Going from No to Go Or Overcoming Sales ObjectionsApril 22nd, 2013 | Posted by in business development | career development | coaching | communication | company performance | job hunting | mentoring | organizational development | performance development | personal development | recruiting | self-development | Social Media | talent development | Uncategorized
For sales people the biggest obstacle is getting your prospect to buy. Today we are going to talk about overcoming the sales objections or going from No to Go.
Some of the usual objections and how to handle them:
1- I’m not interested right now. You could say something like this depending on the situation (this is an example)
- I can understand that. Many of my clients initially told me the same thing. But once I showed them how to save $200, they were very interested. Why not let me put together a scenario that fits your situation? You have nothing to lose and it might be something you can consider later.
2- What are your rates/prices? You can say something like this:
- I understand rate/price are very important to you. One of the ways we are different from all other sellers is that we have a large number of scenarios to choose from to get you the best rate/price for your situation. Why don’t I ask you a few questions to better understand your situation, then, we can get you that free scenario example that fits your situation.
- We are the one-stop shop to get you the best rate/price and products for your situation. There is no reason to just settle until we can afford you the best deal.
3- I’m happy with my current product. You can say something like this:
- That’s great. Tell me more about the product you are using if that’s ok so we can compare both. Then say – it sounds like your product is good. Many of my clients were also very satisfied with their product-then say
- However, they changed their minds once they realized they could get a better deal and product from us that are better for their needs besides being able to save $200. What would you be able to do with that extra cash?
4- I want to think it over. You can say
- I understand. There is no need to make snap decisions because making the correct decision is not a light matter.
- Let’s take the time to explore all your options. When can we meet again especially when I have more information to suit your needs and situation? (always try to get that appointment now if you can but don’t press too much or you’ll lose them).
5- I want to talk to my spouse. You can say
- That is a wise decision with something this important.
- Why don’t the three of us meet and look at your options together especially when I have the additional information ready? (again try to get the next appointment set)
6- Not ready to do anything yet
- This usually means the prospect doesn’t fully trust you or you have not uncovered what their true motivations are. You must create urgency to action. Some things to say
- When do you think you might be ready? Try to nail down a specific day and date to meet again to talk
- Rate/price may be changing daily. This may be the best deal we can get in a while.
- If you are still unsure, let me check for alternatives and get back to you. But remember, we could be the best deal right now. What other information can I get you to help you with your decision?
7- Still Looking around
- This usually means the prospect isn’t satisfied that they are getting the best deal possible. You can say
- How many other suppliers have you checked with, if I may ask?
- What rate/price did they offer you?
- I want you as a client, what would it take to make you satisfied to do business with us?
- If I spend more time, and can get you a better deal, would you be willing to give me a day or two before you make your final decision?
8- I found a better deal elsewhere
- This usually means the prospect is still shopping. This is the most common objection. You can say
- I realize you believe you have found a better deal, but did you review carefully what they offered? How do you know you are getting the best deal possible? We have many, many scenarios we can review to make sure you are getting the best deal. Does that other company have that kind of scenario file depth?
- I can check for you to ensure you got the best deal. I want to make sure you are getting the best deal possible.
9- I’m not saving enough. I don’t see the benefit of this.
- This usually means the prospect doesn’t think that $200 or more dollars is worth the trouble. You can say
- Think of what you could use that extra cash for. (Give them some examples that may be meaningful to them).
- In addition to the savings, think what you could be investing in with that extra cash, if it is a large amount. (Give them examples again but don’t act like a financial advisor. There are laws against that. But we can say they should talk to their financial advisor before making a final decision).
10- Your Cost is too high
- This usually means the prospect isn’t fully educated or wants a better deal. You can say
- Did you know if you purchase in bulk, you can save even more money?
- I just want to make sure you know what each of these costs represent so you know you are getting the best deal. May we go over them again?
