Top Sales Objections, and How to Overcome Them
When making a sale, there’s often a point when the lead will have a major objection to moving forward because of one reason or another. In this article we’ll go over three of the biggest objections to sales and how to overcome those objections in a logical and assertive manner. By doing so, you can reason with the customer and provide them with the insight necessary to close the deal, or move on to the next stage in the pipeline.
#1 Objection: Price
Price is always a make-or-break factor for many of the leads that you will encounter. Usually, you can’t just throw a hefty discount on the order and call it good, because where would the company be if you did? Okay, maybe one discount won’t hurt, but it sets the precedence.
So what do you do? You aim their interest at the long-term benefits/profits to be gained. Sure, they have to invest a good amount of money now, but where will they be in six months? A year? The point is, your software might be more expensive than the competitors, but it might provide functionality that drastically saves the user time and/or money. You have to make the lead aware of the advantages they receive for putting more money down initially. Also, it’s definitely worth pointing out any features of your product or service that are unique, as this qualifies the difference in pricing much easier.
#2 Objection: Not the Decision-Maker
In B2B sales processes there’s often multiple decision-makers involved, and you’ve got to find your way to each and every one of them, indirectly if necessary. When talking with a decision-maker who doesn’t unilaterally have purchase power, it’s important to identify the other decision-makers. Once you’ve established the decision-makers involved in the process, funnel as many resources as possible through the contact who you’re engaged with. For example, if the IT Manager is on the phone, but he needs to convince the CTO and CEO before making the purchase, then give the IT Manager the resources necessary to convince a CEO and CTO, not just an IT person.
#3 Objection: Timing
So you’ve qualified the lead, and they’re a great fit for your product or service. The only problem: your lead is telling you now just isn’t the right time. As a sales agent it’s important to press the lead as to why now isn’t the right timing. If they’re short on funding, then they’re short on funding. Wait a few weeks to months depending on what the lead says.
When the lead has some weaker reason then funding, it’s likely a polite way for them to end the conversation to shop around with competitors. Use this is as your chance to show them the money that could be saved/earned by investing in your product at this moment. Include figures over the next few months to give them an idea of what they’re missing out on.