Objection handling. It can be tricky but it's a critical part of being a good salesperson.
While there are a gazillion different types of objections, the two most common objections we hear are:
- "The price is too high"
- “I’ll think it over”
In this article, we will review why customers use these objections and provide you with some effective objection handling strategies.
1. "The price is too high"
People rarely object to price because of price alone. Instead, what they object to is more likely to be something else.
When people object to price what they’re really saying is, “You haven't convinced me that the product is going to give me good value for money - that it’s worth what you are asking me to pay for it. ”
How to Handle Price Objections
1. Show how the product satisfied his dominant buying motive.
2. Draw the prospect’s attention to the benefits of the product and the dollar returns that the benefits deliver.
3. Ask if his main focus is to just get a cheap product or something that gives him the best return on his/her money.
4. Mention that the product solves their problem so the most important thing is how well it solves their problem not the price itself.
5. Show how the product helps avoid a loss or gain a benefit.
6. Say, “As I see it, you are questioning why our price is so high. Apart from the price is there any other reason why we couldn’t do business together today?”
7. Say, “Why do you feel so strongly about the price issue?”
8. Say, “Suppose you could convince yourself that the price was reasonable. What would you need to convince yourself? Does that completely settle things in your mind now?”
9. Make the prospect feel secure that he is getting a quality product at a fair price.
10. Articulate the price over a period of time.
11. When they say “price is too high”, repeat it back as a question. That makes him defend his stance and actually question his objection.
2. “I’ll think it over”
This is a broad brush statement that people make when they don’t want to buy. Saying “no” sounds so final so they say “I’ll think it over” instead. They don't really want to think it over.
People have agreed to invest their valuable time to meet with a salesperson, so in their minds, they have already decided that they want to buy if the conditions are right.
Don’t allow a prospect to think it over. If you do, you’ll be waiting forever.
Sales Aids to Help You Effectively Handle Objections
People won't necessarily believe everything you say when you tell them something, but if you can offer evidence to help you prove your claims, they're much more likely to believe.
Here is a list of sales aids that will help you prove your claims and give your product even more credibility:
- Price comparison chart featuring competitors
- Benefits value chart which lists all benefits and features the dollar value that each benefit brings
- Testimonials from a variety of people in different situations
- Corporate marketing material
- Newspaper clippings or articles that back up claims
- Frequently asked questions (FAQs)
How do you handle sales objections? Share your tips in the comments below.
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