Your prospects are ready, willing, and able in an ideal world, thanks to your lead qualification process. Because the world isn’t perfect, there will inevitably be objections. While you cannot avoid them, you can learn how to effectively overcome them and turn a ‘no’ or ‘maybe’ into a ‘yes’. Here’s how to go about it
Table of Contents
- What is a Sales Objection?
- How to Handle Objections
- What Makes Objection Handling Important?
- What are the Types of Sales Objections
- Ways to Overcome Sales Objections
What is a Sales Objection?
The word “no” is the first that comes to mind when considering an objection. A buyer’s expression that there is a gap between what you’re providing and the need they want to be met is known as a sales objection.
Simply put, a sales objection is a sign that a potential customer isn’t ready to purchase from you for a specific reason. Don’t give up if a customer isn’t prepared to make a purchase, though.
Some customers can be difficult to persuade. The path to a prosperous sale is an ongoing rollercoaster ride with its fair share of ups, downs, and of course, objections.
How to Handle Objections
Any kind of sales objection can be overcome using a framework that is the same for all of them. The following is a step-by-step procedure that sales representatives can use for handling sales objections:
- Be ready for sales objections. As was previously mentioned, almost no sales calls are conducted without sales objections. Prepare some sales objections and responses before the prospecting call.
- Listen to full objection(s). Take note of the issues raised by the customers. Do it with the goal of understanding the prospect. Make sure your facial expressions and body language show that you are taking their objections seriously.
- Request more details. For any objections that are unclear, ask for clarification. To obtain clarifications and complete information, keep asking “What else?” and “Why?” questions.
- Verify the objection(s). Avoid dismissing or downplaying the objection. Tell the potential client that you value their concerns.
- React appropriately to any objections. Quickly respond to the objections. The most significant objection should come first, then the more minor ones.
- Discuss possible solutions to issue(s). Offer the prospect a follow-up phone call. Reiterate the objection and your strategy for getting around it during this call.
- Confirm that the objection has been successfully resolved. Find out if they approve of your solution. Any necessary follow-up meetings or details should be communicated to them.
What Makes Objection Handling Important?
Your sales team can influence the opinions of potential customers who aren’t sure yet whether to buy your product or service by overcoming sales objections. Most of the most popular sales objections can be overcome using typical sales objective responses. Prospective customers won’t feel like they have any justification not to buy your product/service if there are no sales objections. The handling of sales objections must be done quickly. Amongst the many challenges faced in closing deals, the biggest obstacle is failing to acknowledge sales objections. Through the closing stages, if customers maintain their objection, it will grow more problematic and be more challenging to resolve.
What are the Types of Sales Objections?
- Lack of Need
Prospects won’t buy your product or service if they don’t think they need it because companies have to be selective about their purchases. Sales representatives have the chance to learn about the current issues that their company needs to address thanks to this kind of sales objection. Sales representatives can inform customers about the features of their product or service that will solve their problems by knowing this.
- Lack of Budget
This kind of sales objection appears on almost every sales call. Because every purchase entails the possibility of financial burdens, potential customers must feel confident about the premium they are paying. Sales representatives can counteract these kinds of objections by highlighting the value of the product or service rather than attempting to convince the customer to lower their price.
- Lack of Priority
The prospect may use this kind of sales objection if they lack time or do not prioritise purchasing your goods or services. This sales objection should be used by sales representatives to learn about their customers’ current priorities and assess whether their product or service fits in with them. The best course of action is to organize a follow-up call for when they are available if the problem seems to be solely time-related.
- Lack of Trust
Buyers usually prefer to do business with people they already know. This means that sales representatives must use sales calls as a way to introduce their prospect to the business and the product. Additionally, sales representatives are required to sell the company’s market positioning in response to this kind of sales objection.
Before sales representatives call, competition may influence the decision of the buyer. When a potential customer mentions a rival in a sales objection, they are probably choosing between your business and competitors. This should prompt sales representatives to concentrate on how your product or service is better than those of your rivals during the prospecting call.
- Lack of Urgency
Customers don’t fully understand the value and impact of your solution. Usually, when time is of the essence, other priorities take precedence over your project. When prospects show a lack of urgency, you haven’t demonstrated the value of your offer.
- Lack of Authority
Lack of authority is a common sales objection you’ll encounter, especially when working with reputable businesses. A potential customer might claim that they don’t make the buying decisions. You can begin by learning more about the individual mentioned. Because you’ll be speaking with them when closing the sale, gather as much information as you can.
- Product Objection
An objection to a product may occasionally be raised by a customer. Frequently, particularly when it comes to complicated purchases that have an impact on a company’s operations, prospects may not fully comprehend the functionality and features.
- Source Objection
Even if a prospect is comfortable with your product, they might be hesitant to work with you as a sales representative or the company as a whole. Even though this doesn’t happen very frequently, it is crucial for salespeople to be ready for anything. A potential customer might make remarks about your standing, dependability, security, or how long your business has been in operation. You can use the source objection as an opportunity to describe your company’s or your own strengths. Give more details about the business, including how long it has been around. Describe some of your longest-standing clients, why they chose to work with you, and how you demonstrated your value to them.
Ways to Overcome Sales Objections
Practice the process for overcoming sales objections, so that you can more easily overcome the sales objection, no matter what it may be, even if you find yourself caught off guard. The process generally consists of the following four basic steps:
Instead of just listening to your prospect’s objections, address them. By doing this, y ou may be able to foresee potential objections ahead of time.
Give your prospect space to speak before responding, or, worse yet, interrupting them before they’ve even had a chance to fully express their concerns. Once you’ve addressed the sales objection, doing so will make them feel as though you’re genuinely trying to assist them, increasing your chances of closing the deal.
People are intricate. Even when we try, we don’t always express ourselves clearly, and our words can still be misunderstood. Paraphrasing your prospect’s concerns will help you show that you understand their objection.
There might be additional underlying concerns that the prospect hasn’t explicitly stated or has only hinted at. Before you can effectively respond, you must first uncover all the objections by using open-ended questions.
Recognize that your prospect’s worries are reasonable, regardless of whether they strike you as serious problems. It’s unlikely you’ll succeed in closing the deal if they believe you’re not taking their concerns seriously or are merely attempting to bully them into accepting the terms.
Don’t be afraid to address the objection yourself if you are in a position to do so. If not, inform them that you would like to analyse the objections further to come up with the best possible solution, and set up a time to return.
The prospect will be happy to proceed with the deal if you can overcome the objection, so reiterate it.
Keep in mind that some prospects will never buy, in which case the response is not an objection but rather a dismissal. You’re probably wasting your time if they don’t have enough money, aren’t fully qualified prospects, or lack the power to make a decision.
Prospects don’t frequently give you the chance to outline the value you can offer. Unfortunately, they have discovered from experience that the most effective responses to individuals who unknowingly waste their time are these automatic objections. As a result, you must be more persuasive and persistent as a salesperson.
However, there comes a time when no truly means no. The answers to the above-mentioned common objections give you a way to cut through the reflexive objections that potential customers make without thinking. If the customer continues to object after you’ve said what needs to be said, however, let it go. Be as clear as you can about the objection and try to understand what the prospect is really worried about. The general rule is that an objection is valid if the prospect raises it twice. No is a firm no.