"Buyers are liars" — When Shark Tank investor Barbara Corcoran explained why customers rarely know what they want

In a discussion with Lewis Howes on Greatness Clips on May 15, 2021, Shark Tank investor and entrepreneur Barbara Corcoran highlighted a key challenge in sales: customers often do not truly know what they want. She explained that customers may express specific desires but ultimately make purchasing decisions based on deeper, sometimes unspoken motivations. Corcoran noted:

"Buyers are liars...They don’t mean to lie, but what you really got to do is, in any sales situation, really get into the person."

The Shark Tank investor explained that effective salespeople must look beyond surface-level preferences by asking strategic questions and closely observing buyers' behavior.

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Why customers rarely know what they want in sales according to Shark Tank Barbara Corcoran

Understanding why customers change their minds

Corcoran explained that customers often believe they know what they want but change their decisions once they see the available options. She described this as a natural part of the buying process, where external influences, personal preferences, and subconscious desires impact the final choice. She stated:

“Very often, you know better than they know what’s going to make them happy.”

Corcoran suggested that people sometimes repeat what their peers have said they should want or adhere to preconceived notions that may not align with their actual needs. The Shark Tank investor further explained:

“They could be repeating what their peers said they should have or the way they... you don’t know where it comes from, but get to know them, and you can reach your own conclusion.”

According to Corcoran, an effective salesperson must listen carefully and assess what will genuinely satisfy the customer rather than taking initial preferences at face value. She emphasized that the key to successful selling is spending time with potential buyers and forming an independent assessment of what they are truly seeking:

“You need to spend the time to form your own impression of what they’re really going to buy,” she noted.

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The importance of asking the right questions

Corcoran highlighted that sales success depends on asking the right questions rather than simply accepting what buyers initially say they want. She stressed that urgency is a crucial factor in determining whether a customer will make a purchase. She stated:

“The first question I would ask is: When do you need it for? Urgency is 90 percent.”

The Shark Tank investor reiterated the significance of this question by saying:

“The second question I would ask is: When do you need it for? And the third is: When do you need it for?”

By repeating the same question, Corcoran underscored that timing often dictates the likelihood of a sale. She explained that many salespeople waste time on high-value customers who are not ready to buy, stating:

“Salespeople will say, ‘Oh, so what are you looking for?’ No, they missed a big question—when do you need it for?”

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How sales professionals can adapt to buyer behavior

Corcoran advised that sales professionals should adapt their strategies based on their observations and interactions with customers rather than relying solely on stated preferences. She noted that buyers' choices can shift throughout the sales process, requiring flexibility and insight from the salesperson. She stated:

“They will move all over the board as to what they’ll actually see and what they’ll actually buy.”

The Shark Tank investor also pointed out that spending time with a potential buyer allows salespeople to refine their approach, saying:

“You have all the time in the world because how do you really know that? Because you haven’t spent time with them.”

Additionally, Corcoran emphasized the importance of identifying genuine opportunities by distinguishing between serious buyers and those who may not purchase soon. She noted:

“The need is the most important question you want in any sales situation.”

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Watch entrepreneurs take their shot at securing a deal on Shark Tank, airing Fridays at 8 p.m. ET on ABC. Catch up on all the exciting pitches and negotiations by streaming full episodes anytime on Hulu.