Written by Sean McPheat |
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.
Originally published: 12 August, 2014