Success in sales often begins by overcoming objections before they are thought of. While no one likes like long sales pitches, it’s important to not artificially cut down the information. Just to keep it short. This can cause more questions than answers. When people become confused, it’s a hard sell.
Even if we’re experts at giving great presentations, we sales people still need to be prepared with the right information to fulfill the audiences questions and objections. Our obvious starting point is to think through what kind of questions people will have, when confronted with your product or service. By asking where they stand on various issues, it will be easier to talk through potential stumbling blocks.
Overcoming Objections in Sales Points to Ponder:
Price/Value/Cost – The price is too high against the perceived value.
- What happens if I spend all this money, and don’t get my return?
- I can invest in something else, so why spend it on your product, program or service?
Time/Logistics – Does it fit into my investment plan.
- I am not ready yet to invest, because I don’t have enough money
- I need more time to think about it.
Credibility/Trust – The product, program or service looks right, but…
- I just don’t trust you.
- The program is unproven.
Politics – I’m concerned what others think.
- What will my wife/ friends/ etc think?
- Is this something they’ll approve of?
- What happens if it goes wrong?
Knowledge – I’m not very investor savvy
- Don’t know enough about this deal!
- Is this true, or are you BS’ing me!
A few questions to ask before the sales pitch:
- What are you investing in now? Stocks, Bonds, Mutual Funds, IRA, Insurance, Real Estate?
- How do you perceive our quality as compared to our competitors?
- Why did you choose us?
- What are you spending most of your money on now? Food, Rent, Insurance?
- Do you feel you are spending too much on a similar product?
- Are you here today, because of the failure of another service company?
- Do you think you could save using product X?
- What amount would you consider spending on a product like this, or what is the amount you can afford?
- Would you consider liquidating other investments or put in more money to make a smart investment?
- Who will be making the decision to buy this? You, your partner, spouse, family member.
- When would you be willing to make such a purchase?
- Time is of the essence and only limited supplies are available, would you be interested.?
If you ask these questions (in some form) in the beginning of the sales process you may have answered all the prospective purchaser’s objections before they arise.
Questions to ask to get to know your target audience.
- What concerns do you have?
- Is there anything that troubles you that might stop you from a purchase decision?
- Is there something specific you look for in an offering that will convince you to go ahead with a purchase?
- Do you have any questions or issues that concern you?
- If you are not ready at this time, was there anything in particular that prevented you from taking up our offer?
Seems simple doesn’t it, and just a use of Common sense? Well, most of this is simple and full of common sense, but remember common sense is seldom common practice. The tricky part is knowing what the objections will be, and how to overcome them.
Common responses to sales pitches – How to overcome them:
I don’t have enough time or money
This is a very common excuse and often rarely true. Human nature somehow fins the time and money to do the things they really want; it’s all a matter of priorities. When people bring this up, remind them that the benefit of your product, program or service. Be direct and focus on the specific fear or uncertainty they have. lt’s easier to make a decision when, when customers know their questions are answered. And they know their money is well spent.
How safe is my purchase or investment?
No one wants to lose. We have to remove risk and make the potential customer feel comfortable. The only way to remove financial risk is with some form of guarantee. This is why every product has some type of guarantee. It’s also vital to ensure they believe you can back up your guarantee. For example Kia entered the US market by offering a 10 year warranty. As they took market share and increased brand recognition, people realized they would be around long enough to back up their claim (unlike the Yugo or Saturn).
Is what you’re telling me really true?
To answer this, it’s often wise to relate your product to other familiar products. People understand how successful other products have been. Hopefully you can help them see the same potential in yours. You must also have a list of things that back up your pitch. These might include, past studies, similar products, testing procedures, customer testimonials etc.
This just too costly for me!
Price is not really an issue when people feel it is worth the cost. In regards to the price of something, the best solution is to increase the perceived value rather than drop prices. This is where “bonuses” and “bundling” comes in. Things like offering finders fee, discounts, added items, special features etc. Price is also closely related to trust, so build your credibility to match your price.
Overcome sales objections before they are raised
The whole point of this exercise is to get to the point where the customer is happy and secure in their decision to buy from you. We can get there by increasing our credibility and by incrementally improving our approach.
Sales is all about psychology, and your existing customers, friends, family and even you can often be your best test subjects. For example – next time you consider making any purchase, whether its shoes, or a cup of coffee, list all the questions, desires and concerns that come up in your mind. If you are “just looking” for a potential purchase, think about why you’re not in the market, how much you would be willing to spend, the pros and cons of your potential product and its competitors etc.
Then decide what would put you into buying mode, or what kind of questions you would want answered. After you have your list, try come up with as many answers to these questions that you can. Like they say, practice makes perfect. Also knowing the difference between marketing versus sales can help us distinguish who does what. This allows marketers to focus on bringing customers in, while we focus on making the sale.
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