Some other thoughts about overcoming objections:
Objections occur when there is lingering doubt or unanswered questions in the mind of the prospect. The prospect may be favorably inclined but needs clarification, more concessions, or approval of another party. If you have failed to establish need, rapport, credibility, or trust, you are guaranteed of failure.
The first question must be; have you qualified the buyer and determined need and interest level?
Let’s look at some things to make sure this happens:
- You can establish mutual trust and confidence by letting the prospect know that you are there to be both an advocate and a consultant for needs, not just a salesperson. If you establish that rapport, you build a friendship and relationship that is valuable and essential for success.
- Listen carefully and objectively to the objection being raised. Is it an objection or just a delaying tactic? The prospect will often repeat the objection if it is real. You need to uncover the truth by asking, “Don’t you really mean…” or “You’re telling me…but I think you mean something else”. In other words, make sure you clarify what you are hearing or think you are hearing.
- Qualify it as the only true objection. Ask the prospect if it is the only reason he/she won’t work with you and your company.
- Confirm it again by rephrasing your question to ask the same thing twice in a different way to ensure you got all the facts. An example could be, “So if it weren’t for the price or cost, you would purchase from us?” Make sure you understand completely what is holding them back.
- Phrase a question in a way that incorporate/prices/prices the solution. Example, “So if I were able to get you a better deal for the same rate/price or lower costs, would that be enough for you to make a decision?”
- Answer the objection in a manner that thoroughly resolves the issue. Use testimonials, referrals, charts to cement your resolution and points. If there is a time pressure involve, like rate/price changes coming, be sure the prospect understands the implications of delay.
- Be clear to demonstrate the value, list comparisons, and prove the benefits they accrue by working with you. You must set yourself apart from the competition to close the deal.
- Ask a closing question or communicate in a hypothetical way an answer that confirms the conclusion you want them to agree to.
- Describe similar situations when you did make deals like them and how the other clients benefited without giving particulars or names.
- Move the prospect to a final decision and confirm as much as possible in writing.
Handling Objections, a Process:
- If the prospect has mentioned an objection, don’t panic, be happy they voiced it and there are no hidden agendas. Getting all objections out right away saves time and effort.
- Always clarify for understanding. Make sure you understand the objection(s) completely before going forward. Repeat back in your own words what you believe you heard and make sure the prospect agrees with the meaning and understanding you received.
- Diagnose the objection by making sure you have all the information you need and what part of the sales process it affects:
- Business Issue: is this objection to a solution a business issue?
- Differentiation: is your solution differentiated from other alternatives and/or competitors?
- Value: have you quantified the value the prospect is going to receive by doing business with us and not with our competitors and made sure they understand that edge they are getting with us?
- Plan: do you have a definite plan to proceed with the prospect so the prospect doesn’t believe you are adlibbing?
- Once you have clarified, diagnosed, and made a plan, you need to close. Example, “If we can address and clarify your objections, is there anything else that may be a concern to you or keeping us from moving forward?” Always ask the question to be sure you have everything.
- Respond: With the entire story and all the facts, work with the prospect on a mutually agreed upon solution.
In other words, use RSVP
Restate the objection to make sure you clearly understand what it is.
Suggest possible alternatives to give the prospect a sense of power.
Validate the options as being win-win situations for the prospect.
Propose a method for resolving the issue causing the objection.
Resolving objections starts with being prepared:
- Make a list of objections your clients and prospects are giving you that you would like to learn to effectively overcome.
- For each, write down what you think of these objections whenever they are thrown at you.
- Rehearse your responses to these objections until they become so natural that you can deliver them spontaneously whenever it is appropriate to do so with your clients and prospects.
- If you are not sure how to answer some objections, check with your Sales Manager for assistance before you try to respond. People appreciate when you tell them you are not sure but let me find out. When you try to adlib, they know it and then you lose their trust.
- Make sure you know how to empathize. Tell them you understand their concern but this is what we will do to resolve the objection.
- Finally, after you summarize the course of action, always get agreement to ensure that is what the person actually wants.
This is a lot to think about.
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