Objections from prospects are what the Sales Professionals fear the most. It can be discouraging as well. During the sales process, you will most likely meet objections. Objections are prospects' comments about the reasons why they don't plan to buy your product or service. It may be something like:
“My existing products are reliable, and they don’t give us any problem”
"I already buy those products from XYZ Corporation and am happy with their product."
“We have no compelling reason to change our source of supply/purchase”
“We are used to the existing product. Why change?”
“We are afraid your product is not as reliable as our existing one”
Don't be put off by an objection; it is a normal part of the sales process. In fact, objections sometimes are a signal that the sale is progressing and you're getting closer to a positive response. When a prospect voices an objection, they may simply be asking for more information about your product - and their objection tells you in what area they need more information. For instance, if they say they are happy with a product from another competitor, that is your opening to explain how your product differs from your competitor's product.
Anticipate objections. Rehearse answers to standard objections. Learn to ask questions of prospects to get to their real questions.
Here are a few proven techniques for overcoming objections. Treat every objection with respect and a thoughtful response.
· Acknowledge your customers' position and then offer them new information. For example, if the prospect says your product is more expensive, tell them that your product uses heavier load-bearing bearings and thicker housing. Safety factor is higher. You can ask your prospect to calculate the price per kg to compare instead of just using the unit price. Your product price may turns out cheaper.
· Question prospects when they make statements about why they won't buy or what they don't like about your product. Try to learn why they feel as they do; this will help you get to the root cause of their concerns. For example, your prospect may claim that your product is new in the market, unheard and untested. To allay their fears, you can show them all the Test Certificates, Regulatory Certificates or Classification Society Certifications relating to your product. Show them the customers reference list in other countries, convincing your prospect that it is tried and tested in other markets.
· Restate the objection so the customer can hear it. This tends to reduce the magnitude of an objection and allows prospects to modify your statement to more accurately express their true objection.
· Tactfully respond directly to the customer's statement. If you must contradict what they are saying because you honestly believe they are wrong, provide factual information that can help them see where they may have a misunderstanding.
In my next post, I will blog about the 5th step of The Sales Process, ie. Closing The Sales.
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