Every cold calling sales rep receives more objections than they can count. Sales objections are just a part of life.
And they’re a regular part of the sales process. It doesn’t mean a potential customer won’t buy from you – it means they’re not ready to buy from you.
Objection handling is a major part of any sales professional’s job. How well you do it can be the difference between closing the deal and giving up too soon. And it’s often the difference between scraping by and shattering your sales goals.
Almost every potential client is going to object at one point or another, so you need to be prepared. That’s why we’re going to show you three common objections that every sales rep faces, and the best objection handling techniques for each.
1. “We don’t have the money right now.”
Money issues are a common sales objection. The prospect tells you that they don’t have room in the budget for your product.
At first glance, this seems like a deal-breaker. But it’s not.
Although it’s possible that they truly don’t have the money, it’s more likely that they believe your product isn’t worth the cost.
Your product needs to provide real value to the prospect and they need to understand that. Otherwise, they don’t have a legitimate reason to make the purchase.
If someone gives you a money objection, it’s your job to help them find the real reason they need to buy your product. Here are two ways to do that:
Effectively convey the value of your product to prove that it’s worth the cost.
People use price objection because they want to get off the call. To give yourself an opportunity to explain the benefits before they leave, say this right after they object: “I completely understand. But before we get into money, I want you to know that…” You can then elaborate your product’s benefits and the results you’ve achieved for people with similar problems.
Counter the “right now” response by helping them prepare for a future decision.
If they say they don’t have the money right now, you can ask, “So, this is more of a future project then, right?” When they agree, it gives you the opportunity to schedule a demonstration, get permission to send case studies, or continue the conversation to discuss the benefits. For example, you could say, “Okay, let’s put off doing anything right now. But in the meantime, I can give you a demo that shows you how our software gets one out of every three customers to refer a friend.”
Handling objections is a delicate art. When you’re speaking directly to the decision maker, make sure you explain the benefits of your product or service before you end the call. If a pricing objection comes up before you get the chance, use the advice above to pitch them your unique value before they end the conversation.
2. “I’m just not interested.”
This is a very common type of objection. If you’re selling to someone in the northeast, you may hear the variation, “I’m all set.”
This is often a knee-jerk reaction people have to cold callers. They’re busy and automatically doubt that they need your services since they feel satisfied with their current situation.
But you know that your services can help them, so don’t let your prospects get away too easily.
Instead, try countering by saying, “I understand. Most people I talk to say they’re not interested until they hear that…” Then, continue by providing your most cost-saving or results-producing benefits.
You can also counter by addressing the specific need of your prospect’s company. Try responding with, “I totally understand, but I do know that you’re interested in generating more leads. I just helped three similar companies double their lead generation in just two months by…” And then you go on with your pitch.
When someone tells you they’re not interested, you know that they want to leave. That’s why it’s important to meet them where they are and show them you understand their thinking.
If you do that, you can give yourself a great opportunity to provide them the real reason they want your services, giving you a much better chance of closing the deal.
3. “Can you send me information first.”
Someone who says this doesn’t want to flat-out reject you, or they just don’t feel like dealing with the call right now. By having you send the information, they can determine whether this is a good fit on their own time without the pressure of a salesperson.
But your closing potential diminishes if you agree to this request. Instead, you want to advance the sale before letting the prospect go.
The first step is to agree to their request. You can say, “Sure, I’d be happy to send you some information…”
Then you want to continue with, “But to make sure I send you the right information, can I ask you [specific follow-up question]? The follow-up question should get them talking about their situation or let you know what they want or need.
This is when it’s critical for you to be a good listener. Your prospect will give you the ammunition to overcome their biggest hurdles. You just need to listen and explain how you can help them in the right ways.
While some objections are legitimate and lead to rejections (make sure you handle rejections properly), many objections are just a part of the selling process. They signal that the potential customer isn’t ready to buy yet, and that you need to better help them understand the benefits of your product.
We provided you with three specific objections that you’ll likely hear repeatedly in your sales career. If you use the advice we gave you to properly respond to those objections, you’ll give yourself a much better chance of closing your sales.
Are there any other objections that you hear often? How do you like to respond? Let us know in the comments below!