Sunday, January 2, 2011
How To Respond To Objections
If you're a successful sales rep and you don't ever get any objections, you can skip this article. And then give me a call -- I want to know your secret! The reality is that we all get objections, and the first crucial step in responding to objections is to isolate the objection. Validate that there is only one objection standing in the way of the prospect buying from you. Here's the 1-2-3 plan:
1. Restate the objection.
2. Eliminate the objection -- take the objection away as if pretending it was solved.
3. Close on that objection.
Example: "So you're saying that you don't have budget now, correct? If you did have your budget now, would you purchase our product/service?"
If the isolated objection is the only one, then probe to fully understand and provide a Value Proposition if appropriate. If the isolated objection isn't the only one, probe to understand each objection and then handle each objection individually.
When you go back to probing (asking questions) to isolate and overcome objections, realize that oftentimes there are multiple objections, but only handle one at a time:
1. Understand that objection with more probing.
2. Deliver value to overcome that objection.
3. Close and get feedback. Closing will identify if there are additional objections.
4. Repeat the process until all objections have been identified, understood, and overcome.
The best way to overcome an objection is to shout at the prospect as loudly as you can, flailing your arms in all directions. That's not true -- just wanted to see if you were paying attention.
Your success will be based on your ability to fully understand the objection and address Value Opportunities (VOs) with your value.
* Can be a new VO that we missed. We go back to define and deliver value.
* Can be a VO that we did not fully understand. We didn't ask enough questions or we worked to our own agenda. Maybe the contact is not a decision maker and cannot/did not have enough knowledge to answer your questions to properly define.
* Could be something related to their process that we do not understand, such as DM loop or budget. Sometimes it's a matter of waiting for the objection to clear itself (e.g. budget timing, new DM coming in).
* Could be an objection where a VO is identified but we cannot deliver value and can't overcome the objection. If you can't overcome it, it's usually because they won't disclose what the real objection is, they don't have money to spend, your contact isn't the decision maker, or you can't deliver the products/services that address their VOs.
The Erie Sales Club is a joint effort of three leading local businesses: Jameson Publishing, Marsha Marsh Real Estate Services, and VertMarkets.