Don’t get eaten by crocodiles. It’s either eat or be eaten in sales and marketing, in traditional business and in network marketing. Let’s keep it real folks. In this short video, about crocodiles, I talk about being real in sales and in network marketing. Love to hear your thoughts.
How many of us have heard from prospects, “Your products are too expensive or your fees are too high” or “I don’t see why I have to pay your prices when I can buy it cheaper in a store”
And, more important, how many of us resist the urge to simply lower our fees to get the work, the job, the sale? Or in network marketing – we try to get another enrollment by offering the smallest package.
The answer: many of us. The problem with lowering our fees for a particular product or service or is that we have forever established our value as that lower amount. In fact, sometimes if you raise your prices people will actually want to buy more often from you.
How to Overcome Objections in Sales
Why do so many of us fall victim to these tendencies? To answer this, we first have to show you how to overcome objections in sales. It’s important to know how objections fit into the selling process for professional services, for sales, and for network marketing.
I Object, Says prospect!
Most sellers and network marketers see objections as a sign of rejection or a fight… or at least some resistance. I’d rather teach you how to handle questions during the sales process. But knowing how to overcome objections in sales is very important.
It is no wonder we usually handle price objections poorly. However, when we break it down you can see that objections can be overcome with ease and finesse, without a battle.
Definition: An objection is an explicit expression from a prospect that a barrier exists between the current situation and what she needs to engage your services. In other words, it is a clear signal that you have more work to do in the selling process.
The outcome you seek; it’s a sale, or it’s an enrollment, or … its a relationship: Learn how to overcome objection in sales and marketing … long before the objection ever comes up. Make advances towards gaining commitment from the prospect with the following ideas close to heart.
- The close begins the relationship: In a transactional sale, especially in network marketing, sellers and marketers are typically taught to overcome objections at all costs. This does not work for more complex sales. And it definitely does not work in network marketing. A man convinced against his will is of the same conviction still. If you just plow through the objection without addressing it fully, the underlying reason for the objection will usually come back to haunt you. Remember, you have to work with these people once you are done selling to them. Once you enroll them onto your team, that’s when the sales process starts. That’s why it is so important to learn how to overcome objections in sales and marketing.
- Objections often have merit: Most sales training teaches us to “rebut” objections, counter them with logic, arguments, and sheer will power. But objections are often a sign that something else is going on. Your purpose is to understand the objection fully, isolate it, and respond to it appropriately. Ask questions. Investigate. You are not just a “closer”. You want to get to the truth.
- Many objections take a process, not a quick answer, to overcome: The sales process involves many decisions and buying criteria. You may need to build a case for overcoming an objection instead of answering quickly on the fly. Some objections, on the other hand, may simply be questions that have yet to be answered.
Strategy: How to Overcome Objections in Sales by Getting Closer to the Sale
Objections are not such horrible things. When the prospect indicates that he is not quite ready to commit (he voices an objection), this should not deter you. He didn’t say “no” he addressed a concern or a question. And as you learn how to overcome objections in sales and marketing, you will often address them before they even come up. As a matter of fact, you now have the opportunity to understand your prospect better and move him closer to the sale by following these steps:
- Listen fully to the objection (don’t interrupt or anticipate). Fight the common urge to respond immediately to an objection. By doing so, you will hear what is actually on the prospect’s mind rather than what you think he is objecting to. You will be surprised how much you can learn about what is actually at the heart of the objection. They might even teach you how to enroll them with their questions. If you listen closely enough.
- Ask permission to completely understand the issue. When your prospect knows you are truly listening and paying attention, he will trust you more. The simple act of asking permission to understand lets the prospect know that you respect his concerns. Remember, they don’t care how much you know until they know how much you care.
- Ask questions, restate or clarify the objection. Make sure you get it right and/or uncover the real objection. Many objections are hiding underlying issues that the prospect either can’t or is not ready to articulate. For example, “Its the money”. Ok you say.. if it were free would you do it? Then you get to the bottom of things.
- Choose your response carefully and keep it short. Answer honestly and to the point. Long-winded responses very quickly begin to sound artificial and insincere. Less is more. Not a time to start reselling. For instance, “mr prospect, that’s a very good question. If I answer that to your liking would you want to move forward”?
- Ask whether your answer or proposed solution will satisfy the objection. Don’t always take an immediate “yes” for an answer. Many prospects will accept the solution in the moment, but once you are out of sight, the objection still remains. Be certain you have moved the sale forward.
And, When Money Is (or Appears to Be) the Objection
In addition to the steps outlined above, to overcome money objections without lowering your price and compromising your value, keep the following guidelines in mind:
- Choose your words wisely. As much as we would like to respond, “You get what you pay for,” or, “Those are my prices and they are worth every penny,” there’s no short, canned answers to money objections. You just need to show more value. There is never a money objection when the value is high enough.
- It’s not all about the Franklin’s. Money is often an easy “go to” objection. Find out if it is true by asking, “If money were not the main concern, what other questions would you have” This will usually bring out the real issues behind the money issue.
- Establish your tangible value. Communicate a clear picture of the value of the solution you established in the selling process – the right buyer can usually “find” the money. Be certain that you have helped the prospect see how the solution you have proposed will answer his needs, wants or desires. Make sure you are offering a potential solution to a challenge he has. Most times when clients say, “Your prices are too expensive,” what they are really saying is, “I don’t see enough value in your solution.”
- It’s too early in the relationship to be talking money. Avoid engaging money discussions too soon. Prices mentioned out of context of what the prospect is trying to accomplish will always sound too high. If you can delay the fee discussion until you have uncovered all the needs and the impact of fixing those needs, you will increase value perception and decrease money objections. People first, products second, prices third.
- Make all sales presentations with the decision maker present. This is sales 101. Money is certainly an objection for those that can’t make the final decision, because they can’t pull the trigger even if they wanted to. Make sure you are taking to the one who actually makes the decision. This will eliminate many of your objections.
In the end, if you believe you have fairly priced your products and services and provided the solution you know will help the prospect and you still hear, “Your prices are to high, can you lower them?” you may simply use the old “take away close” Perhaps mr prospect, this program isn’t for you. If so, walk away. Because if we don’t have faith in the value of our services, we can be certain no one else will. I hope you found this information helpful. As we grow together in sales and network marketing… I look forward to assisting you in learning how to overcome objections in sales.