Selling has always been a risk-reward business. Since the recession hit in 2008, salespeople have become increasingly risk-averse. Endless PowerPoint word slides offer middle-of-the-road recommendations, CRM systems provide regular, faceless contact with customers who pay little to no attention, and RFPs dumb-down solution-based and strategic selling to the point where everyone involved – both customer and sales team – often wonder if the best ideas are chosen and ultimately implemented. But is it fair to blame our risk-aversion on a recent economic downturn? Or are salespeople – and people in general – more afraid of risk than they need to be? The science of behavioral economics tells us that YES – when it comes to economic decisions, losses loom larger than gains. This makes us less likely to take chances, even when the analytical side of our brains tells us that the odds are in our favor. If you are involved in the sales process – and who isn’t these days – this concept has some exciting implications. The fear of taking risks could very well be holding you back from reaching your maximum potential and achieving ongoing success. The more we learn about what drives our actions from behavioral economists, the more we are able to apply those insights on a daily basis. So take a look at some behavioral economics theories and then suggest the types of risks that are worth taking. http://www.biworldwide.com/white-papers/sales-channel-effectiveness/risks-you-should-be-taking-to-increase-sales http://www.biworldwide.com/

1. BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States
Risksyoushouldbetakingto
increasE
sales

2. Sellinghasalwaysbeena
risk-rewardbusiness.
BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States

3. BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States
Ifyouareinvolvedinthe
salesprocess,thefear
oftakingriskscouldbe
holdingyoubackfrom
reachingyour
maximumpotential...

4. BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States
and achieving
ongoing success.
Ifyouareinvolvedinthe
salesprocess,thefear
oftakingriskscouldbe
holdingyoubackfrom
reachingyour
maximumpotential...

5. Take a look
atsomebehavioral
economictheories
thatshowthe
typesofrisksthatareworthtaking.
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Prospect Theory
Considerhowthings
arepositionedbefore
makingadecision
onwhetherornot
totakearisk.

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Spotlight Effect
Don’tbeafraidtoexpress
ideasandthoughts–and
brainstormwaystobuild
solutionsthatwillgetyour
customerstotakenotice.

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Vividness
Findawaytoemotionally
connectwithcustomers
throughstories,photos,
videos,demonstrations
andvividexamples.

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Confirmation Bias
OneriskNOTtotake
istodepartfromyour
coremessageandrisk
alienatingbelievers.

10. BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States
Preference Reversal
(ortheSay/DoGap)
Letyourcustomer
domoreofthetalking
andfocusonlistening,
thentakeaction.

11. Risksyoushouldbetakingto
increasE
sales
Discovertwofinalrisksthatwill
improveyourwinningsalespercentage
by
downloading
ourarticle:
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BI WORLDWIDE uses the principles of behavioral economics to produce
measurable results for our clients by driving and sustaining engagement
with their employees, channel partners and customers.