Whether you are a sales rookie, veteran, or wizard there are a few prospect objections you should always be prepared to navigate. Knowing how to identify these objections, understand the motivation for the objection, and ultimately counter the objection is key to getting new business. As a sales representative, two of your greatest strengths are knowing what your prospects objections mean and knowing how to respond quickly and effectively.
1. Can you call me later?
A common objection from a prospect is to kick the can farther down the road. What can seem like your prospect harmlessly rescheduling your call can keep your sale in endless limbo. Understanding motivation is key here. Is your prospect too busy to set up a call, or are they waiting for next quarter's budget? Regardless, you should always try to press your prospect for your product's elevator pitch. You need to get your value proposition across early on in the sale's process so that your sale isn't pushed endlessly towards tomorrow.
2. We don't have money in the budget.
Similar to not having the time to talk, not having the money to talk is a common objection. This objection can mean anything from not actually having any room left in the budget to not believing your product is a high enough priority for using part of the budget's remainder. A sales rep should overcome this by assuring the prospect that at this stage in the process there is no expectation of purchase, but that they should still hear your pitch.
3. What features does your product have?
Prospects who want to go on specific product related tangents can actually be a trap. On the one hand, they are at least interested in your product. But on the other hand, going off on tangents early in the sales process can slow down the process. If your prospect wants to know if your Product can do X tell them that you will set up a future meeting to go over product features so you can focus on converting.
4. We already have something that does that.
This obstacle is one of the most common. Most prospects are happy to tell you they are already hired your competition. This can be a call ender if you let it. The best strategy is to let the client know that there is no downside to at least letting you put together a quote to show how you are different than your competitor.
5. The silent gatekeepers.
Is your prospect not picking up the phone, or are they not even the decision maker you should be talking to? Many companies have sales calls answered by employees who report back to managers. When possible you should attempt to make sure your calls are being answered by decision makers. Politely ask to know who would be in charge of purchasing your companies product and ask to get them on the line.
When To Cut Your Losses
Although overcoming objections is necessary for modern sales calls, at some point you have to save yourself and your prospects time and just end it. If objections are still coming after you had your chance to make your pitch, or if prospects won't let you make your pitch it is probably best to apply your energy elsewhere.
Are you looking to fine tune your negotiation skills? Apply to become an ISO/Agent today with Beacon Payments.