How to Handle Sales Objections and Win A Deal?
You topped in your sales training! You have a great pitch for sale! And you use all the salesman strategies! But still, handling objections in sales is becoming difficult and disheartening. So, if you are not sure how to handle sales objections and win a deal – then this article is for you!
SALE is the most amazing concept of humankind. It is basically the exchange of goods or services for a value. From traditional market to door sales, from telephone sales, online selling to luxurious retails – sales objections are faced at every level. However, before we comprehend how to tackle sales objections, let’s understand what is objection and how it hinders a sale.
What are Sales Objections?
Sales objections are strong expressions and views portrayed by the client, customer or the potential buyer. Sales objections are some type of hindrances or barriers between your sales offer and the customer’s needs. At times, a customer or a client may be completely disengaged in the product or service you as a salesman are offering. However, in some instances, buyers indicated interest but complained either about the price, quality, durability, etc.
Overcoming objections can be tuff! But, when a client or customer indicates that he / she is not ready to buy, do not be dispirited. The idea is to create need within the buyer for the product or service you are offering to win a deal. But is objection handling that simple?
Let’s see how the current situation of COVID-19 has affected the market?
There are also situations when the client needs the product or service, but a social or economic hindrance does not allow them to make a purchase.
The Elsevier Journal of Business Research examined consumer behaviour and market conditions. The study said COVID-19 has caused bankruptcy for many renowned brands as clients are staying at home and economies are forced to collapse. The study also put out statistics stating that the travel and tourism industry was deeply affected as 80% of hotels remained empty and 90% of the workforce was cut by airlines. It also claimed that consulting services and personal services had also come to a standstill during the lockdown months. Moreover, the car, truck, and electronics industries have abruptly closed.
If you analyse such sales objections, you will realise that it is not about the competitor pricing or the quality of the product or service. Rather such sales objections challenge the survival of the business, hence, overcoming objections is a must.
Another report by Accenture said that consumers behaviours and purchasing habits have changed. It also claimed this change will sustain post-pandemic. The research concluded that people are largely embracing digital commerce. The worry is how do small businesses, small-time vendors and local sellers combat such sales objections? Overcoming sales objections at such a level is grim, yet the only way out is to adjust the sales strategy and innovative approaches to sell.
COVID-19 is not a common sales objection and sales teams do not have to deal with pandemic situations every now and then. But, being prepared and having all the right strategies to still keep selling during such times is important and must be addressed in intervals. For now, let’s analyse the more common types of sales objections.
Types of Sales Objections
· Monetary Objections
Monetary Objections is one of the most common objections that you might face as a sales representative. Whether you are selling a product or service at a B2C or B2B level, the pricing is the most possible concern. When it comes to financials, using sales techniques to overcome objections is possible. If it is a potential client, you may consider bargaining or reducing your profit margin rather than losing the client. However, creating a brand or a niche market can also surge readiness among consumers to buy the product or service.
· Decision Making
There are several stages in the sales process and one such stage is decision making. Overcoming sales objections is a two-sided process. Under some circumstances, the client may be indecisive, but the same applies to you as a salesperson. The customer may put forth a contrary deal and place the ‘ball in your court’ to offer you the product or service in a certain condition or price. This is when you should have the power to take a call and must not lack decision making.
· Time Crunch
As a salesman you want to meet your deadlines, but your client needs more time to think about the deal. On the other hand, there also may be a case when the client places a huge order and gives you a very short period to complete the order. In both scenarios, you face a time crunch! This is why you must try to establish a time limit with your client from the beginning. Having an established time limit allows you to make timely follow ups in case of a delayed deal and offer quality services for speedy orders.
· Brand Recognition
Brand recognition defines the degree to which a consumer can recognize a brand by its attributes.
Consumers generally have brand loyalty towards a product or service and motivating them to recognise a new brand can be a massive sales objection. Tackling brand recognition as one of the sales objections as famous brands have an edge over newer brands. Recognition plays a significant role, yet markets can be penetrated through analysing competitor pricing, personally handling objections in sales, innovatively managing the sales process and ultimately using sales techniques overcoming objections.
