legendary sales professional Brian
Tracy. It shares ideas, methods, strategies,
and techniques for salespeople to sell faster
and easier than ever before. It’s a must-read
for salespeople of all verticals, and we’ve got
a complete summary here.

Brian Tracy’s classic guidebook, “The

Psychology of Selling: Increase Your Sales
Faster and Easier Than You Ever Thought
Possible,” is on the must-read list for every
sales professional. It’s likely your boss has
asked you to read it -- and you should. But in
case you need a CliBsNotes version, here’s a
quick-read book summary sharing some of its
most valuable highlights.

Chapter 1: The Inner Game

of Selling
Tracy begins his book by explaining why
salespeople are important and how they can
break into the top 20% of reps in any
business.

He explains, “The only real creators of wealth

in our society are businesses,” and
“Salespeople are the most vital people in any
business.” Tracy continues, “Without sales, the
biggest and most sophisticated companies
shut down.”

If that doesn’t get you Mred up to head into

the oNce today, I don’t know what will. While
a vibrant sales team is crucial for success, not
everyone is bound for greatness. The 80/20
rule was an eye-opener for Tracy, early in his
career. He knew that in order to break into the
top 20% of salespeople, he would need to
abide by the “winning edge concept” which
states: “Small diBerences in ability can lead to
enormous diBerences in results.”

He believes if salespeople focus on getting a

little bit better in key areas of selling, it
accumulates into “an extraordinary diBerence
in income.” These seven key result areas, or
KRAs, are:

1. Prospecting

2. Building rapport

3. Identifying needs

4. Presenting

5. Answering objections

6. Closing the sale

7. Getting resales and referrals

Tracy also believes a salesperson’s “self-

concept” is important to success. A bad self-
concept in any one of these key areas means
you’ll avoid it, make mistakes, and feel
frustrated. If you have a positive self-concept
about prospecting, Tracy argues, it will be no
problem for you.

Every day is full of opportunity and your

pipeline will likely stay full. If you have a poor
self-concept, however, you’ll view prospecting
as something to be fearful and anxious about.

Self-concept also impacts how much a

salesperson makes. “If you see yourself as a
$50,000-a-year person, you’ll continually
engage in behaviors that keep your income at
$50,000,” he says. But if you “reset your
Mnancial thermostat,” you can adjust your
self-concept of worth and the value of your
work.

By taking steps like this to challenge your self-

limiting beliefs, you’ll boost your self-esteem
and your sales performance. “Successful
people control their inner dialogues,” Tracy
says. A successful person thinks successful
thoughts.

Chapter 2: Set and Achieve

All Your Sales Goals
Are you goal oriented? Tracy argues the
quality of goal orientation is associated with
your levels of success. For example, a
salesperson must know exactly how much
they want to earn in a year in order to focus
sales activities. Salespeople should have goals
in the following areas:

1. Annual income goal - How much do you

want to make in the next 12 months? To
decide on this goal, take your highest
income year so far and increase that
number by 25-50%.

2. Annual sales goals - How much will you

have to sell to achieve your income goal?

3. Monthly and weekly goals - Break down

your income and monthly sales goals into
weekly sales and income goals.

4. Daily sales goals - If your annual income

goal is $50,000, divide that number by 52
to get the number you need to average per
week. From there, it’s easy to divide that
number by day to learn exactly what you
need to earn.

5. Activity goals - Once you know how much

you need to make every day, you can
determine what activities to take to reach
that goal. When you accurately record
these numbers for a set period of time, you
should be able to accurately predict which
activities will make you successful.

6. Personal and family goals - Determine

why you do what you do, and you’ll tap
into immeasurable motivation to push
harder and smarter.

Tracy recommends writing down 100 goals

you’d like to accomplish in the years ahead.
By writing them down, you’ll begin to visualize
yourself achieving them. These goals don’t
have to be big. If you visualize a prospect
responding to your pitch in a positive,
enthusiastic way, you’ll approach your
meetings with more excitement and a
successful attitude.

Chapter 3: Why People Buy

Every action a person makes is motivated by
improvement. We buy because we believe it
will enhance our lives. So, do you understand
why your prospects buy? And why will they be
better oB by choosing your product/service
over a competitor’s?

