Business Basics in both sales and marketing begins by overcoming objections before they are thought of. While many people do not like long sales pitches, it is important to not artificially cut down the information, just to keep it short. This may cause more questions than answers, and when people become confused it’s a hard sell. We need to understand potential questions, and have enough information to fulfill the customer questions and objections.
The obvious starting point is to think through common questions that people will have. By asking where they stand on various issues it will be easier to talk through potential stumbling blocks.
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 am concerned what others think
- What will my wife/ friends/ etc think?
- Is this something they will approve of?
- What happens if it goes wrong?
Knowledge – I am not very investor savvy
- Don’t know enough about this deal!
- Is this true or are you BS’ing me!
- What are you investing in now? Stocks, Bonds, Mutual Funds, IRA, Insurance, Real Estate etc.
- What are you spending most of your money on now? Food, Rent, Insurance etc.
- Do you feel you are spending too much, or maybe not saving or investing enough?
- What amount would you consider spending on a product like this, or what is the amount you can afford now?
- 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. It is also important to get to know the person somewhat.
- “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.
I don’t have enough time or money
This is a very common excuse and rarely true, and it is why we have sites like onemeandream.com. When it comes to human nature, somehow people will find 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 will help them in this area. Remember when people feel that the purchase is an investment it is easier for them to make a decision.
How safe is my purchase or investment?
No one wants to lose, so 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 is also important to make sure they believe you can back up your guarantee.
Is what you’re telling me really true?
To answer this, it is often wise to relate your product to other familiar products. People understand how successful other products have been, and 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. Price is also closely related to trust so build your credibility to match your price.
Business Basics: Overcome sales and marketing objections before they are raised – Summary
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.
Next time you are considering making any purchase in life, whether it is 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 are not in the market to purchase at that moment, and what would put you into buying mode.
If you like this try: Business Basics: 6 business lessons learned as a paperboy