· Monopoly Markets
Overcoming sales objections is perhaps the most important skill for closing the sale. But a monopoly market is one of the hardest sales objections you as a salesperson will have to face. Selling a brand in such markets cannot be done in a conventional manner, as innovative streams need to be identified. An ideal way is to explore channels or segments that your competitors haven’t used before and use them extensively.
· Demand & Supply
Another common sales objection is the chain of demand and supply. Sales representatives may have plenty of orders and demand for a product or service. Yet, they cannot meet them due to reduction in supply. Classifying the demand and leveraging your consumers can be a way to handle the challenge of demand and supply. Do not let go the orders if you have a supply crunch, rather ask for time limits from your consumer. Also, be empathetic, know your consumers and fulfil orders depending on who would wait patiently and who needs to be tackled immediately.
· The Sales Process
You as a salesman are excellent at objection handling, have used all the right salesman strategies and closed the sale. Yet, it takes time for the entire transaction to go through. An extensive sales process can delay the deal and be off-putting for the client. Asking for irrelevant information or sending too many emails to clients can be stressful and time consuming at both ends. Overcoming objections that are related to the sales process is easy, simple, keep it short and simple!
· Having Potential ROI
Handling objections in sales, managing the sales process, closing the sale and winning the deal is not enough if you do not have a potential ROI. Through the stages in the sales process you tend to offer a lot of concessions to the client. From offering a discount, providing free add-ons, free delivery, etc. Also, a lot of time, money and effort is invested in selling the product or service. Hence, remember to have a potential return-on-investment (ROI).
The Common Things You Hear Those “Object Your Sales”
Here is a list of possible responses you as a sales representative hear from your clients. Clients have reservations at various levels and may express them during a personal pitch for sale, door sales, emailer or even a telephone sale.
1. Currently, I am busy right now.
2. No, I am not interested.
3. Email me the details.
4. Call me back next year.
5. Your prices are too costly.
6. I don’t have the budget for it right now.
7. We do not make contractual deals.
8. We already have another vendor.
9. I am getting the same product / service for a cheaper price.
10. I will ask my superior and get back to you.
11. I need time to think.
12. I have never heard about this brand or company.
13. I do see any need to change the current vendor.
14. I am tackling some other issues currently.
15. Your product or service does not apply to me.
16. How did you get my phone number?
How to Handle Sales Objections?
Overcoming sales objections is not so complicated if you simply understand your customer. Likewise, there are several creative tools of handling objections in sales that further ease the process of managing the sales process. Nonetheless, here is how you can easily handle sales objections.
· Alleviate Your Responses
A great way to overcome sales objections is to alleviate your response. The idea is to recognize and eliminate the resistance or the hurdle that the client is facing. Contradicting replies should be dealt with ease and calmness. Apart from asking smart and pertinent questions, you must also allow the client to speak and move forward in a mutually beneficial manner.
· Identify Underlying Concerns
Identifying and addressing underlying concerns can also solve sales objections. For example – a client may show disinterest in the service but the real concern could be the cost of the service. In such cases you may consider offering a nominal discount or pitch for sale of another service that costs less. Whatever the concern is figure it out and address it consequently.
· Nurture Customer Relationships
Maintain a professional relationship with your clients and do not forget to nurture it even if you haven’t closed a deal. Nurturing customer relationships eventually eradicates the sales objections the client may have felt in any of the stages in the sales process. On the contrary, nurturing customer relationships makes the client feel motivated or considerate towards you to make a sale.
· Anticipate Client’s Behaviour
Having one-sided salesman strategies is not sufficient as every client behaves differently. Hence, anticipating a client’s behaviour is significant. A salesman needs to think like a psychologist and study the behaviour of their clients consistently. Knowing your clients and getting ahead of them is a perfect way of overcoming objections related to sales.
· Pricing and Conviction
Conviction about a product, service or a brand disregards pricing. This literally means clients are not seeking value-for-money, but rather are motivated to make a purchase because of the conviction designed around the brand. For example – an iPhone may have limited features but is 10 times expensive than an Android phone with unlimited features. This means that the conviction of the brand withholds the cost of the product. If you as a salesperson create the same level of conviction handling sales objections can be easy.
