How to Deal with Common Sales Objections

on July 27, 2015 Sales Tips and Tags: , with 0 comments

Trying to deal with common sales objections from prospects can be challenging! Fear not! You should be prepared not only to expect objections but welcome them with open arms! Objections provide valuable insight into what motivates your buyer and how they are feeling!

Whether you are a small business owner looking to increase the market share of your operation or an international sales director tasked with improving the efficiency of your respective sales teams, there are common sales objections that are part and parcel of today’s ever changing sales arena.

Identify the common sales objections of your prospects concerning your products and services as early as possible in the sales process.

On the sales front line… if you are clear why there is resistance or hesitation to making the sale, you will be better prepared to handle these objections more effectively.

Listen to concerns of your prospect’s…

Here are some common sales objections that you may be familiar with including some guidance on how to deal with each one.

For starters you should be fully clued up on every aspect of your products, services and your competition… just like a detective your mission should be to identify the truth behind your buyer objections and aspirations by asking open questions to help steer prospects towards making a purchase!

To succeed you need to establish relevancy, build trust, demonstrate value and clarify specifically why your prospect cannot live without your solution. Imagine the scenario from your customer’s perspective… what reservations would you have and what are the key selling points of your offering that would be of most interest?.

Some common sales objects and tips to deal with them…

1. Costs

Prospect says: “I think your solution is too expensive!”…

or “Your competitors are offering a similar but cheaper solution!”

or “Is this your best price?”

If costs are the primary objection you will need to clarify the value and relevancy in your proposition.

Show the breakdown of costs in your proposal and if possible make sure you highlight why your products and services are unique. Your solution may have more features and functions that you prospect will ever need. Try to tailor your pitch to the precise needs of your prospects and optimise costs based on reduced functionality or volume for example. In addition you may find that the credit terms you are offering are not the best for your prospects – In this case you should show consider providing some flexible options to support their investment where possible.

Without doubt will you have sound logic to justify your pricing so don’t be afraid to stand firm when challenged…
However you may be able to make concessions in exchange for an increased term contract commitment, or invite your prospect to sign up right away in exchange for a better deal! Everybody wins!

2. General Apathy

Prospect says: “We are happy with our current solution or arrangement at this time.”

Aim to generate some urgency for your prospect to take action. Highlight relevant activity of their key competition or trends in their marketplace. Inspire them with your client success stories – this will help add relevancy and help prospects visualise and better understand your capability! Leverage big data and social media. Highlight how you can help take your prospect to the next level – Be creative and illustrate why now is the time to invest in your solution!

3. Resistance to Change

Prospect says: “We’ve used our current solution for years – why would we risk change?.”

To satisfy the need for change… and minimise outright dismissal of your solution, provide case studies of how other customers have benefited from change by using your products and services. These will help inspire confidence. Even if your prospect is not ready to make a purchase you have started the ball rolling.

4. Building Trust

Prospect says: “I hear what you are saying but can I trust your organisation, services and products to deliver results?”

Whether you are selling to existing clients or new prospects your will need to nurture relationships over time. Prove that you fully understand the challenges and aspirations of your buyers. Be flexible in your approach and they will feel more confident and happier to consider working with your organisation. When it comes to convincing buyers to make a purchase, demonstrate thought leadership by creating and sharing relevant industry oriented content that helps them in their day to day roles. This will help build trust and increase your market reach to other potential prospects at the same time. Helping is the new selling!

5. Internal Conflict and Referrals

Prospect says: “I would give you the business however we have already agreed another solution in principle with an alternate provider.

Or “Our bosses friend’s wife’s has been promised the business already.”

Family connections and personal referrals can often stand in the way of forging the perfect deal. Even though you know your solution has what it takes, this type of objection arises where the prospect has committed with the heart vs the head and can be frustrating for sellers and indeed the prospects own internal team!

Not much you can do in this situation however. Look for related prospect opportunities that will allow you to prove your worth and expertise. The good news is that you may well find yourself next in line to fulfil the business if your prospect needs to change things in future.

6. Partner / Stakeholder Approval

Prospect says: “I don’t have the authority to sign this off…”

or “I need to consult the rest of my team before I can make a decision”.

To avoid the sales process grinding to a complete halt this objection needs to be appraised / handled carefully. You need to verify the legitimacy of this type of objection by coordinating a follow up meeting with the prospect and their key associates. This way all objections and opportunities can be dealt with at once. If there is resistance to an additional meeting your prospect may just be stalling for reasons unknown. If so ask open questions to establish the real truth to avoid wasting everyone’s time.

7. Timescales

Prospects says: “I don’t have the time to give this my full attention right now.”

or “Call me in a few months as we are making some operational changes.”

If timing is a factor for your prospect it is vital to establish some parameters.

Suggest and agree an acceptable date and time to talk through opportunities further. Well ahead of this you should be making a ‘light’ version of your sales pitch making it as simple as possible to understand with clear values and benefits in black and white. Explain how simple things would be to get the prospect up and running for example!

Summary

Identify objections and field them as they arise. Once you know what is holding up the sales process, you can prepare yourself with the right answers! Pre-empt common objections and include them in your sales presentations to speed up the sales process. Listen to feedback from previous prospect sales exchanges and learn from them!

Reassure buyers of the relevant benefits for their business, offer guarantees and distinct advantages vs the competition. You should be making the buyers decision that much easier by managing and fielding any objections effectively. If prospects are continually stalling and making excuses to avoid making a purchase you may have to concede that they are not the right fit for your organisation, or worst case it may be time to re-evaluate your offering in line with your key competitors!