Sales Tip of the Day: A new old sales term: “Satisficing”

By Scott Sambucci | November 24, 2012

What is it?

Organizations eschew the “optimal” decision for an “acceptable” decision. (Think “satisfying + sacrificing.”)

How does it relate to sales?

Just because your product is better or will provide financially favorable outcome for your prospect, it may not be selected. Get used to it. But you can affect this process. Read this recent post -“Rationality & Decision-Making.”

Why is it new, but old?

Because Herbert Simon coined the concept in his 1947 book – “Administrative Behavior.”

And here are a few related posts detailing the role of Economics and Psychology in the sales process:

The Principle of Independent Judgements

The Scarcity Effects & Daas/SaaS Sales

And more Posts about Economic Theory & Sales…

And more Posts about Psychology & Sales…