How to Overcome Sales Objections & Sell Efficiently?
· Have Realistic Goals
Sometimes sales goals are set based on the numbers a company aspires to achieve. It is good to be ambitious but to overcome sales objections and sell efficiently the sales teams must have not easy but realistic goals.
· Recognize the Need
As a salesperson highlighting the advantages of the brand you are trying to sell is good, but that it is not always effective. Use the concept of needs-based selling to handle sales objections. Make the need of the customer the focal point of the sale.
· Uphold Company’s Integrity
Being transparent, honest and keeping the company’s integrity intact is yet another successful method of overcoming sales objections and. You do not just gain the trust of the customer, but also can win a deal, if you as a salesperson demonstrate ethics and integrity in business practices.
· Make Achievable Promises
Do not over-promise to win a deal or handle a sales objection. Make achievable to promises or consider under-promising and over-delivering. Not meeting your commitment with the clients may not just cost you a deal, but rather bring-in more sales objections.
RELATED POST: How to empower B2B sales-marketing divide
10 Killer Strategies to Win A Deal
Listed are the 10 Killer Strategies that will help you in closing the sale and winning a deal! These strategies offer expansion and allow sales teams to understand behaviour, market and segments related to winning a deal and tackling sales objections.
1. Target Customers
You can target customers on the basis of demographics, geography, economic, income-type, occupation, etc. Having a target customer offer better means of communication and representation. Also, finding the most potential customer for a salesperson to win a deal becomes easy.
2. Segregate Market
You may be selling a product or service sold differently in different markets. Under such cases, segregating the market offers better understanding, makes it possible to meet the market’s requirements diligently and ultimately win deals.
3. Nurture Leads
Nurture leads to win deals. It is not important if you have made a sale with the individual or company earlier. However, a lead means a person or company with interest in the brand. This translates that they can be nurtured and converted eventually.
4. Conduct Competitor Analysis
Analysing your brand, your salesman strategies and brand value is not sufficient. Conducting a proper competitor analysis is crucial as you realise the position of your product or service in the market. You also know what exclusivity others have compared to your brand.
5. Explore Online Channels
Google, Yahoo, Bing and other such search engines instantly connect consumers with businesses. Hence, in current times with the majority of consumers searching their needs online, you as a salesperson must also explore online channels including social media.
6. Have Live Engagements
Build a community, inspire people, offer entertainment and just keep the conversation going. If you can have a live engagement with your targeted audience, you can easily handle any type of sales objection and effortlessly win a deal.
7. Digitalise Lead Generation
Digitalising lead generation through search engine optimization is one of the most effective ways to reach your target audience. This is one of the sales techniques overcoming objections, but it also helps sales reps identify the exact need of the customers.
8. Use Effective CRM System
Using an effective CRM system enables the sales team to sell better and faster. An effective CRM system provides the user-journey and the interaction history of the customer to the sales person. If also provides other relevant information that permits the sales reps to anticipate customer needs.
9. Discover Innovation
To win a deal you as a salesperson should always be ready to discover innovative channels, networks and methods to close a deal. Embrace newer trends and do not shy from integrating innovative technology while managing the sales process.
10. Be Insightful
In recent times, clients have a lot of choices, but that does not mean they are confident about their buy decisions. Therefore, sales teams need to be insightful! Being insightful is a skill through which you as a salesperson must connect with a customer’s issues by identifying the blind spots and create value by winning a deal.
Discuss in Detail with an Expert:
So, let go of the traditional ways of selling and digitalise the entire process to completely eliminate sales objections from your sales process. Invest in lead generation and save costs, manage time and eventually get better results. To make all of this possible, discuss in detail with an expert!
Contact DealInsight to make your sales process easy and generate more qualitative leads. We aim at helping your business grow and strive to increase your sales by offering you –
- Warm Quality Leads
- Logical Market Research
- Digital Marketing Techniques
- Top Sales Performers
To win every deal and keep your business growing speak to our experts today!
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