Know When to Fold ‘em
Posted: Thu Jan 30, 2025 8:17 am
Suddenly, a story breaks that the company’s CEO is leaving and there will be a change in management. The stock plummets and instead of selling off your shares while the losses are small you hold onto them because you don’t want all the research you did to go to waste.
Think about that. The research has already been done. The time has already been spent. You will never get that back.
Instead of cutting your losses, you held on to try and armenia telegram data not waste the time that is already gone. This is known as the Sunk Cost Fallacy.
What’s even worse — many people will actually double down on their investment, throwing good money after bad.
Becoming emotionally attached to a deal is normal, everyone does it, and everyone will do it, it is a fact of life in sales.
However, the best way to avoid this trap is to keep yourself in check.
If a prospect is eagerly agreeing to micro-commitments, then you are on the right path.
However, when a prospect is not agreeing to micro-commitments or you are exerting a lot of energy to move them to the next step, it is time to evaluate either your strategy or your willingness to continue pursuing the deal.
Think about that. The research has already been done. The time has already been spent. You will never get that back.
Instead of cutting your losses, you held on to try and armenia telegram data not waste the time that is already gone. This is known as the Sunk Cost Fallacy.
What’s even worse — many people will actually double down on their investment, throwing good money after bad.
Becoming emotionally attached to a deal is normal, everyone does it, and everyone will do it, it is a fact of life in sales.
However, the best way to avoid this trap is to keep yourself in check.
If a prospect is eagerly agreeing to micro-commitments, then you are on the right path.
However, when a prospect is not agreeing to micro-commitments or you are exerting a lot of energy to move them to the next step, it is time to evaluate either your strategy or your willingness to continue pursuing the deal.