HOW TO OVERCOME MOST COMMON SALES OBJECTIONS?

by Yakshit Chaudhary Marketing Executive

Buyer’s objection is one of the biggest hindrances faced by a salesperson in converting leads into sales. After all, buyers are hesitant to put their hard-earned money into something which doesn’t promise to add much value. However, this should not disappoint a salesperson. Instead of stressing, they should scratch their head and think what is not letting a potential client buy the product.

They can up their game by creating a need for a particular product/ service through their sales pitch and convincing the prospects to give their offerings a try. However, this has to be done tactfully and not through pushy sales lines like “buy our product at discounted price”.

Today’s buyer is quite discerning. Gone are the days when companies could make a fool out of them in the name of discounts. They are more aware now about all possible options, and prefer to compare them before making the final selection. They draw major details about a product online in terms of price, utility, product specifications, followed by product reviews.

As per one of the studies, more than 80 percent of the consumers research online about a product before buying it.

Some of the common sales objections faced by sales professionals are in terms of price, complacency, authority, trust, time, etc. Well, every problem has a solution and here it is.

Price

‘Your service is quite expensive. I can get the same at a lesser price from elsewhere.’ This line isn’t new for salespeople.

Price remains the most common reason for objection to the sale. In such a case, it should be identified if there is a budget issue (asking for discount) or cash flow (payment term) issue. If budget is an issue and buyer is saying that he or she can find the software at a lower price, differentiate your software from the one that buyer is talking about. Chances are that other software may not have certain features that yours have. Also, try to customize your product as per your buyer’s need and create unique value propositions. Highlight USPs of your product or service which a customer won’t find anywhere else.

Similarly, if cash flow is the reason, you can bill buyer in installments or on credit. For example, if price is disturbing their quarterly budget, charge 50 percent now and the rest in the upcoming quarter.

2. Complacency

People refuse to buy the product because they believe that they already have the similar product. They do not wish to spend on newer version, as they are unaware of the benefits.

In such a case, introduce customers with the advanced features in the new version of the product. Highlight the benefits they will enjoy with the new features. If that isn’t sufficient, provide the client with free trial.

Take for instance a CRM software, for which buyers were previously purchasing add-ons like mail, plugin for outlook, etc. However, the new version comes with all these features in-built. If you convey these benefits convincingly to customers, they are likely to invest in the latest version.

3. Trust

There are times when a customer would say that he or she isn’t sure to make an investment in your product/ service. It could be because the person lacks trust in your product or can’t rely on your brand. In such a situation, credibility has to be built and you do that with honesty and empathy. To make things easier, put yourself in customer’s shoes and think what would convince him or her. Provide the potential buyer with testimonials of your satisfied customers. Your quick turnaround time w.r.t customer service can also help in building the bond of trust with your prospects.

4. Time

After price, this is the most common objection. ‘I am too busy to discuss it right now.’

If time is an issue for the customer, no wonder even if you meet the same customer after six months, he or she will give the same excuse. In such situation, simplify the buying process and make sure that yet it remains compelling enough and let the customer go for it.

Try to make your sales pitch more crisp and convincing. Start with a question like, ‘Don’t you agree?’ followed by a problem which your product can solve. A conversation, presentation or article with a rhetoric beginning captures more attention as compared to the one starting with a simple statement.

5. Authority

The person whom you are consulting right now might not be the right person. There might be a higher authority whose approval is (genuinely) required. In such a case, if the person says that higher authority has refused to make the purchase then try to set up a joint meeting and help them in decision making. If you think that person is too busy for a meeting, seek permission for a quick phone call. Thanks to technology, you can even go for a video chat if face-to-face meeting is not possible.

How Software Can Help

A CRM software gives a futuristic view of the revenue generating trends and events. A CRM dashboard gives indication w.r.t lead generation, opportunity creation, etc. One can analyze the buying trend of customer(s), trace marketing activities via a CRM software, thereby, meeting the requirement of customers. Once you know the customers’ demand, marketing leader can run campaign and modify the other marketing strategies accordingly in order to convert the leads into customers.

Your prospects can have more than one objection to buying your products. In such a case, identify their objections individually and tackle them wisely. Your aim should be to convince the potential customer to invest in your product or service.