The Sales Xcelerator

August 2024?

Summer has ended? If that means back to school, then yes, summer as we know it has ended. For those of us in Texas, summer usually ends around Halloween. Is there a Punxsutawney Phil equivalent for summer? This month we look at Sales Objections and how to handle them.

We spent some time overseas this summer break visiting the French Riviera, Canelli in the Piedmonte region of Italy and finishing up in Paris. It was refreshing to get a change of scenery and perspective on other parts of the world. We appreciate the blessings that often are taken for granted in the U.S.

Professionally, we are OMG (Objective Management Group) Certified! OMG is the gold standard in sales team and individual assessments and provides valuable insight into individual and team dynamics. The recommendations are highly correlated with success - particularly with job fit, coaching suggestions and overall team alignment.

The SalesXceleration Framework is another recent offering that has been gaining traction. Framework provides a Sales Blueprint for your organization to better align with corporate goals, set up fundamentals like Value Proposition, Ideal Customer Profile and Sales Story. Finally, Framework sets up a quarterly cadence of goal setting, achievement and review to maintain momentum throughout the year.

As always, please reach out to learn more

[email protected]

Visit my website

+1 847-507-3193

I hope you enjoyed your summer and look forward to chatting sales with you!

-Mike

Overcoming Sales Objections: Techniques to Turn a “No” Into a “Yes”

Ask any sales professional and you’ll understand that sales objections are a normal part of the sales process. Frustrating, of course, but normal. But while not every sales call will end with a sale, many (and perhaps most) sales objections can be overcome if you enter into interactions armed with a strategic understanding of common objections and ways to confidently manage them.

?

What is a Sales Objection?

Simply put, a sales objection is any response from a customer or prospective buyer that stalls any aspect of the salesperson’s presentation of their solution’s features, benefits, and cost. A sales objection does not necessarily mean the sale is lost; only that more discussion and “selling” is necessary to overcome the objection(s).

?

Three Essential General Rules for Overcoming Sales Objections

Before exploring specific ways to overcome common sales objections, it’s important to understand universal best practices to use in any sales situation:

1. Listen. Don’t interrupt as you allow the buyer to state an objection.
2. Seek to understand. Ask questions to clarify any parts of the objection that might not be clear.
3. Respond respectfully. When responding to objections, state your appreciation of the buyer’s position and then respectfully offer specific insights to counter the objection.

?

Common Sales Objections and How to Overcome Them

Perhaps the most common sales objections fall into these categories: price, need, time, competition, and authority. Here’s how to overcome these types of sales objections:

? Price Objection

Stated objection: "Your product/service is too expensive."

To overcome the “price” objection:

• Focus on value and ROI: Demonstrate how your product or service will save the customer money or increase revenue over time.
• Offer favorable pricing or terms: Get creative with pricing tiers, packages, or payment terms to make the immediate impact of cost less objectionable.
• Spotlight the cost of inaction: Quantify potential losses or opportunity costs that could arise from not moving forward.

? Need Objection

Stated objection: "We don't really need your product/service."

To overcome the “need” objection:

• Identify “pain points”: Dig deeper to uncover underlying customer challenges and needs.
• Spotlight solutions: Demonstrate how your solution addresses specific pain points.
• Create urgency: Explain how their “pain” could get worse unless addressed soon.
• Offer a free trial or demo: Showcase your product or service's unique features and benefits working in the buyer’s environment.

? Time Objection

Stated objection: "I'm too busy to consider this now."

To overcome the “time” objection:

• Respect their time: Watch for non-verbal cues that they are anxious to move on to other pressing issues; accordingly, be concise and focused as you present your solution.
• Be flexible: Offer follow-up options, such as email, phone, video chat, or future in-person meetings at a more convenient time; above all, keep the communication channels open.
• Generate anticipation: To pique interest, briefly mention important or forthcoming features and benefits, as well as limited-time offers.

?

? Competition Objection

Stated objection: "I like your competitor's product/service better."

To overcome the “competition” objection:

• Ask “Why?”: Without being defensive, dig deeper to determine what features or benefits (or cost) the buyer prefers in the competitor’s solution.
• Provide direct comparisons: Compare specific features or benefits where your product excels; if cost is an issue, manage that objection as noted above.

? Authority Objection

Stated objection: "I need to consult with someone else about this before we can make a decision."

To overcome the “authority” objection:

• Gather information: Ask for details to better understand the decision-making process and timeline.
• Offer support: Provide materials or information to share with all decision-makers. Also, make yourself available to everyone who would be involved in the decision.

?? The Bottom Line

Successful sales strategies include effective objection-handling techniques. While not all customer “pushback” can be overcome, by listening to and understanding objections, and responding respectfully using these situation-specific methods for handling objections, you can potentially build a solid customer relationship.