Virtually every salesperson will encounter their fair share of objections. Most prospects will have at least one reservation about buying your product or service, whether it’s price, value, relevance, or purchasing ability. Objections are a natural part of the sales process so it’s important to be equipped to handle them so you can continue moving prospects forward through the pipeline. Overcoming objections is an important step in winning the sale so let’s take a look at some of the most common objections and how to overcome them.
Lack of Budget
“It’s too expensive.”
Objections involving price are probably the most common objections salespeople will face. That’s because all purchases come with some sort of financial risk and the prospect wants to ensure there will be adequate return on their investment. As a sales rep, you can overcome this objection by demonstrating the value of your product or service. Convince the prospect that the reward will be well worth the risk.
Lack of Need
“I don’t see how this will benefit me.”
This happens when a buyer either doesn’t feel they have a problem that needs to be solved or they don’t feel like your product or service will solve their problem. They simply don’t see the value in what you are selling. At this point, you need to study your potential client and gain insights on their business and what areas you can add value. Seek to uncover as much as you can about their competitors and then focus your efforts on how your product or service will add value to their business.
Lack of Urgency
“This problem isn’t that pressing at the moment.”
It can be difficult to tell whether this statement is true or whether the prospect is just trying to brush you off. The best way to overcome this objection is by asking the prospect to elaborate on why they don’t feel like this is the right time to do business. If you happen to notice a real pain point, jump in and remind the prospect why your product could help solve their problem now.
Lack of Trust
“I have never heard of your company.”
People like to do business with people they like, know, and trust. Therefore, it’s normal for a prospect to be leery of a company they have never heard of before. This is the perfect time to share your company information and double down on the benefits of working with your company. Be sure to emphasize that you will personally see that they are taken care of and promise to help earn their trust.
Lack of Authority
“I would like to help you but I don’t have the authority to make these decisions.”
A common objection you will face is dealing with a prospect that suggests they don’t make the decisions. To avoid this, inquire about the person who can close the deal and request to speak to this person before you even have your meeting. This could save you the time and hassle of having to schedule a second meeting.