The Science of Selling by David Hoffeld

Author:David Hoffeld
Language: eng
Format: epub
Publisher: Penguin Publishing Group
Published: 2016-10-25T14:55:36+00:00

THE SCIENCE OF VALUE CREATION

Why should buyers return your calls, answer your questions, or invest time developing a relationship with you? Imagine if you could peer inside your buyers’ minds and acquire an in-depth understanding of how they assign value to relationships. This is what an insightful scientific model known as social exchange theory does.

Social exchange theory was put forth by social scientists John Thibaut and Harold Kelley in 1959.2 Since that time, the relationship model has been exhaustively studied by behavioral scientists and has been supported by a substantial amount of empirical research.3 Social exchange theory analyzes the social economics of human interactions. It affirms that engrained within human relationships is a desire to maximize value and minimize costs.4 When the costs begin to exceed the value, the relationship will be cut off or minimized. And nowhere is this more evident than in the relationship between buyers and sellers.

Social exchange theory provides a scientific framework you can use to judge your sales behaviors to ensure you are providing potential customers with enough value to propel the relationship forward. It also reveals why some buyers ignore salespeople’s calls, fail to return voice mails, cancel sales appointments, and refuse to advance further in the sales process. When potential customers behave in these ways it is because they believe that the cost of the interaction exceeds the benefits.

What is evident from the social exchange theory is that you must compellingly show potential clients why they should interact with you. If you speak about things they deem unimportant, the value they receive from the interaction goes down and so does the likelihood of the sale. Understanding this reveals the process of authentic value creation. Let me explain.

Value is always defined by buyers. This is why value creation is not something you do yourself, but rather something that is done with your buyers.

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