Running a successful business means selling the products or services you offer. But not all prospective customers are ready to buy at the exact moment that you’re selling to them. Your prospects will have objections – questions, doubts, or resistance – to what you’re offering.
The most successful businesses will be the ones who anticipate these objections and overcome them. Here are the three most common objections most businesses face, and tips on how to overcome them.
1. “The price is too high”
There are actually two ways to understand this objection: Either they don’t see the value for the price you’re asking, or, they don’t have the money. When selling, find out which reason it really is.
If the real reason is that they don’t see the value, then you need to go back and do a better job of highlighting the benefits they’ll receive. Be sure to focus on benefits (not features) and be as specific as you can about the result of the benefits. Will they save twice as much as the cost of your product? Will your service help them to make three times as much as they currently make, twice as fast? Be specific.
If the real reason is that they don’t have the money, find some ways to help them afford the product. Can you downsell them to a smaller version of the product? Can you put them into an introductory version? Is there a layaway option or financing plan available?
Don’t get scared off by this objection. Find out what the real reason is.
2. “I have to ask someone else”
This objection is commonly heard when selling to businesses (“I need to talk to my VP of Finance”) and when selling to consumers (“I need to talk to my wife”).
If someone uses this objection, it should alert you to one critical problem in your marketing: You need to do a better job qualifying your prospects ahead of time. Ask the prospect point-blank if they are the ones who will be making a final decision or if someone else will be involved. Point out that it’s easier and faster if you can present to everyone at the same time.
If someone does use this objection, though, all is not lost. It’s an opportunity to get an ally in the sales presentation. They’ll want to look good to the real decision-maker so if you present in a way that not only promotes your products but also suggests that the original prospect had the courage and foresight to start the conversation, you’ll have an easier time selling the real decision-maker.
3. “We have another service provider”
This can be a real sales-killer because it’s hard to convince a happy customer to leave. If a prospect tells you that they have another service provider do the following: Ask them who is already delivering the service they provide. DON’T speak badly about your competitor. Confirm that they are happy with both the service and the price the competitor offers. Then consider one of the following: Tell them that if anything ever changes with their competitor, you would love to have a chance to win their business. Or, if it makes financial sense, offer a deep discount on the first product or service to prove that you are better.
Sales are essential to business. But with sales come objections… but objections are not a problem to businesses that are prepared!