Tracy explains diBerent actions give people

diBerent units or degrees of satisfaction. Your
prospects want to receive as many of these
units as possible with every purchase. They
want to be better oB physically, emotionally,
and even spiritually. The more your product
can satisfy your prospect, the more incentive
there is to buy.

He recommends tapping into a few areas to

help people make a decision -- and avoiding a
few as well:

Do:

Identify a prospect’s emotional values -

Find out what your prospect values and
how to emphasize that your
product/service honors those values.

Consider how it will make others feel -

Before a prospect buys, they consider how
their manager, colleagues, and clients will
respond. Anticipate this, and alter your
sales approach accordingly.

Don't:

Focus on price and quality - These aren’t

reasons to buy, so don’t use them as such
when making a sale.

Tracy says the two main reason people buy or

don’t buy are desire for gain and fear of loss.
Prospects either want to add more to their
lives, as mentioned above, or are afraid of
making a buying mistake.

He cites a study showing desire for gain has a

motivational power of 1.0, while fear of loss
has a negative motivational power of 2.5. This
means people are much more motivated by
fear they’ll lose something by not buying. So,
tap into that emotion when possible and
appropriate.

Every prospect has basic human needs

motivating them to buy. Identify which needs
your product/service meets and convince
your prospects it will meet those needs better
than anything else on the market. The primary
customer needs are:

1. Money

2. Security

3. Being liked

4. Status and prestige

5. Health and Mtness

6. Praise and recognition

7. Power, in_uence, and popularity

8. Leading the Meld

9. Love and companionship

10. Personal growth

11. Personal transformation

By increasing buying desire, reducing fear of

loss, and emphasizing the ultimate beneMt
you’ll make more sales and satisfy more
customers.

Chapter 4: Creative Selling

Your level of creativity, Tracy argues, is
determined by your self-concept. So, to
increase your creativity, all you need to do is
practice. The creativity you use to get around
traNc is the same kind you need to handle
surprises in prospect presentations and calls.

Still need some help stimulating creativity? Try

these three tactics:

1. Have clear goals

2. Draw from pressing problems

3. Ask focused questions

Practice creative thinking while prospecting

and uncovering buying motives. These areas
test your intelligence and brainpower. If you’re
able to Mnd out what your prospects really
want, you’ll be able to convince them they’ll
get it by purchasing your product/service.

When prospecting, ask the following

questions:

1. What are the Mve-10 most attractive

features of your product?

2. What speciMc needs of your prospective

customer does your product satisfy?

3. What does your company oBer that other

companies don’t?

And if you want to take a more strategic

approach to selling, focus on these four areas
to join the top 10% of earners in your Meld:

1. Specialization - Determine exactly what

your product does for your customers. Be
a specialist instead of a generalist.

2. DiSerentiation - In what areas are your

products better than 90% of similar goods
or services on the market.

3. Segmentation - Which customers can

most beneMt from what you do better than
anyone else.

4. Concentration - Set clear priorities and

concentrate single-mindedly on prospects
who represent only the very best potential
as a customer.

If you brainstormed 250 ideas every year, it

would have a tremendous impact on your life.
You’ll become one of the most creative and
successful salespeople in your Meld.

Chapter 5: Getting More

Appointments
The most important part of selling? Spending
more time with better prospects. And how do
you make the most of your time when you
Mnd these prospects? Abide by a few rules:

1. Break prospect preoccupation - When

you place calls, say, “I need two minutes of
your time. Is this a good time to talk?”
Only when the prospect conMrms they have
the time should you launch into your pitch.

2. Sell the appointment, not the product -

Never talk about your product or pricing
on the phone unless you can close the deal
directly.

3. Choose your words carefully - Your

prospect is likely on the other end of the
line looking at their email. Develop an
opening line the equivalent of a brick
going through their window. Keep it
beneMt-centered without directly
mentioning your product/service.

You only have thirty seconds to get your

prospect’s attention. During that time, your
prospect decides whether or not to listen to
you. If you do get through to them and their
response is still, “I’m not interested,” it might
mean your questions aren’t strong enough.

