Closing a Sale: What Techniques Do FX Sales Teams Utilize?
Many brokers rely on five proven persuasion techniques that are in line with the vision of regulatory bodies.
Regulatory entities all over the world have set a magnifying glass over Forex and binary options call centers to prevent them from using aggressive techniques in order to persuade potential traders to make deposits and trade.
However, with the increased strictness in enforcement, sales personnel have to mind, more than ever before, the techniques they use when selling. While there are countless strategies deployed by salesmen and women, many brokers rely on five proven persuasion techniques that are in line with the vision of regulatory bodies.
Turn objections into needs
If you are salesperson, then you should expect to face objections from your customers. It comes with the territory, plain and simple. Objections however, don’t need to be the end of your sales pitch.
If you listen to your customer’s objections, you can learn a lot about what their real needs are, and having a good understanding of your product will help you illustrate how exactly it is that your product can overcome their objection and eliminate their pain points. Also, you should have a list of standardized answers for the most common rejections from your customers, there is always a best response to every objection.
Using reciprocity to your advantage
Do you ever get an invitation to a dinner party and then feel like you have to invite them back? That is because humans have a need to return a favor when someone does something for us. It is called the principle of reciprocity.
In applying this principle to Forex sales, giving something of value to a prospective client might result in them making a larger deposit or trading higher volumes with you. The ‘gift’ can be educational content, a special bonus approved by your manager or a gift card to a local restaurant.
Relying on social proof
Today’s digitally-led world has sprung a generation that relies on the advice of others to make even the simplest of decisions. Where to travel, where to dine out, professional recommendations, product reviews… before we make a decision on any of these, we visit online forums, ask on social media channels and ask our friends.
This is particularly true when we lack the information required to make an educated decision on our own. Use this bandwagon effect to your advantage by letting your prospects know that others are already trading with you and have gotten great results. Reference high-profile clients if you have them or use effective examples.
Ask from them
Research shows that once someone agrees to do something for you, the chance that they will continue to say yes increases significantly. Begin by asking your prospect a question to which they are likely to say yes, such as “would you like to increase your return of investment by x?”.
Once you’ve gotten that first yes, you’ve essentially gotten the proverbial foot-in-the-door and you are likely to be invited in.
Let them know it is their choice
No one likes to be told what to do. People want to own their decisions and exercise their own free will, especially when they are speaking with a salesperson. Even if you aren’t being aggressive, the mere act of suggesting may prompt people to be reluctant to follow your advice, after all, why would you know what’s best for them?
An analysis of 42 psychological studies on a technique based on the premise that a person is free to refuse your request, revealed that letting people know that the decision is theirs could double the chances of them saying yes to your request. If you can present an appealing market opportunity in your closing sales pitch, they should be asking you how to start
Now, don’t use this technique too often. Reserve it for the larger commitments so they know you are not here to force them into any decisions.