By Ryan Velez
At the surface, in the world of sales, an objection is not necessarily a bad thing. After all, it’s proving that your prospects are paying attention enough to consider what you have to say and find an issue with it. However, there’s still the matter of addressing the objection. Oftentimes, your prospect not only wants to learn something regarding the buying process but also how you react. How you handle this can make the difference between a successful sale and a failed one. Black Enterprise provides some valuable insight on how to handle this pivotal moment.
For one, when you’re hit with the “no,” don’t simply pack up your things and go. Sometimes, finding out the reasoning behind the no can be enough for you to implement a potential solution, giving your pitch new life.
• Why are they happy with what they currently use?
• What aspects about the product that they use now are reflected in the product you’re selling?
• What extra capabilities can you offer?
• Push the sale ahead by listing benefits others have seen by using your product.
Sometimes, you get hit with the classic statement that the deal isn’t good enough or that the price is too high. This may very well be a bluff. Sometimes, the deal is truly too high, but there may be other things you can work on together that will allow you to work on together. Rather than instantly going to lower the price, start by asking whether your product or service is still a priority for their company. When they respond yes, start finding other ways to make the sale happen. Is it a matter of timing? Perhaps you can offer a quicker delivery or more flexible terms of payment to allow for your prospect’s issues without having to give on price.
Sometimes, the objection is simply a matter of chain of command. The person you are pitching to may not have the authority to say yes. Be ready for this issue and what you need to do to get the decision makers involved. See if they can become available for a follow-up meeting or future pitch. By setting up a plan, you can quickly counteract the approval objection, and perhaps be able to spin this and other objections to a potential sale for your company.