According to a report, 92% of sales reps give up after four rejections and 44% already give up after just one!
That is an alarming figure!
Rejection is part of life in general and particularly in sales. You can only succeed once you have found a way to engage the customer to listen to you, share their needs with you and influence them to spend time in evaluating your products or services.
That is the only way to convert sales objections into sales.
But, most salespeople fail to realize this and give up too soon. A common reason is that they do not know how to handle the rejections and overcome them. Obviously, you cannot win if you do not know how to win.
So, we list six common sales objections here that every sales rep will face and ways to close over them.
#1 I’m Not Interested
According to a survey, 48% of salespeople are tired of hearing that the client is not interested.
Of course, not everyone will be interested in your products or services, but some prospects may not even realize that they need your services and simply answer no.
So, here is how you can counter such objections:
- Mention the names of your most prominent and successful customers who were also not interested initially and their current status.
- Tell them how your products or services benefitted those clients.
- Showcase your products and encourage them to evaluate whether it is worth considering. Ask for a suitable time as per their convenience.
#2 We Already Use (Your Competition)
If you have several competitors, then your target prospects might already be using one of their products or services.
But, that does not mean that your prospects will not consider switching to your services. They could be unsatisfied with your competitor’s product or they could wish to use your product in addition to what they are currently using.
So, when you hear such an objection, craft your response as follows:
- Tell them that your customers also used or use the competitor’s products and you are not asking for them to dump them.
- Ask for a time to share how your product is different from theirs and provides value to your customers.
- Present some use cases of customers who use both yours and your competitor’s products.
#3 Send Me Some Information
Prospects might ask you to send information because:
- They want to check your credibility, before evaluating your product,
- They are interested, but want to know more about you before they make any commitment, or
- They do not think your product is valuable and do not want to talk any further.
So, how will you know whether they are interested or passing you on?
Well, you can respond as follows:
- Ask for 30 or 60 seconds to explain what you do.
- Request them to allow you ask questions so that you can understand their needs better and send them relevant information.
If they allow you to continue, they are possibly interested.
#4 You are Expensive
Some might have a tight budget or use a cheaper product offered by your competitor which could make them think that your product is too expensive.
You cannot compromise on profits; but, you can show the incredible value your product and how it can solve their problems and they might then be interested in spending more.
So, to overcome such sales objections, tell them how your most successful customers felt the same and how your product proved to be a necessity for them, even during the trial period. Also, tell them why they cannot stop using it.
If you do not offer a trial period, simply focus on how it helped your other customers.
#5 Call Me Back in Three to Six Months
Prospects often say this when they are extremely busy and do not find your product worth considering at that moment.
But, if you let it go at that moment, you may not be able to close it when you call back six months later. They could have forgotten you, purchased your competitor’s product or still have the same sales objection.
You cannot let that happen, right?
So, you need to convince the prospects by showing them why your product can be valuable for them, why it is the right time to embrace it and how a delay could cause them to lose out on a great opportunity.
However, always ask for a follow up call. If they are busy while you go hard on them, they may become annoyed and shut off all further possible conversations with you.
Do not make that mistake.
#6 I Need to Think About It
You might try hard to show how valuable your product is, but, if the prospects do not think it is enough, they will not buy it from you. So, when they say they need time to think about, it means that they are uncertain and do not trust what you are offering. This could be possible if you fail to connect their needs with your product’s value.
The best way to identify this is directly from the horse’s mouth: your prospect.
Ask them about what specifically is holding them back from making an instant decision. Also ask whether there is anything they were looking for, but did not find in your product’s sales pitch.
It is quite possible that your product addresses their critical and minor need, but you did not address all of them. And, by being upfront with your prospect, you can easily identify such errors and correct them.
So, how do you overcome sales objections? Please drop your comments below, I would love to hear from you.