Many times, when your prospect has had a chance to think about your offer, they come up with observations and comments that stall the progress of the sale. For whatever reason, they are yet to be convinced that you have the answer to their problems.

In response to this, many salespeople use a familiar tactic that they’ve heard about, convinced of it’s ability to overcome any objection.

It’s become known as the Feel, Felt, Found method, because those are the words used to convince the prospect that others have been successful in using their services.

It goes something like this:

Prospect: “It looks expensive to me; I’m not sure we want to pay that much”

You: “Yes, I understand how you must feel, Mr Prospect. In fact, other clients of mine have sometimes felt the same way. When they started using our widgets, though, they found that we actually saved them money on stocking costs and increased profitability”

You’ll notice the occasions that Feel, Felt and Found were used in the reply. This standard reply asks the prospect to believe the as-yet unseen testimonials of current clients.

It doesn’t, however, address the real objection the prospect has brought up. How, for instance, do the ‘other clients’ compare with their own organisation? Were the needs the same? Were their operations working with the same overheads and challenges that this prospect’s company were facing?

In other words, the Feel, Felt, Found method can easily cause more objections to come up in the prospect’s mind.

Don’t get me wrong, this method has its place in your dialogue with the client, but our advice is to use it sparingly. Customers are very savvy today and have probably heard this response many, many times, which makes it stand out as a standard reply, and one to be wary of.

A better response to this question of expense would be to probe deeper as to the meaning of the objection. Has the client only taken into consideration the up-front investment? Is the prospect comparing like with like? Would you be able to reduce his running costs over a period of time that would actually save money in the long run?

It’s better to clarify the real meaning of the objection before trying to prove him wrong by sharing what other companies have experienced. When you’ve checked through the real reasons for the prospect’s worries, then you might be in a position to share how others have benefited from your products and services.

Happy Selling!

Sean

Sean McPheat
The UK’s #1 Authority On Modern Day Selling
MTD Sales Training

Have you downloaded my latest report “The Sales Person’s Crisis”? Over 10,000 sales pros have.

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Today, more than ever before, customers are looking at price as a key denominator in the criteria they use to judge the effectiveness of your offer. But many prospects are still hung-up on price and forget the cost justification to themselves or their managers. This element of buying criteria is influential but not overwhelming when it comes to progressing the sale.

A positive interaction with the prospect when the price issue is raised is one way to persuade them that they will be losing out by not using you. They will not be expecting you to have a point of agreement when they provide an objection, so find some elements of their statements you can agree with.

Then ask a question or two to delve deep into the thinking process the customer is using. This helps you clarify the processes they are using to ascertain their supplier; a great piece of information if you don’t know it already.

Here’s an example:

Prospect: “Sorry, your price is too high”

You: “OK, Mr Prospect, I understand that money is an important issue to you. Can you tell me what criteria you use when choosing a supplier?”

This helps you determine how he makes the choice. Rarely will he say he always goes for the cheapest. There’s often something else that will motivate his decision-making process.

Here’s another:

Prospect: “ABC Ltd has offered the same deal for 7.5% less than you”

You “So obviously getting the best value is really important to you. May I ask, how important is price compared to quality (or service or on-time delivery or something that you do better)? How do you judge potential suppliers for evaluation purposes?

What’s most important – the cheapest price or the lowest total cost? If our product could give you an X% ROI, would price still be an issue?”

Of course, you would only ask the most appropriate of these questions. Each time, you pre-frame the questions with a statement of agreement. This helps you form a good rapport with the prospect as you are now facing the situation with the same point of view, as both of you agree.

And another example concerning budget:

Prospect: “We have no budget for this”

You: “Naturally, managing finances is vital, but may I ask a question? What will it take to secure funds so that that you no longer have to experience the problem you have? How important an investment is this now? How much might you be losing if you wait until the new budget is available? Is there a way you can use a different budget to take advantage of this opportunity now?”

Again, use only the most appropriate questions.

These processes rely on you constructing great questions to meet the price issue. Then actively listen to the customer to determine their key drivers. After that, you can assist them to see how the value of your product outweighs the initial price. All that’s left then is for you to pave the way to the sale.

Remember: if the prospect perceives the price is too high, it’s reality to them. Get them to identify a different image and you persuade them it’s in their best interests to decide on you and your products.

Happy Selling!

Sean

Sean McPheat
The UK’s #1 Authority On Modern Day Selling
MTD Sales Training

Have you downloaded my latest report “The Sales Person’s Crisis”? Over 10,000 sales pros have.

