Written by Sean McPheat |
Why do objections occur?
Well, of course, there are myriads of reasons, but they probably boil down to the fact that you haven’t built up value in your solution enough for the prospect to think about you rather than the challenges your product would bring them.
It could be they are happy with their current situation.
Or your up-front price is higher than your competitors.
Or your delivery rates are out of kilter with the industry norms.
Or the competition have more choice than you.
Whatever the reasons, you can try some of these effective responses to objections and see if they work for you.
Sometimes, the prospect isn’t specific enough for you to know what to say next.
For example, they may say ‘You’ll have to do better on your price’.
Instead of saying ‘OK, I can go an extra X%’ you should find out specifically what the prospect means by their vague comment.
Asking ‘could you be more specific?’ or simply ‘Why is that?’ can give you further valuable information that will help you see the direction the prospect is going.
Ask What Is Most Important To The Prospect
Let’s say the prospect has questioned your delivery terms.
You could start by seeing if there’s any way the terms could be negotiated.
Then you could see if the deliveries could be staggered in a different format.
But the most important thing to do at this point is check why that’s so important to them.
If this is the most important aspect of the whole deal and it may swing things one way or another, then you should concentrate on this above all others.
It may mean an increase in prices, or a difference in credit terms.
If you can determine what would influence their decision-making process most, you’re on the road to solving problems and dealing with what affects customers most.
Create Awareness Of The Consequences Of Not Using Your Solution
What would it ‘cost’ the prospect if they delayed making a decision?
What would happen if they went for a poorer quality solution?
What would be result if they chose a different solution?
By making the prospect aware of what the end results would be if they chose the wrong solution, you build up the value of your consultancy advice.
Describe & Prove The Short & Long-Term Results Of Using Your Solution
Value is increased when the prospect sees the benefits of your solution to them and their business.
Price and cost issues are lowered if they realise your recommended solution will help them achieve their goals quicker, easier and with less hassle.
So, find out what the prospect feels is most important to them and put the emphasis on that.
Ask Them To Qualify The Objection In Terms Of The Overall Outcome They Desire
You should know what the prospect desires for their future.
You should understand how your products and services help them achieve those results.
So if an objection occurs, find out if the reason for it and determine if that outweighs the result they are going to achieve.
For example, if they are haggling for a price reduction of 10% and you have found that the savings they will get over their current supplier will save them £10,000 over the year, you can determine if the savings will outweigh the value of the price reduction.
If they do, then you are able to integrate your offer with reasons and rationale as to why the prospect should go ahead, they overcome the desire to object to the solutions you’re recommending.
These five responses to objections will help you drive the decision-making process forward as you uncover what’s most valuable to the prospect and help them make the best decision for themselves and their business.
Originally published: 5 June, 2017