5 Basics to Handling Sales Objections
Blog subscriber Bob Martin recently asked me to address objection handling skills in a blog post. There are actually 21 posts on my blog on the subject (see Overcoming Sales Objections (21) to view them all). But there’s even something more basic in terms of fully understanding the objection and addressing it so you fully understand it.
1) You’ll need to understand the difference between a valid objection, a misunderstanding, and a misinterpretation:
- Valid objections concern a capability you don’t have. Is it a deal-breaker? You’ll want to ask if it’s a have-to-have, or a nice-to-have to determine that.
- Misunderstandings often result from data the prospect has gathered from other sources, such as people he or she works with, or your competitors.
- Misinterpretations come from a disconnect between what you or your marketing and web materials stated, and how the prospect interpreted it.
- “Would you elaborate on that?” is the best question to ask right away, as soon as you hear an objection, to ensure that you know if the objection is valid, a misunderstanding, or a misinterpretation.
Some of the most popular posts I’ve ever written on the blog concern price and product objections. If any of the following resonate with you, click on them to ensure that you’re addressing them as effectively as possible:
2) Price negotiation: when the prospect won’t buy today because your price is too high
3) What to do when your competition is cheaper (and maybe better!)
4) 5 great steps to selling a Commodity: Differentiate it like it’s not a Commodity
5) 3 questions to put you in charge when your proposal is stalled
So there are 5 basics of objection handling I consider to be essential. Whether it’s price, product, or need, you’ll want to be prepared in advance so you know how to deal with them whe they come up. Add them to your Best Practices Playbook.