Click on the image below to find out why you’re very existence as a sales person is in doubt…

How often do you receive objections and resistance from a prospect?

And why does it happen?

Naturally, the prospect hasn’t had the sense to see what a wonderful product or service you have!

But could it be that the way we present could actually be encouraging objections?

Here’s one way of putting your product across: “Mr Prospect, I can see from your current stock holding that widget 234 is a good seller for you. We can supply that widget at a really competitive price, and deliver it free of charge!”

One reaction from the prospect might be to start a negotiation on price, or highlight reasons why he wants to stick with his current supplier, or some other objection that springs to mind.

How about trying this way instead: “Mr Prospect, I see that widget 234 is one of your best sellers. What criteria do you use to decide on your supplier of those widgets? How do you know when it’s time to re-order? How do you judge successful results on the sale of those widgets?”

Now the prospect isn’t thinking about objecting, because there’s nothing to object to.

They are simply answering questions relating to the criteria by which they choose to buy. And you are finding out a lot of valuable information about the process your prospect uses to make decisions.

So, if you are getting a lot of objections, determine if you have pushed the prospect into making a decision before you’ve found out if they have any needs in the first place.

Happy selling!

Sean

Sean McPheat
The UK’s #1 Authority On Modern Day Selling
MTD Sales Training

Have you downloaded my latest report “The Sales Person’s Crisis”? Over 10,000 sales pros have.

Click on the image below to find out why you’re very existence as a sales person is in doubt…

This post is for all of us who prospect or make cold calls whether that be over the telephone or if you turn up unannounced at a prospects premises.

How many times do you receive the “I’m not interested” objection before you’ve even told them anything?

If you do then you should read some of my cold calling tips because you can lose it based soley on how and what you say when you open your call. I’m very big on using what I call “the fumble” but you can read about that here after you’ve read this post.

But suppose you open the call in the right way and they still come back with “I’m not interested”, what should you reply back with?

Well, most sales people just go into their normal spiel but there’s a great opportunity for you to build up some rapport here by saying:

“I didn’t think you’d be interested, that’s why I’ve called…”
or a variation like this:
“I wouldn’t have expected you to have any interest at this stage, that’s the reason for my call…”

In a world where the standards of cold calling are APPALLING in my opinion, you can still win a lot of business even in a shrinking marketplace, if you can be different.

Try them out and see how you get on

Happy cold calling

Sean

Sean McPheat
The UK’s #1 Authority On Modern Day Selling
MTD Sales Training

Have you downloaded my latest report yet? “The Sales Person’s Crisis” has been downloaded by over 10,000 sales pros and entrepreneurs. Don’t miss this unique report that lifts the lid on modern day selling!

Click on the image below to find out why you’re very existence as a sales person is in doubt…

Objection Handling In Sales - Ask And All Shall Be Revealed!

Faced with an objection?

Always ask “What do you mean by that?”

PROSPECT
“It’s just too much money”

YOU
“What do you mean by that?”

PROSPECT
“I just haven’t got enough money left over from wages this month to fund this piece of kit?”

YOU
“What could you afford this month?”

PROSPECT
“About £100″

YOU
“And you could pay the remaining £60 next month?”

PROSPECT
“Oh yeah. No problem”

YOU
“Ok, let’s do that then….”

You need to qualify what the objection really means.

In this example, “Too much money” did not mean that the prospect could not afford it. Instead it meant “I can’t afford to competely pay for it this month”

So many sales people just hear “It’s too big” “It’s too much” “The time is not right” and then don’t question what they mean by it.

So many sales are lost with this approach.

I remember hearing a story about an elderly lady shopping for a new wardrobe in a well known furniture store.

The sales assistant showed her a lovely unit and she fell in love with it.

“It’s just too big” she said

“Ok, no problem – here are some smaller ones over here” replied the sales assistant

So they noth went over to look at some smaller wardrobes that were a lot less expensive too.

“I’ll think about it” said the lady

One week later the lady came back in to the store to purchase the smaller unit but this time the manager of the store helped her.

“I’ve come in for that unit over there” she said

“No problem, let’s sit down and complete the paperwork” said the manager

“It’s a pitty that I couldn’t have that bigger one over there. You see, I came in to buy that unit last week but it’s too big”

“Oh, what do you mean by too big” asked the MTD trained store manager!

