Chapter 12
Step 4: Select a specific technique
in deciding take these factors: prospects behavior style stage of negational process (time) mood (argumentative or receptive) of prospect how many times the objection has come up type of objection decide quickly & avoid showing you're upset too many variables operate in a selling situation to guarantee that every Objection can be answered satisfactory
ppt what is an objection?
is anything the prospect says or does that presents an obstacle to the smooth completion of the sale
Remove Misconceptions
Denial but use with caution present denial thoughtfully with dignity allows them to cool down and soften stat you regain 5 ATTITUDE is critical Goal: earn respect & avoid angry reaction. But you're not intimidated direct denial: higher risk but sometimes necessary if its about you, company or product
Presumption of Exclusivity:
Determine what they want more than anything else form you product and then identify the features that satisfy those wants and focus on that
When deal ing with price questions: understand and b able to apply the:
Differential competitive advantages you have in a product, source, people, or service superiority. Be prepared to justify price and show it's fair
ppt The PRICE objection
Don't apologize for the price Don't make price the focal point of your presentation Do point out the relationship between price and quality Do explain the difference between price and cost -Break the price down—by day, week, or month -Your job is to establish value, not price -Look at the price-cost-value comparison over time -Talk about the initial price versus the ultimate costs.
Step 1: Hear the Prospect Out
Don't interrupt; active listen to verbal and non verbal signals; recognize their right 1st pay attention so you can pinpoint what the source of the objection is this process will help you better explain how the Problem/Solution can serve their needs and be of long term value
An Objection:
is anything the prospect says or does that presents an obstacle to the smooth completion of the sale. contains emotion and logic move prospects nearer to the close and reveal what they are concerned about and often reveals the key to successfully closing the sale it's the real beginning of sales verbal and nonverbal signs of sales resistance that give you the chance to discover what the prospect is thinking
ppt Why do objections occur?
Psychological Reasons -Dislike decision making -Prefer old habits -Reluctance to give up something old for something new -Unpleasant past associations with you or your company -Perceived threat to self-image...I'm in charge!
Perform a Comparison
acknolwging the superior nature nature of your prospect's product and suggesting that the prospects company and your company are 2 of a kind makes considerable snes elevates to some level of pride the prospect has in it's propsects When comparing have facts to support your claims (testimonials) give list of referrals
2. Compensation or Counterbalance Method
admit objection is valid overshadow BENEFITS use statistical evidence; 3rd party enforcement; case history works because: with an acknowledgment of expressed concerns and then given a series of logical, compensation benefits to counter balance the state objection
Step 3: Acknowledge the Propsect's Point of View
agree as far as possible before answering and take responsibility for any misunderstanding "i understand how you feel" All successful negotiations find pants of agreement before you begin to answer an objection
5. Boomerang Method:
agreeing and trnasale Objection to reason for buying good method when they lack info be careful of image you project tongue in cheek method: adapt of this method: use humor and may soften up prospect and turn away anger.
ppt i don't have time
aks for time
4. The Stopper
an objection to which no satisfactory solution can be found not everyone is the right fit and that's okay move on!
ppt When do you handle them?
answer immediately anticipate objections postpone the answer do not answer an excuse
4. Do not answer an excuse:
answering may prove their point. say you will answer later and if it's real it will be brought up again
3. Ask "why" or a specific Question
separates objection from excuse also overcoming Objections narrow to specific points that are easier to handle
ppt Compensation or counterbalance method
¡Admit the objection is valid ¡Describe some counterbalancing benefit...yes, this car gets poor mileage but it's the safest car on the road. ¡Relate a case history or testimonial 1.Counter balance: we let them know we understand the objection however this product has this benefit that you shouldn't care about the objecton (the car is ugly but it's the safest car on the road)
ppt Sometimes it ok to compare, but don't be rude
¡Comparison of your product's features, advantages, and benefits against competitors or prospect's current product ¡A demonstration can give a convincing answer to an objection ¡Do a comparison of long-run costs and savings ¡Use your company's reputation to build trust and justify the higher price
ppt 3.Ask "Why?" or a Specific Question
¡Excellent for separating excuses from real objections ¡Ask questions that turn a broad general objection into a specific concern that can be answered Can you give me an example of why you feel that way Help me understand why
1.Feel, Felt, Found
"I understand , this has come up before but..." Overcomes stall or personal concenr offset hostility or inform those who don't understand serves purpose of: - you understand -this objection is normal - sets stage to introduce info Experienced people may sec tehnquie and get annoyed
Step 5: Answer the Objection
don't cloud issue/make them feel pressured answer should be conclusive, honest, factual present only as much info as needed to gain cooperation and commitment minimize it by not dwelling don't promise anything you can't deliver Help them win and consider their ego should include benefit and shaped to behavioral style! Gain Agreement!
ppt its too expensive
expensiveYOU MUST ASK WHY ask questions and get them to talk (let them talk) you just havne't established the value of the product in my mind!!
