Encountering objections in our sales processes is a fact of life. Whilst I have seen enough people trying to shy away from objections, the best ones actually do the opposite. They see objections as an opportunity to clear a blockade to make the deal happen. They actively engage with their customer to investigate objections in detail and adapt their offering to strengthen the deal. In this post we'll look at a Top 5 objections and see how we can use value to use them to our advantage.
Objection: "It is too expensive."
This is perhaps the most common of all sales objections, sometimes even encountered before a price has been discussed. When a customer says your product or service is too expensive, it often means they don't fully understand the value it can bring to their business. In short, we as sales people have not done our job of connecting priorities, to solutions and did not clarify what outcomes that solution would produce.
To turn this objection into an opportunity, you need to show the potential return on investment (ROI) they can achieve. The trick is that this ROI needs to be relevant for those metrics that matter to the customer.
For instance, if you're selling a software service that improves operational efficiency, determine which KPI's your customer cares about and which ones they struggle with. Then demonstrate how your solution helps achieve those goals and how time and cost savings over the long term make sense.
Objection: "We do not have time right now."
Schedules are increasingly full and people have less time to meet new sellers, it means every interaction is under further scrutiny. When a potential customer says they don't have time, it means your offering is currently not seen as a priority on the longer list of action items.
To overcome this, you need to move back to what's mission critical for this organisation. Determine what they is really valuable, what deadlines are pressing which issues are connected with that. Align your solution and even the next meeting to those items so you spend time on relevant items.
For example, if you're selling a customer relationship management (CRM) system, and retention is crucial to your customer. Explicitly note that you will speak about gaining better customer insights and show them how it can streamline their sales process, saving them time and helping their team manage relationships better.
Objection: "We already have a solution."
This objection can be challenging as it suggests the customer is satisfied with their current solution. However, it also presents an opportunity to differentiate your offering.
You need to study competition and have an extremely clear understanding of your USP's versus other solutions. Moreover, you need to be able to explain those USP's in very clear terms. Once you know what type of solution you are up against, you may be able to start a conversation about shortfalls they may experience. Of course you need to tread carefully as negatively commenting on competition is often taken as an insult.
For example, we were selling a process management solution. Often our prospects already had a solution in house and initially we looked the same. In practice through, we knew our solution was far easier to use and solved issues around actually being able to optimise processes. Knowing the challenges they were facing and asking questions was often enough to move forward.
Objection: "I need to talk to my team/manager."
Often a prospect will need to confer with their team or manager before making a decision. It's a common objection that can delay the sales process, but it's also an opportunity to equip your prospect with the right information to present to their stakeholders.
To turn this into an opportunity, offer to help them prepare for this conversation. Provide them with concise, persuasive materials that clearly outline the benefits of your product or service. You can also offer to join a meeting to answer any questions or concerns the team might have.
For example, if you're selling a project management tool, you could provide a case study demonstrating how similar companies have improved their project completion rates and team collaboration using your tool.
Objection: "I'm locked into a contract with another provider."
This objection can seem like a dead-end, but it's actually an opportunity to establish a relationship and sow the seeds for future sales. When faced with this objection, express understanding and ask about the duration of the contract. This information will allow you to follow up closer to the contract's expiration. In the meantime, keep the prospect engaged by sharing useful content and updates about your product or service.
For instance, if you're selling a digital marketing service and the prospect is in a contract with another agency, you could share articles or tips about marketing trends and strategies. This way, you're providing value and keeping your service top of mind for when they're ready to switch providers.
Conclusion
Keep in mind, no matter the objection, the key to turning it into an opportunity lies in your ability to listen, understand, and respond with value. By adopting the Value-Based Selling approach, you will approach objections with the right mindset and a genuine interest in providing a great solution. Every objection is an opportunity to strengthen your collaboration and brings you one step closer to a deal.
