Published 22. Jun. 2020

 How To Handle (And Turn Around) Sales Objections

Here is our tips on how to handle sales objections and transform them into opportunities.
General

Every salesperson in B2B encounters a dozen objections almost daily. However, while many see it as the end of a sales lead, a sales objection should actually be viewed as an opportunity to learn more about your prospect’s needs and discover more efficient ways to show the value of your product to their business.

 

“Treat objections as requests for further information.” – Brian Tracy, author and sales expert.

 

Overcoming Objections

One of the key parts in handling objections is to be prepared for it. Oftentimes, so much attention is focused on perfecting the pitch that we are unprepared for any rejection from the leads and have no response to them.

 

Another crucial part is to practice attentive listening and understand the prospect’s concerns. From there, you are able to discern what the actual problem is and how you can solve it.

 

Below are some common objections that salespeople regularly encounter, and ways you can turn them around.

 

1. Price Objections

From claiming your pricing is too expensive to not having the budget for it, price objections may often be a cover for another underlying reason. Maybe your prospect is looking for a discount or a bundle offer, or perhaps it’s a different reason altogether, such as:

 

  • They don’t think the value of your product justifies its cost.

 

In cases like this, try to discover what exactly makes your prospect think that your solution is lacking in value. Next, present facts of your product’s performance and ROI, such as KPIs of other clients that have used your product. Prove that your product is valuable and crucial to their business.

 

  • Budgets are frozen.

 

Particularly during a crisis where the world economy got impacted, it is expected that most companies have stopped their budgets in a few business processes. For an effective follow-up, understand the reason why their budgets are frozen. Offer empathy and ask what will happen to the company if they do not invest in new business opportunities right now. This is helpful to trigger your prospect of the risk on how to deliberately gain market share during a crisis. 

 

  • It is not their priority at the moment.

 

In a prospect’s business acumen, they may allocate certain budgets that they consider as a priority. You can strategically pivot their priorities by creating a dialogue with prospects for the following weeks or months. Highlight the importance of taking a risk in investing in new business opportunities. With how rapidly the market changes, make some research to enlighten your prospect – what is the potential loss in market share if they don’t consider your solutions as a part of their business expansions. 

 

Whatever the reason behind their objection towards your pricing, refrain from lowering your prices or offering discounts and offers hastily. Ensure that you find out the exact root of their problem, and shift your prospect’s attention from the price to the benefits your product offers to them.

 

2. Delaying the final decision

 

 

Sometimes, your prospect seems to agree to your solutions but there is no concrete conclusion of their decisions. At the initial pitch, you were confident this is a strong prospect but there was no result. The B2B sales cycle is delayed because you tend to spend a long time following up to close that deal. To overcome this, you need triggering-questions for a prompt response.

 

At most, sales professionals often encounter:

 

  • “I will get back to you soon” or “I don’t have the time to decide yet”

 

You could still experience this although you have contacted the right person to present your solutions. At this point with this response, it is critical to distinguish whether it is a quality prospect or likewise. Thus, it is the final string where you create urgency by asking how long can the company wait as a business to start accelerating. 

The responses to this may surprise you. They would either; (i) inform an elaborate concern on their end or (ii) it would be a prompt rejection. Either way, it is a benefit to you where you could (i) grasp further information on their problems and solve it or (ii) move on to your next prospect. 

 

  • The management couldn’t make the final decision

 

This is common especially when the decisions involve multiple departments and parties. To precipitate a discussion within the entire management, impose a sense of fear and ask your prospect will it affect your company if you only take a decision when your business rises up.

 

3. Afraid to invest in new innovation

 

With the recent global crisis, some products and services are perceived as irrelevant since the market behavior has changed. To complement this situation, your enterprise innovates a new solution to offer. As a sales professional, it is challenging to pitch a new product/service that has no reports to showcase.

 

  • “We cannot invest in something new”

 

It is vital to equip the team with as much information as possible to avoid hiccups and objections. You can collaborate with other departments like marketing as a support to the sales funnel. They could equip with marketing materials that interpret the vision and dream of the said solution. Some marketing materials that would be useful are video trailers, brochures, infographics, and social media posts for new branding. 

 

  • “There is no guarantee your solution could benefit us”

 

The first step in diving into new products or services is to be confident in what it could offer. It would be hard to convince if the salespeople itself does not manifest assurance in the solution. Apart from displaying confidence in the product, you could also position it as a solution that could surpass their expectations. Start by asking “how can you not believe in something you never experienced?”. This could create a deeper conversation and build trust with your prospect. It is a prime time for you to influence them in taking a leap on a more positive outlook. 

 

Conclusion 

 

Embrace the fact that objections are part of the sales process and they act as an opportunity to grow. Be on the radar of your prospects to make sure your company has enough visibility, and keep following up – even if you get a rejection, it is better to know straight away and move on to more promising leads.

 

In time, you will be able to create a new basis pipeline. Your prospects may not be converted into sales instantly, hence consistency is the key. You can plan strategic follow-ups for the following weeks or months and establish a close relationship with prospects. As mentioned by Patricia Fripp, executive speech coach and sales presentation skills trainer, “It’s not your customer’s job to remember you. It is your obligation and responsibility to make sure they don’t have the chance to forget you.”

 

Embracing the new has always been Management Events' motto, and we can help you to embrace new business and networking opportunities through our industry and function events!