Go ahead, admit it. You’ve dreamed of calling up a big prospect, making a compelling pitch for a meeting to discuss your offer in person, and having them invite you in with open arms. Before you know it, Mr. Prospect is signing a top-dollar contract with no hesitations, and you both live happily ever after. Right?
You and I both know it never happens that way.
It’s called sales for a reason. There’s more to it than simply telling someone about your product or service. In 99% of sales meetings, something stands in the way of you closing the deal.
Some salespeople hear an objection and throw in the towel, only to move on to the next call on the list. But, not you. You’re determined to make that sale, aren’t you?
Let’s take a look at five of the most common sales objections that every salesperson will encounter at one point or another, and learn what you can do to move the sale from the objection stage to the ‘wet ink on paper’ stage. Master these tactics and you’ll be overcoming objections like a seasoned pro.
Common Sales Objection #1: MONEY – or rather lack thereof
This objection is probably the most common and comes in many variations: I hear it all the time: “We just don’t have the budget for that.” Or, “It’s too expensive.”
How to Overcome it:
- Begin to overcome this objection early in the sales process by showing at least three different product/service packages and their pricing, with the middle tier being the one you believe is best for the client (but not telling them right away). Here’s how to structure it: You may want to discuss these options as you talk about the value of your product. Show your prospect the option with all the bells and whistles and highest price first. It’s for illustration purposes and not necessarily the right choice for them. Let the prospect think and talk about it with you. Next, show the low tier. Ask them how it compares to the first one and listen. Obviously, this one pales in comparison. Finally, show your prospect the middle tier, which is the option you believe meets their current needs and will deliver incredible value.
- Ask this: “What if I showed you exactly how our product or service will help you to increase revenue, reduce costs, or both?” Then show them.
- If they tell you there are cheaper options on the market, acknowledge it. You know there are cheaper options out there. But, your offer delivers value on a whole new level. Help them to understand this. And drive it home.
Common Sales Objection #2: We’ve got that, why change?
Rarely will you call on a prospect who doesn’t already have something similar to what you’re selling. It may look different, function different, have different features etc., but it’s probably been serving them just fine. Also, it may be the case that they’re under an existing contract with a heavy early-termination fee. Here is where building trust and educating your prospect comes in to play.
How to Overcome it:
- Ask your prospect outright if they’re satisfied with their current solution, and listen to their response. Empathize with them on pain points.
- You or your team have done the research, and you know what the competition is offering. Help them to understand the value of what you’re offering. What are its unique features and benefits? How will it make your prospect’s life easier?
- Could your firm offer a discount on the first month or two to cover any early-termination penalties? Cell phone carriers and cable companies do this all the time to encourage people to switch.
- Maybe they just fear change. Here, you need to talk to them about what you’ve learned about their competition and their industry. Show them what changes their competitors have made. Remind them that change doesn’t have to be bad. Talk about changes and trends in their industry over the years, and highlight a few positive examples – we’re not lecturers, after all.
Common Sales Objection #3: I’m busy and/or need to run it by ‘the team’
How many times have you heard this one?
Or, maybe you’ve been told to call a month later or the next quarter. Either way, these responses aren’t necessarily a hard-and-fast “No.”
Either way, you want to know if they’re just brushing you off or telling the truth, right?
How to Overcome it:
- If your prospect tells you to call or come back at a later date, before agreeing to it, ask this question: “What will be different then?” Their answer will help you glean additional information to find out if the timing really isn’t right, or it will show you that you’re wasting your time. Maybe the company doesn’t do their budgets by calendar year. Perhaps they had unexpected expenses in a prior month that forced a temporary purchasing freeze. If so, maybe you can delay the first bill. At the very least, you could lock in a date to finalize the sale.
- If they need to talk about it with others, first ask for specific names so that you have the names of the decision makers. Then, ask for specifics on what the team is looking for. And finally, try to get a meeting with all of them on the calendar to explore options.
Common Sales Objection #4: Not now
This is different from “I’m busy” from #3. In this instance, they’ve shown interest, but aren’t ready to sign yet. A gentle nudge may be all they need to commit.
How to Overcome it:
- Ask what the hesitation is, and gather more information.
- Offer a discount on the order if it meets or exceeds a set minimum amount.
- Offer extra services, features, or warranties at no cost to sweeten the deal.
Common Sales Objection #5: It’s personal
If you haven’t run into this one yet, trust me, you will. You call on a potential client and they tell you they already contract with a friend or family member or they’ve used the same vendor for umpteen years. At first, this may seem like a goner from the get go. The temptation is to cut your losses and just give up. Don’t!
It’s true that people work with and buy from people and companies they know and trust, even if they charge more, have fewer features, or offer less in the way of services. But you can break through. And besides, you’ve developed your people skills so you’re a likeable person, too.
How to Overcome it:
- First, suggest that the market may have changed since they began working with their current provider, and ask for a chance to show them what is currently available so that they will at least know what is out there before they make any decisions.
- Next, emphasize how what you’re offering may help them to achieve their goals.
- See if there’s a potential fit as an addition to what they’re currently using. While your main product may not be what they need, perhaps a secondary product may offer something new to help them grow, save time, or expand on a product/service they already have.
- Ask about the future. For example, if they are going to award a contract to a family member for a particular service or product that will increase their business, could your product help them manage that growth?
Make it happen
I’m sure you’ve heard many more objections, and maybe you’ve even heard some more frequently than these. The key to overcoming any objection is ferreting out what the real obstacle is, and then finding a solution that drives serious value.
Ask questions. Listen to the answers. Then use all the resources you have at your disposal to help.
Good luck. You’ve got this!
And as always, Feel free to get in touch to learn about how C-Level Partners can put some serious firepower behind your sales process.
Until next time…
Johnny-Lee Reinoso