Tracy recommends saying, “That’s alright.

Most people in your industry felt the same
way when I Mrst called. Now they’ve become
our best customers, and they recommend us
to their friends.” Your prospect will instantly
start paying attention and you’ll get a second
chance at their business.

Chapter 6: The Power of

Suggestion
We’re all greatly in_uenced by the suggestive
elements around us. A calm, conMdent, and
relaxed salesperson is a powerful salesperson.
By controlling your internal environment (your
appearance, voice, and attitude), you can
look -- at least on the outside -- like you’re
one of the best people in your Meld. Here are a
few more ways Tracy recommends making the
most of your power of persuasion:

1. Dress for success

2. Practice your presentation

3. Upgrade your oNce

4. Work from a clean desk

5. Double your productivity

It’s also important to create an impression of

value with prospects. Start by using positive
body language. By sitting erect and facing
forward, shaking hands Mrmly, and minimizing
noise and interruptions during your meetings,
you’ll give prospects fewer reasons to become
distracted.

Chapter 7: Making the Sale

The Mrst words out of your mouth set the tone
for the rest of your sales process, and
eventually, either a sale or rejection. Most
prospects have “generalized sales resistance.”
It’s normal and a form of self-defense.
Instead of Mghting it, understand it and work
to break down your prospect’s barriers. There
are two ways to deal with sales resistance
eBectively:

1. The approach close - This close gets the

prospect to agree to making a decision
after you’ve made your presentation.
Instead of letting your prospect say, “Let
me think about it,” or “I need to talk it
over,” and that being the end of it, reply,
“Relax, I’m not trying to sell you anything
right now. That’s not the purpose of my
visit.” Then continue, “All I ask is that you
look at what I have to show you with an
open mind, determine if it applies to your
situation, and tell me at the end of our
conversation if this product makes sense.”

2. The demonstration close - You can use

this technique early in the sales
conversation. Open with, “I could show you
the best [product/service] on the market
today, are you in the position to invest
[price] right now?” The focus of the
conversation is instantly shifted from, “Will
you listen to me?” to “How much can you
invest if I can hold up my end of the
bargain?”

It’s also important to understand the various

personality types of buyers. Tracy claims there
are six basic proMles:

1. The apathetic buyer - Instead of trying to

change this buyer’s mind, save yourself the
time and move on to someone more likely
to buy.

2. The self-actualizing buyer - They know

exactly what they want. Make the most of
these unicorn prospects and don’t try to
talk them into anything they haven’t
already set their hearts on.

3. The analytical buyer - This buyer is self-

contained and task-oriented. Slow down
and be exact with these prospects. Be able
to prove -- on paper -- everything you say,
and be precise with each beneMt to make
it easier for them to buy.

4. The relater buyer - This is a relationship-

oriented buyer. They gravitate toward
“helping” professions and like to be liked.
To make the sale, focus on other happy
customers, build a relationship, and don’t
rush them.

5. The driver buyer - These buyers are

direct, impatient, and concise. Get straight
to the point with these buyers, because
they’re busy and preoccupied.

6. The socialized buyer - This type of

prospect is achievement-oriented. As soon
as you reach an agreement, put it on
paper and get a copy to them
immediately.

Understand which type of personality your

buyer has, and tailor your approach for a
more successful close. As always, listen
attentively, pause before replying, question
for clariMcation, paraphrase in your own
words, and use open-ended questions.

Chapter 8: 10 Keys to
Success in Selling
In the Mnal chapter, Tracy shares the 10 keys
to success in selling:

1. Do what you love to do

2. Decide exactly what you want

3. Back your goal with persistence and

determination

4. Commit to lifelong learning

5. Use your time well

6. Follow the leader

7. Character is everything

8. Unlock your inborn creativity

9. Practice the golden rule

10. Pay the price of success

When you follow these keys, your future is

unlimited. As Tracy says, “You have within you,
right now, the ability to be more, do more, and
have more than you ever have in your life.” He
continues, “By becoming absolutely excellent
in your chosen profession of selling, you can
achieve all your goals and fulMll all your
dreams.” So, what are you waiting for?

HubSpot CRM

Topics: Best Sales and Business Books

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