For many small business owners, selling doesn’t come easy. In fact, for the majority of people, making sales calls and developing air-tight pitches is stressful and challenging. While there is a certain level of natural skill and personality at play, many shortcomings can be compensated for by understanding common sales objections and how to address them.
As a salesperson, it is your responsibility to uncover what is stopping a potential client from making a purchase decision. In most cases, this means answering the following objections with clarity, understanding, and patience:
- Price. By far, the number one sales objection has to do with price. You will frequently hear something along the lines of, “Your products cost way too much and I can get the exact same service from someone else for much cheaper.” If that is a true statement, your best option is to justify the cost of your products or services. Try breaking costs down into smaller amounts and carefully explaining what they get for each dollar.
- Lack of authority. The second most popular sales objection is, “I’ll have to discuss this after consulting my manager/boss/partner.” If you let them walk away from the table and consult other sources, you may lose a sale. Ideally, you should tell them to invite that person in or setup a joint meeting in which you can all discuss the sale together. You can usually accomplish this by claiming you have a special deal that can only be offered and signed off on if presented directly to the CEO or manager. This usually gets you in the door and allows you to present appropriate terms or discounts.
- Complacency. Do you ever hear potential clients mention a fear of change? It’s usually guised in a statement like, “We’ve been doing it this way for 20 years and I don’t want to risk messing it up.” The best way to kill the complacency objection is to provide ample examples of when change has been good for your business, their business, or some other well-known company.
- Bad timing. A classic objection is, “We’re too busy to get involved with this right now. Contact me next quarter.” This is often the easiest objection to overcome – if it’s actually true. Simply light a fire under them and make the offer so compelling they can’t wait any longer. It’s amazing how much time a customer will make for you when he or she has a clear understanding of how the sale will benefit them.
- Trust. One of the most difficult objections to overcome is trust. In many cases, a new client will want proof that you can handle their sale. You can overcome this objection by presenting case studies, testimonials, and honest answers to tough questions.
While these are five examples of common objections, it’s equally important to understand the different types of objections. According to Brian Tracy of SuccessNet Online, there are 9 different types. From unspoken and excuse driven objections to honest and subjective objections, each person has a different way of objecting. Your success as a salesperson largely depends on your ability to decipher one from the other.