When it comes to selling, what would you say is the most important thing to know about your prospect? Do they have finances in order and ready to go? Are they ready to buy now? Do they really know what they want? Are they negotiable on their ‘dream purchase’? What kind of personality do they have?
If you paused and had to think about the last question posed, you NEED to read on. A person’s personality is a crucial element when it comes to selling to them. Why? Because it affects their spending, borrowing and saving habits.
Every financial decision is generally based on four main things. Attitude, past experiences, family dynamics and, you guessed it, personality types. There is so much research into how your personality can affect the way you deal with money and knowing what the differences are and how to pick it in your prospects is crucial to your success in sales.
So, what are the key personalities you should look for in your prospects?
There are four main personality (or temperament) types. The names sound complicated, but they will make sense when explained below. Choleric. Sanguine. Melancholic. Phlegmatic.
There is a worksheet online as part of the Purdue Extension Publication that can help you to discover what type of money personality/temperament you have. However, we have outlined the details of each personality, so you can tell what type your next prospect is. Knowing how each person spends money is a guaranteed sale booster, right?
A Choleric Money Personality
A person with a choleric money personality will be decisive, irritable, impatient and a perfectionist. This prospect will be hard work from the word go. They don’t like mistakes, but they will make rash decisions when it comes to purchases. Quite often this person will buy for social status rather than what they actually need. They will pay a higher price than others just to get what they want. How do you win this prospect over? Get their attention fast; they are going to be impatient. Offer an exclusive deal if you can. Choleric people love exclusivity, and they like things done quickly. Don’t waste their time, and you’ll probably have a sale in your hand by the end of the day.
A Sanguine Money Personality
A person with a sanguine personality will be creative, enthusiastic, generous, somewhat disorganised, and dislikes record keeping. They will be straightforward and easily distracted. How do you win this prospect over? Show them interesting features. Sanguine love the point of difference that will spur their own creativity. Change up your conversation when you see them lose attention – it will happen quickly. Keep them entertained by your conversation by mixing it up. Spark intrigue to win this person over.
A Melancholic Money Personality
A person with a melancholic personality is a conservative, thrifty perfectionist who will rarely have any financial troubles. Unfortunately, however, for melancholic, they can overspend to make themselves feel better about themselves. They can be sensitive, indecisive and influenced greatly by other people’s opinions. How do you win this prospect over? Give them your advice and sell it hard. They are easily influenced and swayed by popular opinion. Tell them what other people are buying, and they will want the same thing. Target your pitch at making the hard decisions for them, especially if they can’t come to their own conclusions.
A Phlegmatic Money Personality
A person with a phlegmatic personality is hard working, well-natured, and avoid conflict at all costs. They will be calm, careful and patient but this can make them easy prey for scammers. They may have been burnt before and will be cautious because of this. They will analyse every pro and con of everything you offer them. How do you win this prospect over? They will ask loads of questions, so answer them honestly. They will research every detail you give, so the best way is honesty. They will like to educate you on a few things, so take on board what they are saying. Prove to them that what you are selling IS what they need, not want. Technical information is crucial to winning over this prospect. Show them property history, data that they can examine, and most of all give them time to decide.
Like all personalities, however, there will always be people who are a combination of any of the above. And especially when you are selling to a couple, it can be all four in one sales pitch.