Still Getting Economy Objections? Try This Approach

Written by Sean McPheat | Linkedin thumb

19 July, 2012

Economy Objection crosswordA sluggish economy gives prospects a ton of objections and reasons to stall. Unfortunately, many sales people still have a difficult time overcoming these, “econojections.” The main reason sales people have such problems with econojections is that they are not objections at all. The state of the economy, be it local, national or global, is a condition, hence the term “economic conditions.” Unlike an objection, a condition presents a situation or set of circumstances that you cannot change or affect.

Therefore, instead of trying to battle and rebut these stalls, take the following approach.

Ok, So Now What?
Since neither you nor the prospect can change economic conditions, the question becomes, what is the prospect going to do about the situation? Is the prospect going to give up, close their doors and just lie down and die? Probably not. Therefore, bad economy or no, business must and will go on.

First, ask the prospect what they are going to do. Be very direct and ask the prospect, who is complaining that they cannot make the purchase because the economy is so bad, to explain what they are going to do. Are they going to close their doors or continue doing business in spite of the economy?

If they are going to close their doors, then you may want to reconsider this company as a viable prospect. However, if they plan to go on and make it through these tough times, then have them make that clear.

Economy Objection or Economic Strategy
Most often, the prospect will confess that business will go on. However, the stipulation will be something to the point of saving money, tightening the budget and overall cutting back on expenses, and that should open the door.

Whatever it is that you sell; you should be able to tie a saving of some kind to the benefits of the product or service. Benefits may include saving time, money, man-hours, or something. Or, the benefits can include increasing income, which also relates to money and survival. You should be able to show how what you sell will help them achieve their goal to succeed in a sluggish economy.

As an example:

Prospect
“I’m sorry, but with the economy the way it is, I just can’t justify spending any money right now.

Sales Person
“Steve, let me ask you a question, and please be straight with me. What are you going to do? I mean, yes the economy is not doing very well. But what are you going to do? Are you going to close down and go out of business?”

Prospect
“Of course, not. However, I do have to be careful. I have to tighten the budget.”

Sales Person
“You mean that you need to be as lean and mean as you can right now?”

Prospect
“That’s right.”

Sales Person
“I agree with you, Steve, and that is exactly what we are talking about. Perhaps I didn’t show you how our new XJ2000 will help you reduce your expenses in the warehouse, while…”

That is a generic example and as always not meant to be a script, but I think you get the idea.

Happy Selling

Sean

Sean McPheat
Managing Director

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