TRAINING
Sales Mastery: Acquisition Is Not the Same as Expansion
TIM RIESTERER
Acquiring new business and expanding existing relationships are not the same selling process. A new skills training program presented by Tony Robbins applies decision making science to help you be more situationally relevant.
While challenging a prospect’s status quo bias may be essential when trying to displace an incumbent competitor, it can have the exact op- posite effect in crucial conversations with existing customers. In fact, research we have conducted
with professors at the Stanford Gradu- ate School of Business and Warwick Business School shows that you will decrease the likelihood of renewals, lower customer acceptance of price
34 | MAY 2019 SELLING POWER © 2019 SELLING POWER. CALL 1-800-752-7355 FOR REPRINT PERMISSION.
increases, and reduce your chances for an upsell if you use popular disruptive selling approaches. Turns out, status quo bias is funda- mentally critical knowledge for market- ing and salespeople, because much of their success is predicated on either being able to help people see the need to change in customer acquisi- tion or helping them see the need to stay in customer retention – and do more with you in customer expansion.
ROBBINS
WHEN THE STATUS QUO IS YOUR ENEMY When you are the insurgent look- ing to steal some market share, your messaging and presentations must
deliberately defeat these four causes of status quo bias: • Preference stability – People
prefer to keep their current prefer- ences stable and will insist that your solution is a lot “like” what they are already doing. However, persuasion isn’t possible without uncertainty. So, your message must de-stabilize their current preferences by introducing “unconsidered needs”: problems or missed opportunities they didn’t even know they had. • Perceived cost of change – Pros- pects believe the status quo is free, and that they will have to invest addi- tional money, time, and stomach lining to bring in a new solution. People are two to three times more likely to make
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