Here’s an eye-opener for ya—92% of sales reps quit after hearing “no” four times. But it turns out 80% of prospects say “no” four times before saying “yes”!
The lesson here? Sales objections happen. But success boils down to how you respond to them. That’s why in this video we’re covering how to respond to the 5 most common sales objections you’re bound to hear.
Alright but before we jump into that, just a word on sales objections.
Sales objections are not bad. Not by any means.
Instead, what you’re getting from your buyer here is an open window. An open window into what makes them tick, what they’re concerned about, and most importantly, what’s holding them back from saying yes.
So if you can turn that sticking point of an objection into a “Yes”, that question mark into an exclamation point, you’re going to have a more enthusiastic buyer on the other end of things.
You just have to know how to address these objections properly. And that’s what we’re covering right now. So let’s dive in.
The Two Pathways
The two ways you can respond to an objection. No matter what the objection is, there are two pathways you can take when a buyer brings up an objection.
A) The Circle Back Method
The Circle Back Method. See, most objections come from a lack of understanding. And when the prospect learns more about your offering, like later on the call, then the original objection is no longer an issue.
These aren’t “stupid” objections. They’ll just get answered over the natural course of the presentation. So in these situations, just respond with “Okay, we’ll come back to that in a minute.”
Simple as that!
Then there’s pathway number two…
B) Solve the Issue
Solve the issue. If it’s a real objection, solve the issue. And then, and this is important, follow up to make sure it’s solved.
In some cases, these objections might come out as a knee-jerk response. For instance, if you have a buyer that says, “I don’t think we have the budget for this,” and you haven’t even hit pricing yet, push the issue rather than let it go.
Ask them, “Do you know what the price is?” In many cases, you’ll find that a little bit of pushing reveals that they don’t actually understand the product like they think.
In cases like this, some simple information can solve the problem in a second. If they don’t actually know what the pricing is, tell them. If they don’t think it’s right for their industry, point to their competitors that are using your product.
Another simple solution.
Now, where it gets complicated is when they have all the information they need and still have objections. And that’s when it’s time to bring out the big guns.
So, let’s look at the 5 most common sales objections and how to respond to them.
5 Most Common Sales Objections
1) “This Is Too Expensive”
First up, this is too expensive. According to a survey from Sales Insights Lab, budget is the number one reason a strong sales opportunity falls apart. And it makes sense! Business is money.
And if you hear this sales objection, it’s because they don’t see ROI from working with you.
But instead of closing up shop right then and there, ask…
“If I could show you a strong ROI that you could expect from working with us, would it make sense to continue the conversation?”
In 99% of cases, the answer is going to be yes. All you have to do then is point to past success stories with a great ROI. If the ROI makes sense to them, Bam! Sold. If not, they weren’t going to be happy with your product anyway. Best to move on.
2) “Now Isn’t a Good Time”
Now isn’t a good time.
Here the buyer either doesn’t see the value that you offer OR they’re not qualified to do business with you.
Now you could handle this like any other sales rep and just leave your contact info. But if you did that, you’d NEVER hear from them again.
Instead, you need to close on the next conversation. And you can do that by following up with…
“You seem like a great fit for what we do. When would it make sense to chat?”
Now you’ve got a date you can call back on without running into any friction from the buyer.
Alright third objection…
3) “I Already Have Another Supplier”
I already have another supplier. So selling to a brand new customer in your market is one thing. You’ve got to convince them of your value, push their pain point buttons, and get them to fight for the budget.
But for buyers that already have a similar solution, you’ve got to focus on how your value proposition stacks up against who they’re already using.
In some situations, these customers can be even easier to win over than brand new ones. You just need to find out how their current solution isn’t making the cut.
Simple solution here. Ask…
“Are you thrilled with how X are performing for you right now?” This will open up the door to where they’re falling flat and let you see if you’re in a position to help.
4) “Just Email Me Some Information”
Just email me some information. The ultimate blow-off. It typically happens at the very beginning of a call. And here, they don’t care about you… YET.
Your job now is to make them care about you. And you can do that by sending them the right kind of info.
That’s why you should follow up with…
“Can I ask you a couple of quick questions to make sure that I’m sending you the correct information?”
Two things going on here. First, you’re learning more about the buyer and their problem so the info you send is just what they’re looking for.
But beyond that, you’re also qualifying the buyer. Are they even a fit for what you’re selling? If not, you can cut them loose and save yourself a whole lot of time.
5) “I Need to Ask My Boss”
I need to ask my boss. This is the one that’s your fault. You’re not speaking to the right person within the account. And that means you need to bring the real decision-maker into the conversation.
And you can do that with one simple response…
“Does it make sense to book a quick call with both your boss and yourself to run through this?”
What’s great about this response is it doesn’t cut out your initial contact. And that means you won’t risk embarrassing them or putting them on the defensive.