6 frequent sales objections and how to overcome them
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In this edition:
6 frequent sales objections and how to overcome them
1.'YOUR PRODUCT IS TOO EXPENSIVE'
To overcome this objection, Blair Singer, World Famous Sales Expert and BRAND MINDS 2023 speaker recommends you answer the prospect with this question:
I appreciate your saying, but why do you think it’s too expensive?
It’s the perfect way to open up the conversation and find out what they compare your product to. This way you can immediately step in and bring forth the differences between the two products placing the spotlight on the advantages your product has that are relevant to your prospect.
Here is an example provided by Blair Singer of how to conduct the conversation when your prospect presents the cost objection:
-Your product is too expensive.
-I appreciate your saying, but why do you think it’s too expensive?
-Because I’m looking at something else that’s half the price.
-What product are you looking for that’s half the price?
-I’m looking at [insert product]
-Tell me what [insert product] is going to do for you.
-[insert product] is going to do [insert function].
-Ok, what’s your budget for [insert product]?
-My budget is [insert amount]
-So you’re telling me that if I could find you a product around that price that fulfils the function you are looking for, you would be interested?
-Yes.?
-Great, here’s what I have for you.
2. 'WE DON’T WANT TO SWITCH TO ANOTHER TOOL, WE’RE COMFORTABLE WITH THE OLD ONE'
Prospects may find that your product has a steep learning curve, requiring too much time and effort to master.
Sales experts recommend that you invite your prospect to calculate how much it costs them to keep working with the old product and how much money they lose by not switching to yours.
3. 'I WILL GET BACK TO YOU'
This is something sales reps hear a lot. Whenever you hear this, know that it’s a sales objection in disguise. It hides a specific concern that your prospect hasn’t shared with you yet and it’s your job to uncover it and handle it.
The best response according to sales experts is this:
In my experience, whenever a prospect tells me ‘I’ll get back to you’, there is usually either of 3 reasons: they need to consult a higher authority, they are considering another solution, or they feel it’s too expensive. Which is it?
Your prospect’s reason may be among them and they will confirm it or may not be among them and they will share it with you. Whatever the case may be, you are back in action.
4. 'I’M STRUGGLING WITH [INSERT CONCERN]'
Sometimes, your prospect would throw obstacle after obstacle after obstacle at you and no matter how hard you work with them, you just don’t seem to break through.
When this happens, tell your prospect this:
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-In a hypothetical world when [your prospect’s obstacle] didn’t exist, would you say Yes??
-Sure!
-Great! Let’s see how we can solve [your prospect’s obstacle] so we can do the deal.
Examples:
-My boss wouldn’t agree with this purchase.
-If you knew your boss would agree, would you do it?
-Sure!
-Then let’s see how we can present [your product] so he would agree to it.
5. 'I NEED MORE TIME TO MAKE A DECISION'
This is also a sales objection in disguise. Here’s how sales experts recommend you answer this:
It doesn’t take time to make a decision, it takes information and understanding if my solution is the right fit for your situation. I am the only source of information so what are your main concerns?
6. 'I NEED TO TALK TO MY PARTNER/MY BOSS'
This is a common way for your prospect to hide their own concern behind a higher authority. Ask them this and they will tell you their problem:
What would your partner/boss be concerned about if they were in your place?
Stitch Fix, the retail fashion company that became highly successful by applying the Blue Ocean Strategy
The Blue Ocean Strategy is a revolutionary concept co-authored by Renée Mauborgne? in “Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant.”
Blue Ocean Strategy is a highly effective approach to developing innovative strategies that capture new market spaces and drive business growth thereby avoiding the need for cutthroat competition and price wars.
Get tickets to BRAND MINDS and learn how to apply the Blue Ocean Strategy to reach new markets in 2023 from Renée Mauborgne, live, on stage!
Stitch Fix is a personal styling service that combines artificial intelligence (AI) and professional stylists to offer fashionable, carefully selected clothing to its ever-growing 3 million+ online customers.
Stitch Fix Success factors: Personalization at scale, Low-Cost, Human Expertise, Excitement
The company is using AI to increase the value provided to customers by solving key pain points they have in eCommerce: too many choices of items, time-consuming experience, not being able to try on items before buying them, and lack of professional style advice.
How it works:?
Source: Blue Ocean Strategy
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