You are bound to hit a wall through the sales process by experiencing objections at some point, and no doubt, it can be one of the most annoying aspects of selling. Facing that “but” after you have done all your preparation is demotivating. However, it doesn’t always have to be that way. Despite the frustration an objection can throw on salespeople, objections are another chance where you can bring in your expertise to work to influence the decision of a qualified prospect while weeding out those who don’t seem to be a good fit for the product or service your company offers.
So, how do we come out of the tycoon of frustration, address sales objections positively, and ultimately clinch the deal?
Here is a short guide that highlights the most common sales objections and how to handle them like a pro!
Common Sales Objections in Negotiations and Ways to Handle Them
When on the phone, through your sales process, you will likely run into four chief roadblocks that all center on budget, authority, timeliness, and need. Having the tricks to recognize and having an elaborate and full-proof process to handle them is crucial to eliminating a bad fit and unqualified prospect from the sales queue or closing a deal with a qualified prospect. Let’s walk you through each of them. Dig in!
1. Budget:
You can easily identify this objection when the prospect says, “I won’t be able to afford your services/ product,” “We do not have a budget to consider your product/ service”, and so on. So, how should you respond? First off, know the real reason for their indecision. Why are they not happy with your product? Is it money that’s stopping them, or something else?”.
If the indecision is about the sticker shock, you must explain the value your product can deliver and all the parts that make up the product. If they ask for a discount, do not give it right away. First, find out how much they are willing to pay and how much discount they crave. You would have a monthly revenue goal to meet, so it wouldn’t be impossible to offer discounts to any and everyone who asks.
2. Authority:
Here, the prospects may strive to pawn off the decision to someone else. This objection is especially seen in companies where there are multiple decision-makers. So, here you may come across phrases like, “I would have to talk to my boos/ CEO first.”, etc. So, what do you do in such a scenario? Well, do nothing but validate their point first. This will help you connect better with the prospect and get you to the next step, where you will need to discover the fears and needs of the third party regarding your product/ service or why the decision-maker refused. Once you get to the problem’s root, you can either potentially fix a time to speak with a third party later in the future or address the third party’s objections before you even connect with them on the phone.
3. Need:
This objection is particularly seen in the case of complex services and products. Prospects may refuse to take your product, saying it is hard to deploy, or directly we do not need your product, and so on. However, to tackle this hardest objection, you must again identify the problem’s root. You may use hard facts and data to convince them if they express skepticism. But, remember, you also come across prospects whose objectives do not align with your product or service, and there you shouldn’t faff your worthy minutes anymore on the phone.
4. Timeliness:
The timeframe is another tricky objection that can delay the sales process. If the qualified prospect mentions an imminent project that somehow connects with your service/ product, you can focus on how your offering can help them further and how it can prove to be a big and relevant change for the company.
Read More: SalesTechStar Interview with Jeannine Shao Collins, Chief Client Officer at Kargo
Top Quotes to Revive Your Negotiation & Sales Strategy
- Roy Bartell says, “Most people think selling is the same as talking. However, the most effective salespeople know that listening is the most crucial part of their job.
- Another tycoon in sales and marketing, Seth Godin, says, “Don’t find customers for your products/ services; find products for your customers.”
- Siva Devaki says, “Sales is not about selling anymore, but building trust and educating.”
So, in essence;
Knowing how to tackle and address these objections can help you clinch a deal or help you block an unfit lead. By managing these objections, you can better know your prospects’ needs, which can further help you concentrate your time on transforming the relevant prospects into excited, new customers.
Read More: Lean into These 10 Tactics to Earn Customer Trust for Your Furniture Brand