Examples of the hidden objection
financial situation has changed I find you and your presentation distasteful I just don't feel like its right idk what the objection is I really wasn't in the market for your product
ppt i heard your service is not ogood
if that's fact then come up with a counter balance fact; your'rre right we went through a bad period however we're good now
4 Methods for Conquering the Price Question
1. Do a Price Break Down 2. employ the Presumption of Exclusivity 3. Perform a Comparison 4. Sell Down
6 step plan for identifying objections
1. Hear the prospect out 2. Confirm your understanding 3. Acknowledge their point of view 4. Select a specific technique 5. Answer the objection 6. Attempt to close
Follow up your response with visuals Answer with a:
1. Infographic: graphical visual representation of info, data or knowledge intended 2 present info quickly and clearly 2. Picture: of your prospects in action 3. Letters: from satisfied customers are great ways to take focus off the resistance and put it back onto product and prospects needs great w younger generation
ppt techniques for objections
1. feel felt found 2.compensation or counterbalance menthod 3. Ask "Why?" or a specific Question 4. Remove a Misconception 5. The Boomerang method
Anticipate objections: Advantages
1. objection has much less impact the 2nd time 2. You must recall the original answer, expand up on it, and then move into a close or back into the presentation if necessary
ppt * The Stopper
An objection for which no solution can be found Not every prospect is a fit for what you have to offer The prospect has a legitimate reason for not buying... so move on.
ppt 1.Feel, Felt, Found
Answer by referring to a 3rd party and using that experience as your proof ¡Provide new facts which allow the prospect to reevaluate your proposition ¡I understand how you feel and know that I have felt that way before, too, but keep in mind (many have found that)...
ppt When will someone object?
At any time. They are a normal part of almost every conversation. No doesn't necessarily mean no. Successful sales presentations have double the number of objections as unsuccessful, we just handle them better!
1. hear the Prospect Out: the prospect is really telling you what to do, and their objection is saying to you:
"give me more info" "go over that service agreement again- It wasn't clear." "reassure me one more time that this is a good decision."
When to answer objections
(1) Answer Immediately (2) Anticipate and forestall objections (3) Postpone the answer (3) Do not answer an excuse
3. The Hidden Objection
(iceberg) might be perosnal difficult and prospect doesn't want to let you know the real concern not logical and not directly related to something specific in your product/presentatoin
6. Curiosity Method:
(relationship driven approach) you're already questioned a lot so it will be natural to answer objection with a question curiosity allows for exploration and identification of specific needs allowing 4 SP can be more meaningful explaining the value of the features
ppt So when do you handle them? answer immediately
-Allows the prospect to concentrate on the rest of the sales story -Shows the prospect your sincerity -Prevents prospects from inferring your inability to answer -Of all the objections, the price question should be answered after need, value, and benefits have been discussed. In other words, put it off if you have not established value.
ppt Or you can : anticipate objections:
-Incorporate objections and the answers directly into the presentation if you are confident the objection will come up. -This can help prevent a "confrontation" -Objection may come up again—but it will have less impact the second time -Weave into your presentation factual answers to anticipated objections
6 techniques for navigating objections:
1) Feel, Felt, Found 2) Compensation or Counterbalance Method 3) Ask "Why?" or a Specific Question 4) Remove a Misconception 5) Boomerang Method 6) Curiosity Method
ppt objections the plan!
1.Hear the prospect out 2.Confirm your understanding -Clarify and classify the objection -Try to distinguish between genuine objections and excuses 3.Acknowledge their point of view -Restate or rephrase in your own words.....your notes: 1.Restate your objectioni to make sure you understand exactly what the client is trying to say (sometimes the client still isn't telling you the truth if if they say its true after you ask again) -Use words such as, "I understand how you feel" -Prepare the prospect for your answer 4.Select a specific technique. Base decision on: -The prospect's social style and mood -Phase of the interview -The number of times the objection has been raised -The type of objection (excuse versus a genuine concern) 5.Answer the objection -Say just enough to answer it 6.Attempt to close -Continue presentation if you do not succeed Step 4 Is this the real objection 5. solve it 6. Trial close** to find out if we really did handle the objection "did that make sense?" then you can close the deal **** CLARFIYING THAT OBJECTION AND GET THE BUYER TO SAY IT TO
ppt categories of objections
1.Product objection 2.Objection to your company 3.Don't want to make a decision 4.Service objection 5.Objection to the salesperson 6.Price objection (possibly hiding real objection)
The Heart of sales resistance
85% of buyers will give you the same 5-6 objections you must know the heart/basis before you can solve it must practice the objection before hand keep record and practice and memorize!
ppt postpone the answer:
Acknowledge the objection Employ empathy Gives you time to present more benefits Allows you to maintain control Gives you time to think about your response •Promise to get back to the question. If prospect absolutely insists, then answer it when it comes up Price objection (typically try to postpone it) unless they push then you anwer
1. Answer Immediately
Allows the prospect to concentrate on rest of sale w/o blocking informatoin only answer fits a real concern answer in 30 seconds or less answer briefly and honestly be congenial and intellegent sincere and immediate response conveys professionalism, respect, empathy right answer promotes sale and removes resistance.
