To become a top sales professional, one of the important things to do is to know how to overcome sales objections. Knowing what objections you might encounter helps in preparing for them and overcoming them successfully. The seven classic sales objections that you are likely to come across are:
1. Lack of perceived value in the product or service
Contrary to what you may believe – price is usually not the issue – it’s the perceived value that the person has placed on your service or your product which dictates the objection. You MUST believe in your product/service when giving your sale pitch.
2. Lack of perceived urgency in purchasing the solution
There is no reason to ‘act now’. People are generally very good at procrastinating, so your job here is to “find the pain” and show how an immediate purchase can create an immediate solution to the problem.
3. Perception of an inferiority to a competitive offering
You haven’t solved your clients concern over the value of your offering versus your competitor’s, or one product over another. Never make negative comments about your competitors, but do point out how your product is different or better.
4. Lack of funds to purchase the offering
They simply don’t have the money at present, and they don’t want to tell you. A way to overcome this sales objection is to ask about their budget for the purchase, or inquire into whether a payment plan may be a good option for them.
5. Personal issue with the decision maker(s)
There is a conflict between you and one or both of the decision makers – i.e. the wife doesn’t like you – but you haven’t picked up on it. You need to improve your ability to ‘read’ your customers, and you need to learn how to more effectively build rapport. If you find it difficult in spite of your efforts, hand the deal over to another salesperson.
6. Initiative with an external party
They have already signed on with another service and are having a meeting with you out of politeness. Although this can be perceived as a waste of time, you should always provide them with an option to “test out” your services or product, and ask if a better price for a better product would change their mind.
7. “It’s safer to do nothing” perception
This is procrastination. A lot of people don’t like to make decisions, so it’s your job to find the “pain” that the decision maker is experiencing and show how your product or service will benefit them. Inform them in such a way that the decision becomes a “no-brainer”.
To excel at selling, it is essential to develop an understanding of yourself and others, and the techniques that you can use to influence and persuade to close a sale. It is the nuances that win the battle.