How to overcome objections in sales…
No one likes to deal with objections. It would be much easier if the customer would listen to everything you have said, agree that you are the best choice for their needs, and buy from you the first time that you attempt a sale. But that’s not how it works in the sales world! To become an expert at handling objections, you need to learn the following mantra: An objection and ‘no’ are two different things.
There are several common objections to sales presentations, each of which can be handled effectively if you remain calm, take the time to listen to the customer, and take the time to respond carefully. These objections include, among others: Price, fear of change and timing.
Business is business, and customers will always want to get the best possible price for the quality of product and service that they need. You could defend the price by reminding the customer what they will be getting for what they will be paying. You should focus on the benefits of the product or service. You should be prepared to point out to the customer what the savings or increase in revenue will be if, for example, errors are reduced, functions are automated or production is increased. If you can attach actual dollar figures to the savings, your response to a price objection will be even more effective.
Fear of Change
Fear of change can arise in different ways. Maybe the decision-maker himself just doesn’t want to have to learn a new process, system, or even new address for payment. Your job is now to convince the customer that whatever the fear is based on, you will make sure it doesn’t happen.
The trickiest part about this objection is that your customer won’t always admit that there is a fear involved. Instead, the fear could be manifested in other objections. So your best defense against the ‘hidden fear of change’ is to address it head on. If they are true, be sure to point out things like:
- I’ll be here through the entire transition process…
- You won’t need to change any of your current procedures…
- All of your employees will be able to learn the new system in just a few hours…
Businesses operate on a fiscal budget, the timing of which can somewhat vary from organization to organization. If you happen to be presenting to a decision-maker that has already spent her budget for the quarter or the fiscal year, you will get an objection regarding the timing. If this happens, you can respond in several different ways, for example:
- That’s not a problem. We can complete the order process now and not deliver (or start) until your budget cycle renews.
- I have a solution for you. We can budget the payments over time so that you don’t have to pay it all at once. Will that help?
And if you haven’t done it yet, remember to emphasize the return on their investment.