Through each phase of the sales cycle, a salesperson is going to face objections. Even with the first call, the prospective buyer may object to the interruption of her time, depending on how busy her day is.
SALES AND COLD CALLING OBJECTIONS
Here are five basic objections, and ways to overcome them:
“No, I’m not interested.”
When you hear this objection, which you will hear more often than not, the best response is: “Why? Can you tell me what about our product or service is not interesting to you?” Keep the customer engaged so that you can learn if the “No” is actually “NO”.
“I am happy with my current provider, thank you.”
This is the buyer’s polite way of saying “No, I’m not interested.” Your response; however, should be different: “When you say you are happy with your current provider, may I ask what they are doing that you really like/makes your life easier/helps your company save money?” This response will show the customer that you are interested in helping them solve a problem or meet a need.
“Your products are too costly.”
This objection means that the buyer does not completely understand the value your products bring to the table. Your response should be: “(CUSTOMER NAME), can you tell me why you believe my company’s product/services are too costly?” Also: “If you can please help me understand how you compare your current provider vs. our provider, maybe I can help you see the value in our products/services that your current provider is not able to give you.
“Call me in 6 months. Then I’ll be ready to have this discussion.”
While this seems like a “maybe”, and you may be tempted to reschedule a call in 6 months, think this through again. The best response to this objection is: “(CUSTOMER NAME), will 6 months make a difference in your ultimate decision? If not, can you help me understand what elements need to be in place for us to have this discussion today vs. 6 months from now?” This will again keep the customer engaged in your sales process, and will force them to continue considering your products.
“I’ve already spent my budget in this area.”
This objection may be a little more difficult to overcome, but it can be done. This is because in most cases, the companies you are working with save back budget for last minute expenses at the end of the year. Ask the prospect specifically about their budget: “(CUSTOMER NAME), in order to see if I can potentially help you save money using our products/services, I would love to learn more about how you allocate your budget. Can you spend a few minutes helping me understand your budget process and how much of your budget goes to (this) area?” The more you can learn about their budget, the easier it will be to overcome this specific objection.
Overcoming objections can be discouraging. As a successful sales representative, it is important to realize you will face objections from the time you begin the sale to the close. Objections mean simply one thing: Your prospect does not know enough about the value your company brings to the table to help them. The more you can uncover their needs and help them understand the value of your products/services, the less objections you will have to face.