Sales objections are a natural part of the sales process. They are the reasons prospects give for not making a purchase or moving forward in the sales funnel. Objections can come in many different forms, such as pricing concerns, a lack of trust in the product or the company, or simply not seeing the value in what is being offered.
However, objections should not be seen as barriers to a sale, but rather as opportunities for the salesperson to engage with the prospect and provide additional information or address any concerns. In this article, we will discuss the 10 most common sales objections and provide strategies for handling and overcoming them to close more deals.
What is a Sales Objection?
According to research conducted by Steve W. Martin, a sales researcher and author, a sales objection is defined as “a prospect’s reason for not taking the next step in the sales process”. Objections can come at any stage of the sales process and can be a sign that the prospect is interested in the product or service but has concerns that need to be addressed before making a decision.
Objection Handling Strategies for Most Common Objections
“It’s too expensive.”
Price is one of the most common sales objections. To overcome this, it’s important to focus on the value that the product or service provides. Highlight the benefits that the prospect will receive from the product or service, and how it can help them achieve their goals. Another approach is to offer various pricing options or packages to accommodate different budgets.
“I don’t have the budget for this.”
Similar to a price objection, a budget objection can be addressed by highlighting the value of the product or service. Additionally, salespeople can offer financing or payment options to make the purchase more manageable for the prospect.
“I need to think about it.”
When a prospect says they need to think about a purchase, it’s important to find out what their concerns are and address them. Ask questions to understand what specific aspects of the product or service are causing hesitation, and offer additional information or resources to help them make a decision.
“I’m happy with my current provider.”
If a prospect is satisfied with their current provider, it can be difficult to convince them to switch to a new one. In this case, it’s important to differentiate the product or service from competitors and highlight its unique value proposition. Additionally, offering a trial or demo period can give the prospect an opportunity to see the benefits of the new product or service firsthand.
“I don’t think it will work for me.”
If a prospect is unsure if the product or service will meet their specific needs, it’s important to provide case studies or customer testimonials to demonstrate how the product or service has helped others with similar challenges. Additionally, offering the prospect an opportunity to test the product or service through a free trial could be a key to overcoming this objection.
“I need to consult with others.”
If a prospect needs to consult with others before making a decision, it’s important to understand who the decision-makers are and what their concerns might be. Offer additional resources or information to help the prospect make a case for the product or service to their decision-making partners.
“I don’t have the authority to make this decision.”
If a prospect is not the final decision-maker, it’s important to find out who is and get them involved in the sales process. Ask for a referral or introduction to the decision-maker and provide additional information or resources to help the prospect make a case for the product or service.
“I’m not interested.”
When a prospect says they’re not interested, it’s important to find out why. Ask questions to understand what their needs and goals are, and how the product or service might be able to help them. Highlight the unique value proposition of the product or service and offer additional resources or information to pique their interest.
“I don’t have time.”
If a prospect says they don’t have time to learn about the product or service, it’s important to offer a quick overview or summary of the key benefits and features. Additionally, offering a free trial or demo can allow the prospect to test the product or service on their own time and see how it fits into their schedule.
“I’m not sure if this is the right time.”
If a prospect is unsure if it’s the right time to make a purchase, it’s important to understand their specific concerns and address them. Offer additional resources or information to help the prospect make an informed decision and highlight any time-sensitive promotions or incentives that might encourage them to move forward.
Conclusion
Objections are a natural part of the sales process and can be seen as opportunities to engage with prospects and provide additional information or address concerns. By understanding the most common sales objections and implementing objection-handling strategies, salespeople can overcome objections and close more deals.
“The ability to overcome objections is one of the most important skills a salesperson can possess,” says Martin. By mastering objection handling, salespeople can build trust and rapport with prospects, differentiate their product or service from competitors, and, ultimately, close more sales.
Reference
- Martin, S. W. (2018). Sales research: 2018 buyer preferences study. https://www.salesforce.com/content/dam/web/en_us/www/documents/e-books/buyer-preferences-report-2018.pdf
