I. Defining Objections
Questions. Need to clarify or get more information.
No Need. Do not feel they need your product, can do without just fine, not ambitious or motivated to grow.
Fear. Risk averse, conservative, want others to go first.
Unfavorable Comparisons. They feel another product has better features, pricing, or terms, or competitor is bigger, more well known.
Time. In a hurry, no time to pay attention.
Financial. They spent too much recently, have no money or credit, exhausted their budget and must wait until new fiscal period.
Passive Aggressive. Will come up with endless reason not to buy even at when it’s clearly inn their best interests to do so.
Perfectionist & Analytical. Demands excruciating detail and wants every conceivable question answered exhaustively in an endless cycle.
Resistance to Pressure. You push, they push back, may be a dominance play where they must win and stay in control.
Negative Personal Reaction. They don’t like you.
II. Dealing With Objections
Objections must first be defined so you know exactly what the issues are. They must be systematically studied and understood, Then they must be reframed. Only a fool “welcomes” objections (supposedly because it indicates interest). “Overcoming” objections is a losers game. It legitimizes and empowers objections at your expense. Reframing objections in effect changes the game into one you can’t lose.
Questions. People only buy what they understand. They ask questions (hopefully) when they don’t. This indicates a certain level of interest, otherwise why bother? Take the opportunity to get your presentation back on track or to repeat information so it is communicated and understood clearly and completely.
No Need. Needs are sometimes not recognized as such until solutions come along. They may notice irritations, inefficiencies, problems, but accept these as “the way things are.” You have the opportunity to create a “need” by helping them rediscover their problems and showing them how they “need” to be solved. You need to get them to face facts and feel pain, something nobody wants to do. As is true when you go to a doctor who tells you of a serious condition you did not know you had, but then gives you the cure, you are amazingly better off for the effort. You can also show ways to get ahead, to profit, to become more efficient, to open new markets. Closers are creative and can visualize lemonade when they see lemons, or even a pasture where lemon trees would be happy to grow. Or you can give up and be a poser.
Fear. The key here is to be able to recognize that the prospect is scared. Simplify, explain, and tell happy stories about how other customers felt the same way but discovered how much better it was after they did what you advised them to do. Comparisons
Unfavorable Comparisons. It may be a case of apples vs. oranges. Or possibly useless nitpicking on insignificant differences.
Time. You can’t stuff 5 lbs of you-know-what in a 2 lb bag. Reschedule.
Financial. There may be actual conditions here. If you can’t fit into a required schedule or offer a payment plan the deal could be off.
Passive Aggressive. Call the prospect’s bluff and stand your ground. If that fails, then move on. It’s about pipelines not any one prospect.
Perfectionist & Analytical. Answer reasonable demands and nothing more. Explain (with a graph if possible) how you value your time.
Negative Personal Reaction. They don’t like you? So what? Since when has that been a requirement to do business. You may decide to call in another rep or manager to smooth things over.
III. Answering Common Objections
Q. Your price is too high.
A. This is widely considered the ultimate objection. It strikes fear into the hearts of sales reps worldwide. It is actually quite easy to answer. Watch . . .
Prospects say the price is “too high” for the following reasons:
A ploy to see if they can get a better deal.
The best way to find out what the price really is.
To prevent being made a fool if somebody else outsmarts them and gets a better price.
Following company policy never to agree to initial price demands no matter how favorable.
Price, even if fair and justified, is more than they feel they can spend or are authorized to spend.
Need to dominate and out negotiate an opponent. More an ego-driven reaction than a rational one.
Decided not to buy and using this objection is easier than simply saying no.
As a way to stall and avoid making a decision.
There are numerous effective strategies for this most common objection:
Silence. Do not honor with a response, unless repeated once or twice.
Too expensive?. Best accompanied by a look of astonishment. Wait for an explanation.
Really! I’ve been selling this product for X years and NOBODY has ever said that. Wow. Tell me more. Wait for an explanation.
Compared to what? Ball is in their court.
Insist that the prospect explain and defend his position regarding what you know and have proven to be a fair price and excellent value.
What NEVER to do:
Never get defensive.
Never make excuses.
Never whine or blubber.
Never avert your eyes or lower your voice when you state or discuss your price.
And above all, never lower your price. Doing so only proves beyond a shadow of a doubt that your first price was indeed “too high.” When you do lower your price, the prospect has every right to keep asking for more discounts and concessions. Go ahead and give them, at this point you deserve what you get.
Q. Does your product have this feature?
A. No. We did not think it necessary and certainly not worth the cost and thus the increase in price we would have to charge. Do you need that feature? Is it important? No product has every possible feature. Prospects often are clueless about features, may have read about such and such or been told that one was important by another sales rep.
Q. Why shouldn’t I buy from your competitor?
A. Perhaps you should. You should do whatever is in your best interests. I would. Let’s find out what exactly is in your best interest. A fearless honest response will get you infinitely more that a fearful defensive one. Wanting to help people means doing whatever is necessary to best serve them, even at the expense of a sale.
Q. We have always bought from XYZ, why should we switch?
A. That is a question only you can answer. You are more familiar with XYZ than I am. I am an expert at my product and company. How about I provide you with all the information, including pricing, you need to make the best decision in the interests of your company.