Prospect Objections
We have discussed the importance of professional networking as vital to success in sales and business careers. What are three approaches that you personally could take to develop your networking skills?
“If you can find a path with no obstacles, it probably does not lead anywhere” Frank Clark
In a sales meeting it is very likely that your prospect will have concerns or reasons for not
committing. Some of these reasons maybe based on a need for clarification or justification for
the terms of what you are offering. These concerns are called objections and very often a buyer
may raise objections as a negotiation tactic to haggle for a better deal. Whatever the motive, you as a salesperson will be challenged by objections and how you handle these objections will
significantly impact your success in selling.
An objection of a prospect can be approached as buyer ‘resistance’, or ‘opportunity’ for the seller to reinforce the value she is offering. A good salesperson remembers that in her role of selling, she is helping a buyer make a decision and not engaging in a win–loss transaction. Because, if it comes to down to a ‘Who wins : Who loses’ scenario, then the person holding the purse strings and the upper hand in negotiation, namely the buyer is going to prevail. Handling buyer objections is a critical component of the negotiation process and this chapter provides some instructions on how to prepare and deal with various types of objections. The main points discussed in our text offer a basic approach to handling objections:
Plan: Put yourself in the shoes of the buyer in advance of the presentation to determine possible objections that are likely to come up. Do your homework in advance. Find out everything you can about your prospect’s challenges, needs, interest, goals, etc. This will allow you to focus on the solution benefits of your product/service. Anticipate obstacles and objections based on your research of your prospect and prepare your responses in advance.
Include: If you feel some objections are standard, then make them a part of your presentation
so the prospect feels that her point of view is important and included and that you have nothing to hide. Tackling objections head–on with statements like “yes we are the highest priced option in the market,” and then going on to lay out the value components built in to that price will help to deflect the price objection that your prospect planned on bringing up.
Respond: When a buyer raises an objection, it is best to respond immediately unless you are
getting ready to address his concerns in the next phase of your presentation. You don’t want him to feel like you are weaving around the issue because a strong objection of a buyer is not going to go away, and your ability to offer a solution or justification relating to the buyer’s concern will impact the direction of the presentation.
Flow: See objections as opportunities to make a stronger case for your product and establish
credibility rather than seeing the objection as a form of rejection. Try to keep the presentation
no track with the positive feelings the prospect has about your product.
Listen: Listening is a powerful communication tool, yet one of the most underutilized by us humans. Listen and validate the buyer’s concerns, because his concerns are key insights into
where he needs the most help in making a decision. Even if you can’t alleviate the buyer’s
concern the very act of carefully listening to where they are coming offers a sense of validation
that you appreciate their challenges in an honest and open manner.
Understand: What is the motivation for the objection? Does the buyer need more information, more clarification, more flexibility, more time, more input? Once you understand what is driving
the objection, you can determine if it is a negotiation tactic or a communication disconnect.
Act: Tell the buyer what you can do to alleviate his objection or concerns. Reassure his attention
and interest in what you are selling. Even if you are not sure why the buyer seems to be stalling
your action can be a direct question such as “What do we need to do to earn your business?”
Types of Objections
Hidden Objection: Customer’s don’t always openly express their concerns, which means a
salesperson can lose a selling opportunity and never really know why. Therefore it is important
to unveil any doubts through probing, patience, and honest communication. You want the
prospect to feel comfortable stating her objections even if takes longer to get them on the table.
Build on what the prospect appears to like about the product in an effort to draw out where the
concerns are.
Stalling Objection: “I’d like to think it over”. This is the classic stall. The buyer obviously has
some interest in your product or you would not have come this far in the process, but something
is stopping the prospect from buying now. Buyers don’t want to be pushed into decisions, so
there is a fine line between eliminating their reasons for stalling, and trying to close them
against their will. Unless it is a unique buying situation such as a large capital expenditure which
requires the buyer to do further analysis, you as the seller have to create a sense of urgency to
buy now such as limited inventory or price increases that will be taking effect in the near future.
No–Need Objection: If a prospect claims they have no need for your product then you have to
revisit your strategy. Maybe the buyer is not aware that customers in the market place are asking
about this product and identifying sources where they can purchase it. Maybe you can present a
testimonial from another customer in a different market who initially claimed he had no need
for the product, but now claims it is one of his best sellers. Typically, a salesperson has already
determined that this is a suitable customer for this product well in advance of the presentation,
so this is where good homework and due diligence come into play. It may even be a good
opportunity to discuss a competitive advantage, as buyers always like to gain first advantage or
exclusivity in competitive markets. Often good selling is about educating your customer on the
need for your product.
Money Objection: In a competitive market every price is too high until the prospect can see
the benefits. The key is to shift the focus of the buyer from price to value. Value is the
combination of price, quality, and service. You have to be able to justify your price through the
many benefits that accompany that price. This is also where the parameters of negotiation that
you predetermined in advance of the presentation come into play as you are aware how much
you are willing to compromise to close the deal. Maybe you can offer some extras to sweeten the
deal. You always want to try and create some flexibility in your terms to give the buyer the sense
of having the upper hand in the bargaining process. A buyer saying he can’t afford something is
also saying I am very interested but help me find more reasons to buy.
Product Objection: When a buyer challenges some issue directly relating to the product, then
you have not being convincing enough in letting the product speak for itself. Try and identify
through probing questions the source of any negative feelings the buyer has towards the
product. Real product success stories, or convincing market sales numbers, or testimonials can
also be used here to reinforce the product value. Again, this calls for stressing the product
benefits, and the solution the product provides for customer challenges.
Source Objection: In this case the prospect has no objection to the product, but is
uncomfortable with the partnership. This is more likely to occur in new selling situations where
there is not an established relationship. The salesperson maybe be new to the company or
replacing a previous rep who had previously been servicing the account and was well–liked. This
presents an element of “we really don’t know you.” The source objection could also relate to a
concern about the company the salesperson represents due to negative publicity or poor
reputation. The fact that the meeting is taking place proves that these concerns can be overcome
by being transparent and working on trust. The salesperson can ask for an opportunity to prove
himself as a worthy partner, and offer references from other satisfied customers. He can also
alleviate negative publicity surrounding his company by sharing some positive news about the
company that has not been publicized.
The salesperson must decide the best approach for handling each situation where the buyer has
a concern. Sometimes simply acknowledging an objection may be the appropriate thing to do if
you feel that you don’t have a strong counter. Remember, just as in life there is no product that
can be everything the buyer wants it to be, so it is a give and take encounter, and the buyer is
usually making a decision based on a range of value not just one thing.
Key Takeaways
• Objection is the beginning of negotiation
• Canned presentations are not effective in today’s world of selling
• The salesperson may have little control over price, but does have a strong say in
presenting the prospect with enough reasons to buy.