4 real concerns of a hidden objection:
Circumstances have changed since you first spoke with me. Recent family problems have caused severe financial hardships, and I do not have the ability to pay for your product. I find this whole situation distasteful, and I don't want to deal with you. I don't like you, but social convention prevents my being blunt engouh to tell you so I really don't know what my objection is. It just doesn't feel right. Quite frankly, the product looks like a cheap imitation to me I really wasn't in th market for your product. I just wanted to hear what you had to say for future reference
can postpone answering an objeciotn by sayings something like: 1 & 2
I can appreciate that you would be interested in that, and I assure you, we will discuss it completely, but before we even consider that issue, I want to be sure that my service can satisfy your needs. Will that be all right? 2. Mr. McCreary, your concern for price is quire understandable. The actual amount paid for the product, however, will depend upon the options you ultimately select. Let's consider the price for the system after we establish the specific features you will require. Is that fair enough?
Examples of Stall or Put-Off Questions
I have to leave in 15 minutes, I have an important meeting just leave your literature with my assistant. I will look it over in the next weeks or so and then call you I must talk this over with my partner
The stall or PUt- off questions
I have to leave in fifteen minutes; I have an important meeting Just leave your literature with my assistance I will look it over in the next week or so and then call you I must talk this over with my partner.
ppt Logical reasons of objections
I misunderstood I'm not convinced Hidden reason - does not want to reveal real reason Your product offering does not fit the prospect's needs They will object before they feel like they can trust us
The searcher questions
I'm not interested I don't have the money for this We are satisfied with what we have now I really like the competition's product
Examples of the searcher
Im not interested I don't have the money for this: We are satisfied with what we have now I really like the competitor's product
Step 2: Confirm your understanding of the objection
In your own words: restate/clarify in a systematic manner dissolves the prospects defensiveness and helps you avoid the temptation to argue gives yourself time to formulate response evaluate and isolate concern is it an excuse? ask ?'s to get more info of what type of objection it is. ask them 2 explain helps you clarify 4 both of you.
ppt the searcher*
Often prospects just want more data. They have mentally decided they want to buy. They just want to be convinced. So convince them!
2 confirm you understanding of the objection: Questions you might ask the prospect that can help you isolate the real issue and confirm your understanding
Other than that, is there any other reason that would prevent you from purchasing? I'm glad you brought that out into the open. Is this your only concern? If we can work together to find a solution to this important concern, would that help you make a purchase decision?
ppt the stall or put off*
Prospect is simply trying to avoid making a decision You may not have presented a compelling reason to buy
3. The hidden objection*
Prospect will not reveal the real reason Often quite personal, so prospect feels uneasy It's kind of like an iceberg Most specficially the hidden objectoin (you will deal with this more than anything out) first is this objection real and 2nd if its real how do I deal with it; if its not real they you keep asking questoins to get to the heart
Employ the Presumption of Exclusivity
Stress special features that only your product offers (study what compensation offers and why they have a lower price sell quality and uniqueness may have to show more interest in the prospect than the competiotn focuses only on price isolate other needs of prospect for which you provide assitance only your advantages can be obtained from you: justify with facts Resumption of exclusivity
ppt 2.Employ the Presumption of Exclusivity
Stress the special features than only your product can offer Sell quality and uniqueness Make your price seem unimportant in comparison to the value received Draw the picture clearly and convincingly—most buyers are fair-minded
ppt Different types of objections***
The stall or put off the searcher the hiddenobjection the stopper
3. Postpone the anwer
When it is late in presentation and answering how would be less effective. Ex: price should be done infrequently price should be answered at the end after need, value and benefits have been discussed
When answering objections:
cal emotions by providing you're open to reason the key to maintaining a positive sales envionrment is to: disagree without being disagreeable sympathetic!
ppt learn to accept objections as a
challenge, which when handled correctly will benefit you and your prospect. If you handle them poorly, you almost certainly will fail.
