Throughout the sales process, you’ll have to handle a variety of objections from your prospects.
They will tell you they’re not interested, they’re happy with what they have, your pricing is too high, your solution does not meet their standards, and so on.
I find that most salespeople are poorly prepared to handle sales objections.
They react defensively, drop their price, and go on an offensive pitch of features before they understand the objection.
The most important thing to understand is that an objection is not a rejection.
When a prospect objects, it’s usually nothing more than a request for further information or clarification on something, but it can also just be because your timing is off.
I love handling objections, and with the right understanding and strategy, you can too. But to do so, you must first have the following three components in your sales toolbox.
1. Product and Industry Knowledge
You need to be sharp when it comes to your product knowledge because although you don’t use features to sell, you still need to know what features can help a client solve a problem or reach a goal.
And when it comes to industry knowledge, you, of course, need to know the key strengths and weaknesses of your competitors and understand how the industry works, so you come across as a knowledgeable expert.
2. Good Questioning Techniques
You need good questioning techniques because questions buy you time and help you get to the root of what your prospects are telling you, and can also help you go directly from handling the objection to closing the sale.
You must feel confident in yourself to handle objections effectively.
A solid knowledge of your solution and industry combined with your good questioning ability will go a long way to giving you the confidence needed. But experience is also vital.
Luckily, you don’t need to be a 15-year veteran in sales or objection handling to be confident at something, but you do need to have done it over and over and over again. Practice makes perfect.
Many salespeople mentally give up when they hear their first objection, but as soon as you realise that objections are a sign that your prospect is interested in your solution, the better you’ll become at handling them.
An objection can be a sign of your prospects rationalising their decisions with logical thinking, which means you’re entering the final stages of the sales process.
So, it’s important to stay calm, slow down if needed, and smoothly guide your prospect to sign on the dotted line.
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