Most salespersons dread sales objection because it feels like a closed door or a missed opportunity. They want prospects to listen to their piece and keep the communication lines open. Experienced salespersons understand that sales objections are also an opportunity. When you listen to the prospect’s objections, you can understand their mindset and thought process. You can understand the obstacles in your path and change your strategies accordingly.
When prospects object, you get the opportunity to understand what’s actually stopping them from purchasing the product from you. You shouldn’t give up when you’re faced with objections. You just need to use the right strategy and turn those objections into approval. This six-step strategy will help you handle sales objection effectively and perhaps turn the objecting prospects into customers.
Step 1 – Gratitude
Most salespersons panic and give into their disappointment when they’re faced with sales objection. Many inexperienced salespersons just hang up after they receive a negative response and don’t bother engaging the prospect further. This is a mistake because your first response to the objection should be gratitude.
When prospects object and state their reasons for the objection, thank them for their feedback; and if it’s a complaint, assure them that their opinion will be taken into consideration. For example, if the prospect says that the product is too expensive for them, you can reply, “Thank you for letting me know.”
If they say that they’ve seen a few bad reviews of the product, you can say, “Thanks for informing us” and ask them for details. You can also use this opportunity to express that you’ll look into the reviews and address any grievances your previous clients might have. This will show that you’re willing to work to improve your product and provide your customers with the assistance they need.
Step 2 – Show Empathy
As a salesperson, you want your prospects to connect with you and establish a rapport. You can’t do that if you don’t show them some empathy and place yourself in their shoes. For example, if the prospect can’t afford your product, most salespersons automatically consider the call a waste of their time and cut the conversation off quickly. Just saying thank you isn’t enough because it can leave a wrong impression on the client.
You can add a simple, “I understand” and immediately showcase your empathy. It’s important to avoid an argument or a negative impression during a sales call. You don’t want to make the prospect feel bad about their complaint or objection. You just need to show them that you’re there to help and you can find solutions that will work in their situation and with their requirements.
Step 3 – Isolating the Problem
You shouldn’t let the call go just yet. If the prospect is in your target demographic, they can provide vital information about their preferences and give you insight into the community they represent. After you’ve heard their objection, try to dig in further in order to know more. For example, after they’ve confirmed that they can’t afford the product, take the time to ask them if they have any other objections.
This encourages the prospect to think deeply on your product, services, and brand. It also shows them that you value their opinion even after they can’t afford your product. You should always keep in mind that a prospect who can’t convert today might convert a few weeks or months down the line. Many prospects will have nothing more to add, which means the cost is their only objection. A few might have some opinions and your openness to hear feedback and criticism might encourage them to be open and honest about their opinions.
Step 4 – Confirmation
Confirmation allows you to pin down all objections the prospect might have. If the cost of the product is their only objection and they confirm it, you can offer them a way around it. For example, you could offer them an installment option, or a generous discount. At this point, the prospect might accept the offer and you’ll be able to move onto the next step. However, if they still have objections, you can ask again if they have any issues with the product outside of the price.
Such a conversation will allow you to pin down all possible objections the prospect might have against the product and find solutions for them. This will help you refine your product, your marketing strategy, and help you with other customers as well. Once you have pinned down all objections, you can move on to the next step.
Step 5 – Solution to the Objection
Once you’ve understood all of the objections, you can work on finding the solution. So, if your prospect says that they’ll be more willing to move forward with the purchase if you resolve a certain problem, you can turn your attention to the solution to the objection. For example, if the prospect’s objection is the price, you should ask questions that’ll help you determine their financial state and how they can change things a little to afford your product. You can also offer discounts and payment options if your company is willing to provide them.
You can work with your prospects to come up with the solution that would place them in a better position to purchase your product. This doesn’t always work because prospects have priority expenses that they’re not willing to forsake. However, if you sell your product well and the prospects want it enough, they’ll be more willing to make some sacrifices and changes.
Step 6 – Complete the Transaction
This step is often neglected because salespersons who research this point assume that the prospect has agreed and they’ve made the sale. You need to get verbal and contractual confirmation from your prospect as quickly as you can and complete the transaction. If you delay the process, you might lose the client or will have to go through the entire sales process once again.
It’s always essential to close the transaction properly after you and your prospect come to an agreement. This will help you leave a positive impression on the customer’s mind.
If you follow these six steps, you will handle sales objections effectively and smoothly. You’ll have higher conversion rates, more satisfied customers, and a better reputation in the industry.
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About the Author
Ben Fewtrell is a sought-after Business Coach, Keynote Speaker and trainer who has featured in Virgin’s Inflight Magazine and Entertainment Portal, SKY Business and “Secrets of Top Business Builders Exposed”. He is also the host of the popular Business Brain Food Podcast where he interviews leading experts on anything and everything business.
