Close More Sales by Learning These 7 Customer Objections
Have you ever lost a sale because a potential client had an objection that you did not have a response for?
It happens to the best of us.
Even though it happens, it doesn't excuse you from being unprepared. After all, maximizing each opportunity will put you on a path towards success. The key is to listen carefully to what the potential client has to say when they object. Once you're able to identify each objection you'll be able to overcome it with a prepared response. Here are 7 of the most common objections:
1. Price
Example: "Your product or service is too expensive for me, I can get the same thing somewhere else."
When the cost of your product is an issue, it often helps to breaking down your cost of materials or operational processes to help them understand and justify why your product/service is priced the way it is. Then reiterate your company's unique value proposition and why it is superior to competitors.
2. Complacency
Example: "I'm fine with things the way they are."
When a potential client is complacent you have to add a bit of discomfort and fear is a very powerful motivator. Talk about the latest business findings about what their competitors are doing and how they have made changes to improve their companies. Remind them that they should always aim to grow, being stagnant will only lead to decline.
3. Status Quo
Example: "This is the way I've been doing it for 15 years and it's been working. If it ain't broke, don't fix it."
This objection is a close relative to complacency; there's an unwillingness to change. To combat this, you can use examples of changes within the industry over the past decade or so. Then explain how different companies had to adapt which led to positive results.
4. Trust
Example: "I don't do business with people I've never met or how do I know you're able to deliver on what you say?"
Relationships and trust take time so there is no quick fix with this objection. Ultimately, being consistent and true to your words will slowly establish rapport. Expedite this process by talking about your existing clients and provide references or customer testimonials will help validate your trustworthiness.
5. Personal Ties
Example: "I'm working with my brother-in-law's company for this service."
Sometimes it can't be helped, personal connections often trump any value proposition you might have. However, this does not mean you should give up. Try to dig and find out more about the service or product that's being provided. Often times there will be gaps that you can capitalize on or ask for an opportunity the next time around. See if they want a quote from you to find out how good of a friend/cousin/brother they really have.
6. Second Opinion
Example: "I can't make this decision alone, I'll have to ask my wife or partner."
While it might seem like a ploy to blow you off, sometimes the client genuinely needs to consult with their partner in order to make a decision. The trick here is to stay in the conversation. Suggest a joint-meeting or conference call and you'll be able to address concerns from both parties.
7. Timing
Example: "Now is not a good time, call me back in 6 months."
Unless their current contract ends in 6 months, chances are they are just buying time or are too busy to deal with you. Let them know about the benefits you provide that would free up their time. Then help them plan out next steps and show them how easy it is to get started. Remind them that there is no commitment but that they should be prepared when the time comes. Then just make sure you follow up every few weeks.
Remember that every sale is different and clients may have more than one objection so it's important to be ready. In the end, the key is to listen. That is how you will identify pain points, discover new opportunities, and overcome any objection that comes your way.