Overcoming the top 4 sales objections
Many businesses consistently fail at closing deals without knowing the real reason. In fact, there are numerous reasons that cause prospects to refrain from buying from you. But don’t be overwhelmed, we’ve all been there.
The key is to understand what is preventing a potential client from making a decision. If you know why they are hesitant, you can respond to this specific objection.
In this article, we will cover the 4 most popular sales objections, and how you can overcome them.
Circumstances or objections?
As a first step, prior to getting into the objections and the ideal responses, you need to discover if the reason for refraining from buying is just an excuse or a stall, or an existing circumstance. For example, if they claim they don’t have money for a product, you need to know whether they really don’t have the financial resources they need, or they simply aren’t willing to spend as much money on that product or service you provide. Even in that case, there are solutions to get them buying anyway. We’ll treat this topic in another article.
Knowing how to identify the source of the objection and understanding how to act in these situations can make the seller transform a no into a yes and close the sale.
Once that very first step defined, you can dive into objections
1- “Product/service is too expensive”
The objection to price is common in everyday life. Phrases like “It is too expensive“; “I have no money “; “The value is above my budget”, among others, are said by customers in different situations.
There are several methods to answer this objection, I will discuss three of them in this article and the rest in another one for you to dig deeper in this objection.
A – How expensive is it? Compared to what?
It is necessary to understand the origin of this customer perception. Is he comparing with another store or with another product? By understanding this, you will be able to point out the differentials and benefits that justify your price.
It might be, for example, that the product he is comparing to is inferior to what you are offering. And if the comparison is with another store, maybe the delivery time or their guarantee is not as good as that of your establishment.
B- Maybe there is something that I have not explained properly. Besides the price, did you have any questions?
This is essential! After all, the customer’s perception of expensive or cheap is directly related to how he sees the benefits and values of that product. If he is not fully convinced of the quality and usefulness of the item, he is likely to find it expensive. It is the salesperson’s role to try to reverse this situation.
C- It is true. The best products and services are always more expensive, it is a matter of quality and confidence in delivery and results. I can present a simpler option if you are interested.
A simple way to reinforce the value of the product. If the seller immediately offers a discount, the customer will realize that he was right, that the store was actually charging more than it should. Now, with this answer, the attendant indicates that the price is appropriate to the quality of the item in question.
2- “I need to think it over”
This is one of the best-known sales objections. When a contact says he needs time to think there is a great possibility that he has doubts about your product/service or even your company.
This objection is usually related to trust. The client needs to have certainty in your credibility.
The ideal reaction to this objection is to, without putting too much pressure, ask them about possible doubts, encourage them to read rich materials and successful cases, and use testimonials if available.
You can also offer them to have a limited-time free trial to test your product or service and decide upon trial. It might be that with a little more knowledge they change their mind and you close the deal!
3- “It’s not a good time to buy”
If your prospect uses this objection, there’s one of two things, it’s either they lack interest or resources, or they are using this obstacle to withdraw from your radar for the time being and it might as well never be a good time to purchase.
The best way to overcome this, is to ask “what’s holding you back?”. That way, you can go further into the discussion with your prospects to heal the root cause of this objection. And in that case, if you stumble on another objection, you might be more likely to overcome it now that you know that it is the underlying cause of refusal. Maybe it’s the shortage in the budget, or the board decision that’s needed, in all cases, knowing the why will help you solve it.
4- “Just send me an email with the information”
This objection is called the “brush-off”. It can appear at any stage of a sales conversation and its meaning depends on its timing.
For example, If the prospect uses it at the very beginning of the conversation before even knowing your product or its value, it probably means that they’re just disqualifying the purchase before it is born.
If it appears in the end of a sales conversation after having explained all the features and benefits of your product, it usually means that the prospect has made his mind and that they’re not interested in your offer.
If it appears in the middle of the conversation, it means that they may be interested in the product but are not willing to discuss it further.
Each of these scenarios has to be dealt with differently.
If it comes up in the beginning, insist on taking 30 seconds to see whether it’d be beneficial for your prospect to call them later or not.
If it comes up in the middle, try to understand the reason behind it, to decide your next sales move. An option here is to remain silent (press your mute button). The prospect will explain the reason without you asking for it.
If it comes up at the end, and you can still see a way to transform your prospect into your client, give him something to look forward to. It can be a presentation, or a case study of a previous client of yours or a live demo of your product. This way, you’ll know if he’s genuinely interested or not.
These 4 objections being the most common ones, you are now ready to hit the floor of a sales conversation knowing that you have all it takes to overcome these obstacles.
That being said, keep in mind that sometimes, a no is a no, and you shouldn’t insist on convincing your prospect that your product is valuable to them. Use the time to find another prospect who already sees value in your product.
At the end, we should acknowledge the importance of coaching in developing sales skills helping you to overcome any objection that comes in your way. This is what EAA offers.