“Well, I can’t fit it flatpacked into my car and it would love lovely in my bedroom”

“That’s no problem at all – we’ll deliver it to your door!” said the manager

Kerching! A sale, an upsell and a satisfied customer.

The first sales person heard “It’s too big” and assumed it was too big for her bedroom. The second sales person asked what she meant by “It’s too big” and found out it was too big for her car!

So my ULTRA IMPORTANT lesson for you is this…

ASK “WHAT DO YOU MEAN BY…?”

It will get you a lot more sales!

Happy Asking!

Sean

Sean McPheat
Managing Director
MTD Sales Training

Telephone: 0800 849 6732

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Don’t Try and Overcome Objections.

Ok, this is going to sound like a radical, even crazy idea at first. But if you stick with me, and think about this, you will see that it makes perfect sense. If you’re in the world of selling for any length of time, then you have come up against objections. Objections, a ‘bad word’ for many sales people, a time to fight for some or a challenge to rise to for others. Most sales people struggle with objections and want to know the best way to handle them.

Well, think about this: Who is it that has the objection? Is it YOU? No. You have no objection with your product or service and you would buy what you sell every time. It’s the prospective customer who has a “reason” not to buy. So then, why do sales people try to overcome an objection, when it is actually the customer who needs to overcome the objection?

I’m not being sarcastic or funny here, I’m serious. You see, sales people do everything to come up with ways to overcome an objection when it isn’t really possible. Sales techniques teach you, the sales person has to do all sorts of things to overcome an objection, when the truth is it’s the prospect that has to overcome the objection. If the prospect objects on price, they’re the ones who need to get over the price, not you. It is the prospective customer who has to overcome their objection.

Ok, how do you HELP them overcome their objections? That is the key…HELP them. Start thinking differently about objections. Help the customer by giving them more information; more of an education, provide them with the knowledge they need and they will overcome their own objections!

Happy Objection Handling!

Sean

Sean McPheat
Managing Director
MTD Sales Training

Have you downloaded my latest report yet? “The Sales Person’s Crisis” has been downloaded by over 10,000 sales pros and entrepreneurs. Don’t miss this unique report that lifts the lid on modern day selling!

Click on the image below to find out why you’re very existence as a sales person is in doubt…

Is it the Price or the Cost?

How to Overcome the Price Objection

I’m surprised so many sales people still have problems with objections on price. The reason is that when you hear, “Your price is too high…” it is really not about Price; it is about “Value.”

When the prospect objects to your price, they feel that the value of the product or service is LESS than the amount of money you are asking. So, how do you handle this objection at the close? Well, if you’ve done your job properly – you don’t! This is something you have to do throughout your entire presentation.

The sale will take place when the prospect feels the value of the product is equal to or higher than the cost. Here are three quick ideas on building more value. Don’t try to overcome the price objection: avoid it!

1. Be proud of your higher price.
2. Is it the Price or the Cost?
3. Build the value of processes and people

Be proud of your higher price - Your prices are higher because the value of your product is higher. If you have higher prices than your competition, don’t hide it; boast about it. Then back it up with better quality and service.

Help the customer understand the difference between the Price and the Cost.

Example:
Prospect: “That’s high! It’s too much.”

Salesperson: “Are you referring to the PRICE or the COST?”

Prospect: “What?”

Salesperson: “If you are referring to the price; the amount you pay me right now, then yes; it is about 12% higher than our
competitors. However, if you are referring to the cost, that’s a different story.

Prospect: “What do you mean?”
Salesperson “The cost is the Total Value of doing business with me and ABC Software. The cost is that our programs prevent
intrusions from beyond the firewall, saving our clients hundreds of thousands of pounds a year. The cost is that our
system has NEVER been breached; while our nearest competitor’s systems are compromised once a month. The cost is
the money your business loses when you have to shut down all of your overseas operations for two days due to failed
security. Yes, our price is a little higher, but when it comes to cost—they have us beat!”

Now, this is not an off-pat answer.

It is to help you begin to think differently about the price objection. Also, remember the golden rules for selling anything: You must first uncover a problem that exposes the need, then present the solution to the problem and finally ask for action. When you uncover all the problems that you solve, they should add up to be a whole lot more than the cost of the solution.

Build the value of processes and people behind your product or service.

Sales Person: “As you can see, we make our primary gears out of titanium while others use regular metal. Of course, this costs more,
but we know that the highest quality parts, makes for the highest quality engine.”

