How to Overcome the #1 Sales Objection
Craig Elias
Startup Mentor | Sales Expert | 'Gifted' Pitch Coach | Ecosystem Builder | Technology Development Advisor | Over 10,000 Unsolicited Endorsements for Entrepreneurship, Sales & Marketing
This is the seventh in a series of articles on my 15 most effective sales tactics.
Breaking into new accounts can be hard, but it is a lot easier when you know how to overcome the #1 sales objection.
Some people believe that the #1 sales objection is price, but I completely disagree. Let me tell you why.
The reason why price is not the #1 objection is that it typically occurs at or after your first meeting with a prospect.
The #1 objection happens a lot more often, and it typically occurs before you even get your first meeting with a prospect.
The #1 sales objection happens when a salesperson describes what they sell, and the prospect responds with something like, “We already get that from vendor A, and we are happy with them.”
This prospect is clearly in the status quo buying mode, and by now you know the hottest prospects – those who are ten times more likely to switch vendors - are decision-makers who are in the Window of Dissatisfaction?.
My general advice is to check in with these decision-makers until they experience a Trigger Event makes them unhappy with the status quo. However, since I wrote my first book SHiFT! Harness the Trigger Events that Turn Prospects into Customers; people have been asking me, “How do I create Trigger Events that make a decision-maker unhappy with their current vendor or solution?”
Some people say the answer is to challenge their status quo. My only issue with this approach is that if someone already has a working relationship with a supplier, he or she are likely to ‘borrow’ your idea(s) and ask their current supplier if they can do the same thing.
However, 'if' you have a GREAT relationship with the decision-maker, or are not worried about them ‘borrowing’ your idea and giving it to a sales person they have a better relationship with, then try the following two questions:
Question #1
“Have they ever let you down?”
If the prospect says yes, then ask about the impact of that letdown.
When they finish talking, wait six seconds before you ask another question. Very often, the decision-maker will feel uncomfortable with the silence and start telling you more about the problem.
If after six seconds they do not volunteer additional information, repeat the last two or three words they said, but with an inquisitive voice. For example, if they say, “we had a hard time getting our products on time,” wait six seconds and if they do not provide additional information, simply ask, “on time?”
Now, they will give you more information about the problem and the impact of what happened.
After they provide some additional information, I like to follow up with these questions:
- “What have they done to prevent this from happening again?”
- “What have they done to minimize the impact if this happens again?”
Once you know more about the letdown, you can ask if they would like to work with a more reliable vendor whom they can have more confidence in. If so… you are in!
You can also use the information about the letdown on your calls to decision-makers at other companies who use the same vendor. For example, you could ask, “Have they ever missed a deadline without telling you in advance that they would miss it?”
If the current vendor has never let them down, you should lead with the following question.
Question #2
“Pretend something happened to your current vendor and you said you would never do business with them again. Describe for me the kind of supplier you would look for?”
The prospect will then ramble off a bunch of features, qualifications, and qualities they prefer. With any luck, an inquisitive look will come across their face as they realize: they are not getting these things from their current vendor!
You have now created a Window of Dissatisfaction and the opportunity to pursue the sale, without needing to worry if this decision-maker will take your idea to the incumbent.
When this scenario happens, jump at the opportunity to be the first seller in with a hot lead.
Conclusion
Now you know how to overcome the #1 Sales Objection: ask if you can take two minutes of their time to ask a couple of quick questions to make sure they are worth putting in your sales funnel.
In my next blog post, I will share how to avoid the #1 mistake salespeople make and win a sale in just seven seconds.
Director of Sales at Aprio Inc.
6 年Excellent advice, thanks for sharing.
Strategy | C-Suite | Organizational Growth | Entrepreneurship
7 年This is great advice Craig. I like the second question better than the first one though. I think most people will answer no to the first question, I know I would if someone asks me about the suppliers or vendors I use. It just feels like I would be letting them down if I say anything other than No. Unless my relationship with them is bad at which case I would say Yes. The second question though is sure to get me to open up about things I wish my supplier had.
Helping sales people achieve their dreams ?? Leading in service of my team at ServiceNow ?? Stop by for thoughts & stories from my 18 year + sales journey ??
7 年Christopher Singh Izzie Greer Femi Adeboye teaching you 3 to suck eggs again ?? love the follow up questions!
Startup Mentor | Sales Expert | 'Gifted' Pitch Coach | Ecosystem Builder | Technology Development Advisor | Over 10,000 Unsolicited Endorsements for Entrepreneurship, Sales & Marketing
7 年Aravind: When a salesperson changes jobs by leaving one vendor, type of vendor, or industry, they still have relationships with their past customers. When you have been through a few job changes, you begin to build a pretty large collection of past customer relationships. I have seen data that suggests 3% of salespeople change jobs every single month so it is not hard to imagine how this happens more often than most people think.
Director - Sales ? 1% Sales Improvement Coach ? 1X Founder
7 年“Have they ever let you down?” is a great question for sure Craig Elias. However, just to avoid listening to another salesperson when that's not of his high priority, they always respond with a NO. How do we take this forward in such a case? Also, all this questioning you recommended is based on the assumption that you already have a GREAT relationship with them. How is this possible? This being the 1st sales objection by itself means we have just started approaching the client to pitch our offerings. Aren't they contradicting?