Demystifying Price Objections
difficult to pin down bc it can men many different things it may not be price: it may bayou haven't convinced its worth it often represents incomplete sales job don't apologize 4 price but have supporting evidence don't be dfensive must believe the price is less than value your products will give sell exclusive features as benefits
finial price paid for a project/service depends on:
discounts advertising and promotional allownaces service offer sale free trial periods warranties or money back guanranees slaes support service and training myriad other price related concerns
ppt I will have to run it by the committee
do you know there is a committee?-idk --> ask questions such as what kind if info do you need to give to the committee (you're want to know that there is actually a committee and let them know that)
1.The Stall or Put- Off Objection
must look for the true meaning may be trying to avoid making the decision not convinced may have not qualified them or presented a compelling reason, or haven't established enough rapport ask relevant questions and care about response; focus on relationship! how you handle a stall=test of your attitude
ppt NO
not right now; or I don't understand à why did they say no?à I understand this is a tough decision however we have gone through all the benefits of our product so can you give me an idea of why you don't thin they're a good fit (you will here on average no 4 to 5 times before you hear a yes) .... If no means no; but you still feel like you want a relatonship for a future product so then you set yourself up for the next potential contact--> "i think youre right there isnt' a fit but in the future there might be so how about i call you in 6 months and see if we have something for you then)
To ease the fear of Risk:
people object raise concerns or ask questions; in hopes of getting answers that will convince them that the buying decision is in their best itnerst prospects will say No at least 5 times!
1. Do a Price Break Down
price will sound smaller when broken down into weekly/monthly paymens compare it to how the ucsomter normally spends extra money compare 1 time price to amount they will save after years of using it the clearer you make the distribution between what they pay and get the easier they will see the value which is your job! Establish value! talk about initial and ultimate costs look at price-cost value comparison in 2 perspectives Price- rep initial amount paid for product; Cost- is amount the buyer pays as the product is used over time
2. Anticipate and forstall objections before in the presentation before they can ask
stay in the presentation before they can ask stay ahead of the objection curve weave into your presentation factual answers anticipating requires well throughout planned presentation delivered from the prospects point of view and focusing on value move obstacles you remeove=easier for them to welcome suggestions good strategy: do homework- viable prospect?
If a prospect gives you a hard time about price,
stop selling price. instead show what the price buys. make cost seem unimportant in comparison to the value received.
Types of Objections
the stall or put-off the searcher the hidden objection the stopper
People have a perceived price quality relationship
they don't mind spending money when the quality an dvaue of the purchase have been successfully established.
Attempt to Close:
trial close gets their reaction without pressure. identifies if they need more info if positive signals- attempt to close if uncessessful- continue presentation
Sell down
use buying range have variety of options/benefits; present best first accomplishing 2 things: 1. your prospect will know the quality of features available to them should they schools that option 2. Gives you the opportunity to reduce price by removing features or presenting diff leaves of options and gives them a sense of control! always remember: prospect knows its unwise to pay to much but sometimes worse to pay too little
2. The searcher
wants more info wants to be convinced that they should buy they already want to buy so...
ppt my son won't like it
why may your son not like it (if you don't have it) ask open questions*???? (tell me what they do like à they're not them
When using the six step plan for identify objections
why? maintaining control by losing control- perceived value/chances of making the sale is decreased best handled: identified, placing them in proper perspective =powerful aids having a strategy: confidence builder and able to welcome them
5. the boomerang method
¡Initially agree with the concern but make a statement that turns it into a selling point ¡Convert the objection into a reason to buy ¡This is ugly. Yes, but it will sell! ¡Works well when the prospect lacks complete information ¡Also, you can be genuinely curious about the objection....I'm intrigued about why you feel that way. You take the problem and turn it into something good (guacaemoly) Yu have one issue you deal with With cunter balance (you have one problem and one counter benefit)
ppt find their range sell down
¡Present the best, most expensive product first ¡The common law of business balance prohibits paying a little and getting a lot ¡Be patient, focus on the benefits, and let the buyer tell you what features he can live without ¡There is a price point below which the buyer will not want to go You show them something reat first and then you bringit down à however what if you scare them! So in discovery find out what theyactually neeed and want and then just give it to them straight up -He strongly disagrees with this process - -Upsaling: bring them to more shoes that is even more expected
ppt ** Do not answer an excuse
¡Serious objections will come up again. ¡Not answering suggests that the excuse is not truly relevant (especially if it did not make sense to you)
ppt 4.Remove a Misconception
¡Useful when the prospect clearly has the wrong information. ¡If buyer resistance is not valid, there may be no other option than to refute it by providing accurate information ¡Be firm in stating your beliefs; be sincere and don't be defensive or rude "I heard you use child labor" a clinet says something that isn't right aout your service or companyà (if you verbally push you're going to lose) I can assure you thats not true and I have proof that that is not true You show
ppt main points to remember
•Let buyers know you are on their side •Help with objections (show you really do care) •Do not get demanding, defensive, or hostile •Do not be satisfied with an excuse or stall •Bring out the benefits and keep on presenting them!