If there is one question that occurs the most on our sales programmes, it has to revolve around dealing with objections. Many delegates say that if they could just have the magic wand to overcome objections, they would love their job. But because salespeople allow objections to be raised in the first place, they face the uphill task of having to deal with them head-on.
In fact, think of the language used when referring to objections; ‘deal with them’, ‘overcome them’, get round them’, ‘blast through them’. Boy, it sounds like a real battle before you even start!
Why do they occur? Easy, really. It’s because the decision-maker cannot realistically see the value or worth of buying over the price that is being charged.
The equation is simple: V minus P
Here, V = Value and P = Price. For the decision to be made in your favour, perceived value in the buyer’s eyes has to be greater than the price or cost of making that choice.
Remember, value is in the eye of the buyer, so if one person thinks that item is worth the price and another doesn’t, the difference in viewpoint will affect the decision.
For example, how much would you pay for a small bottle of water?
You might consider £1 to be the right price for it. If it was £10, the ‘worth’ in your eyes is greatly diminished.
But if you were dying of thirst in the desert, and had £10 in your pocket, would the ‘worth’ to you now go up? Of course.
So, how can you tell what is most valuable to a prospect and how can you overcome what might be potential objections later in the conversation?
Well, questions are the answer. Find out what criteria the decision-maker will be using to make their mind up when the time comes. If you are able to identify this and you know it may be an issue later on, you can prevent it before it actually comes up.
Let’s take an example: You discover that budget is a key issue for the prospect you are talking with. You determine that your solution may be a little higher in price than the prospect wants to pay. You can prevent what might be an objection against your price by saying something like:
“We discussed earlier how you want the widget to last a long time and how reliability is really important to you. We also talked about how much it costs to repair your current widget every time it breaks down.
If we were able to cut all those costs and improve the reliability at a stroke, do you think it would be worth looking at? As you said, repairs are costing around £1500 per year. Our solution will save you that and take away the worry of further costs in the future, especially with our optional extended warranty”
What has this immediately done? It has raised the value of your solution in the customer’s mind, so he is more likely to accept a higher price. Remember V minus P?
If the value has been raised in their mind, the objection that you might have expected about your higher price won’t be an objection anymore, as the prospect sees how much better off they would be with your solution, especially as they won’t have to pay out the continuous repair costs that would have been grating for him.
If you are able to face the objections head-on, and highlight them before they are raised, they cease to become the obstacles they might have been and actually create opportunities for you to highlight how the product or service can be more beneficial in the long-run.
Value is in the eye of the buyer. Build that value up, so when a potential objection could be raised, the potential benefits can outweigh any drawbacks.
MTD Sales Training
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One of the hardest situations for a salesperson to deal with is when a prospect is using an existing supplier and is satisfied with the arrangement.
Often, clients get used to a supplier and fall into a sort of ‘well of comfort’ where they accept the level of support as being the norm, and are lulled into allowing the current level of service as being the best it can be.
We’re not suggesting that your service will always be better than what they are experiencing at the moment, but there may well be opportunities lurking out there that the prospect is unaware of because they haven’t checked out the competition or they haven’t shopped around to see if there could be various options available.
How would you deal with a prospect who has been using a supplier for some time and i satisfied with the service they get?
Well, how about something like this…
“That’s OK, Mr Prospect, we realise that you are most likely satisfied with your current supplier, and that’s good. We would still like to keep in touch, as we provide information to those companies who use technology like ours. We are producing webinars and whitepapers on the new technology as we speak, and I know they will be of benefit to you. So I can make sure the information is specified for your organisation, can I just ask a couple of questions?”
What this does is;
1) Gets the prospect on your side by showing you appreciate their current position
2) Not put any pressure on the prospect
3) Help them to see how they can still stay up-to-date with information in the field
4) Ensure any information they get sent is specific to their needs
5) Show you add value up-front to them as a client
You can also convince the client that you could be their second source if ever their current supplier cannot fulfill an order, or if they aren’t as red-hot as they usually are. You’re not trying to break up their supplier/customer relationship…you’re just offering an alternative when they might not have seen one before.
If you get into a conversation with the prospect, out of curiosity you could ask when the next evaluation of suppliers is taking place. This would give you the opportunity to be in the right place at the right time when they look at future options.
Being aware of what the prospect is considering when they choose a supplier will help you next time they are looking.
MTD Sales Training
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“We’ll give it some considerable thought…”
“We’ll get back to you as soon as possible…”
“I’ll definitely think about it…”
How many times have you heard these words and similar after you’ve presented the solution to the prospect? As we’ve stated before, these are NOT classed as objections…the prospect is stalling, wanting more time to consider the options. Now, we don’t want to put pressure on the prospect at this point, as they may see this as desperation on your part and will object to that.
Instead, we need to assist them in coming to the right decision for them.
Firstly, acknowledge that it is right to take time to think these decisions through. Then, you can discover what they really want to think about. Say something like…”Is there anything else you need from me to help you make the decision?”
If they answer no, then you can ask them to list all the points they need to consider. This may isolate the real reason for the stall and can help you determine the way forward.
When the real delaying factor has been brought out, you can ask….”If I was able to answer that particular point to your total satisfaction, would you be willing to approve the action plan?”
This is very important. Firstly, it lets the prospect know that you are interested in their total satisfaction. Then, once these concerns are covered, they can give you confidence that action will take place. You highlight the prospect’s real concerns and show that their total satisfaction is your real focus.
Remember, when your decision-maker perceives and experiences a co-operative problem-solving process, they are far more likely to work with you and not against you.
MTD Sales Training
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