Common Types of Objections in Sales and How to Handle Them

If you ask any salesperson at any point of time what the biggest concern in their mind is, it would invariably be objections. Objection handling is a key skill when it comes to telecalling and sales management. More than proposing the product lucratively to prospective customers, the mark of a true salesperson lies in the ability to artfully handle and overcome objections. Unfortunately, there is no single sure-shot formula to do that.

The best way to approach any objection is to mould your negotiations based on the flow of the conversation and your understanding of the preferences and pain points of the customer. The most common types of objections you will encounter are the following:

Budget Concerns

Budget is usually the top concern for most companies. Your product might be more costly than their current tool or simply outside their range. The best way to deal with price objections is to convince them that your product will bring better returns in the long run. You can broach the conversation along the line, “I understand that our product falls outside your budget but I can assure you that the return on investment down the line would be worth opting for us.”

No Need or Urgency for your Product

Another common concern is that the prospect does not feel an immediate need to shift to a new option. The best way to tackle this situation is to do extensive research on the pain points and expectations of the prospect and package your product as the perfect solution for those. You can approach this roadblock as, “If I understand correctly, this is a problem that your company is facing right now. Our product has these feature/s that specifically target this issue and solves it.”

Lack of Trust in You, Your Company or the Product

As a salesperson, you will often come across prospects who do not feel enough trust in you, your company, or your offering. You might encounter phrases like “not a good fit”, “there are better options”, “happy with our current situation” and so on. One of the most effective ways to change their mind is to give them proof of the effectiveness of your product through reviews and testimonials as well as market opinion. “I understand your concern but if you will notice that ours is one of the most trusted products in the market right now. Our customers have attested to that time and again.”

Low Authority for Decision-Making

A lot of times, the person you have called does not have the authority to make the decision to opt for your product. This is a very valid objection and can be countered very effectively if you know what to say. When your point-of-contact says they do not have a say in the matter, you can say, “Then, why don’t we arrange a meeting with your superior to discuss further about how our product can provide your company an edge over your competitors?”

Point-Blank Refusal

Sometimes, a prospect will simply refuse to hear you out no matter what you say. It is best not to push your luck too much in such cases. A simple “I completely understand your concerns. You can refuse, but if you could give me just a few minutes, I can explain how our product will benefit your company greatly.”

It is important to remember that the majority of sales calls will not convert. It is best to not let one failure bog you down. Rather, you should learn from the experience and apply it in your next call to increase your chances of success.

You may be interested in: 3 Top Tips for a Successful Cold Calling Operation

------------------------------------

By: Christian Nordqvist
Title: Common Types of Objections in Sales and How to Handle Them
Sourced From: marketbusinessnews.com/common-types-of-objections-in-sales-and-how-to-handle-them/308547/
Published Date: Thu, 01 Sep 2022 19:07:54 +0000