In sales, everyone has to be able to overcome objections in order to be successful. The best way to overcome objections is to prevent them. This can be done by providing a thorough sales presentation that covers all the information about your products and services. Also it is imperative that you address any questions the prospect has immediately. However, objections will come up from time to time. Some of these objections are real buying signals and others are just stalls to put you off. As a Salesperson, you need to be able to tell the difference. This will come with experience and by reading situational cues in each selling situation. Remember the prospect is buying you. In other words, you are part of the offering. Below, I have put together a comprehensive list of objections that I encountered and overcame as an outside sales representative in New York City.
Handling Objections & Stalls from Prospects
I am happy with my current supplier.
When you call on a prospect they say we are happy with our current supplier, this can mean one of two things. The first is that they are truly happy and the second is that they want you to get lost. (A stall) Obviously you need to be able to tell the difference. You should be able to tell by a prospects body language and level of attention. If it is the first scenario, you should find out what supplier they currently use. When the prospect tells you it is your job to demonstrate how you are better. (I mentioned this in a previous post. Once you feel that you have demonstrated how you are better, ask for a commitment or a small order. By asking for a small order, you provide the prospect an opportunity to take a chance on you with minimal risk. I have had a lot of success with approach. If the scenario is the second one, the prospect will not provide you with any information or say that they deal with a company or person for 20 years and they do not want to change. In this case, I would still ask for the order. Should the prospect say he is not interested again, I would thank them for their time and leave. You should call on this prospect a few more times and then only call on them every two months. You need to focus your time on prospects that are receptive to you and your offering.
I want to think it over.
When you hear this, what the prospect is really saying is I am interested but I am not totally convinced. You should ask the prospect what specifically about this offer do you want to think over? You goal here is uncover the real objection. If the prospect gives you a specific answer, you are in business. Address the objection and ask a closing question. Say if I can handle xyz, is there any reason why you would not purchase this product. Should the prospect say, no you covered everything, this means that they are either stalling, not interested in your offering or will not tell you the real issue they have with your product. If this is the case, ask when they plan on making a decision and follow-up with them in that timeframe.
I need to consult another party.
This can be a stall to put you off. You will need to determine this by the prospects body language and the level of attention you receive. When the prospect tells you this, you should ask for a meeting with the prospect and the person they need to consult. Should the prospect agree to this, you have a chance. If they will not agree to a meeting, it is a stall and they are not interested in your offering. However, I would still call on them a few more times. If you have no success, call on them every two months.
Your price is too high.
Emphasize the quality of your product along with the level of service you will provide. Next, you should demonstrate to the prospect how your offering’s total cost is less than the competitors over the life of the product. Testimonials from loyal customers can also help you here. By taking these steps you demonstrate that your product is valuable and increase your chances of making the sale. (Provided this is the real objection.)
We spent our budget.
I covered this in my last post. If they say the money is not the budget, ask If I can offer delayed billing or a payment plan would you be able to take delivery? If the person needs approval from another person, ask to present your product to that individual with your prospects endorsement. Should the company really want and need your product, they will find a way to pay for it.
I am not the decision maker.
Present your offering briefly and ask who makes the decision. If you present your offering in a way that demonstrates value and this person really is the decision maker; they may show interest and make a purchase.
I had a bad experience with your company.
I would apologize to the prospect about the experience. Tell them you are the new rep and that you will not let anything bad happen on your watch. Ask them to give you a chance. This will not work all of the time.
This is how to handle objections in a nutshell.
Feel free to send me your questions.
Until next time, thank you for reading!
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Reblogged this on Dan Galante's Sales & Marketing blog.