Another example

Sales Person: “All of our service people are MCSD Certified. That costs us a lot more, but we also have the finest service record in the world.
We felt it was better to explain our higher price one time, rather than have to make excuses for poor service over and over.
Don’t you agree?”

If you build enough value in your presentation, the prospect should be thinking that the cost is significantly higher than it actually is; they should think your real price is a bargain!

The equation to eliminate the price objection: Value over Price equals sales!

Happy Selling!

Sean

Sean McPheat
Managing Director
MTD Sales Training

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Hi

Don’t worry if you come up against price objections – in my book it’s a sign of real interest. Here are some things to consider around handling price objections.

INFORMATION
Make sure your prospect has all of the information to really understand and value your products and services.

DON’T AGREE
Don’t agree that your product is more expensive than your competitors if your client has told you that it is. You know the reasons why it is more expensive but your client probably does not – you need to compare eggs with eggs!

DISCOUNT AHEAD!
Your prospect may be fishing for a discount when they come back with a price objection. It’s just another way of asking “Can we do a deal?”

GO OVER YOUR USP AGAIN
When a price objection is raised go over your USP’s once again. Confirm all of the benefits and quality and support this with case studies of companies who thought the same as they did.

SHOWING TOO EARLY?
A major reason why you might be coming up against price objections is because you are showing your price too early in your sales dialogue.

LAYER THE VALUE
When you the build the value of your product you must make the client think that the product or service is going to be at least 50% more expensive than what you tell them it is.

PRICE MIGHT NOT BE THE ISSUE
Whilst the prospect says price is the issue it could really mean something else. When they say “It’s too expensive” respond with “What do you mean?”. You might be able to help with method of payments, timings, budgets, finance etc. You never know until you ask!

Until the next time, take care of yourself and happy selling!

Sean Mc

Have you downloaded my latest report yet? “The Sales Person’s Crisis” has been downloaded by over 10,000 sales pros and entrepreneurs. Don’t miss this unique report that lifts the lid on modern day selling!

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Last week I was asked to run an "Objection Handling" workshop for a company and I replied with "I don’t do objection handling courses".

I don’t believe in them. Here’s why…

If you get an objection you haven’t actually asked the right questions and listened to the answers up front. It’s your job as a sales person to cut the objections down before they even appear.

I mean, come on – you know what’s coming!

You should know what they will object to so prepare for it and cover it off by asking qualifying, investigative and need identification questions up front.

Think about what an objection means for a moment…

It actually means that what you have talked about or covered is not providing sufficient value/benefits for your prospect. There is no excuse for not covering this off before any objections arise.

View objections as a question…

"It’s too much money" – this really means that you have not convinced me that the value and the benefits will outweigh what we have to pay for it.

"Jo Schmo’s product does more than yours" – you have not highlight the benefits properly and what it means to your prospect.

"I’ll think about it" – I’m going to over what you said and make a decision. You should ask them "What specific areas do you need to think about the most?" And then you provide more evidence and info around those points.

So, in closing:

Ask better questions and listen carefully and the objections will not come. You know what is around the corner if you do not cover off the objections before they arise.

If objections do arise, don’t beat yourself up about it.

They client needs more convincing that your product or service is right for them.

Until the next time, take care of yourself and happy selling!

Sean Mc

Have you downloaded my latest report yet? “The Sales Person’s Crisis” has been downloaded by over 10,000 sales pros and entrepreneurs. Don’t miss this unique report that lifts the lid on modern day selling!

Click on the image below to find out why you’re very existence as a sales person is in doubt…

3 Useful Objection Handling Tactics

When it comes to down to it, the way that you deal with your objections will either make or break the sale.

Now I know that you are dead busy so here are just 3 useful objection handling tools and phrases that you can start to use right now!

TACTIC # 1

SAY OTHER, "BIGGER AND BETTER" COMPANIES THAN THEM HAD THE SAME PROBLEM/OBJECTION

THEY SAY:

"I could see that element of your product being a problem for a us"

YOU SAY:

"Big Company Ltd (name drop to build credibility) thought exactly the same as you are right now. They used that particular part of the product to increase their revenues by a further 15% by doing XYZ"

Have you downloaded my latest report yet? “The Sales Person’s Crisis” has been downloaded by over 10,000 sales pros and entrepreneurs. Don’t miss this unique report that lifts the lid on modern day selling!

Click on the image below to find out why you’re very existence as a sales person is in doubt…