Define objections as breaks in the sales process
If you are a salesperson, you would know that rejection is an inevitable part of sales. Every salesperson is getting rejected daily. So you are on the phone with a potential customer, the conversation is flowing, you think you are on the verge of closing the deal. Out of the blue, he/she says: "We are using your competitor's product." What would you do after that? Would you panic? Would you hang up?
We define objections as breaks in the sales process. Customers often show why they are not going to buy your product or service, giving you a chance to change your approach or update your product/service. Potential customers can always find a reason to push back on what you're offering, whether it's timing, budget concerns, etc.
You continuously face rejection if you're selling, and the thought of losing a deal can be gut-wrenching. So if your job is to sell, you have to deal with customer objections and closing the sale. Those are the biggest challenges a salesperson has. The ability to execute these functions effectively can make or break careers.
How you behave when a prospective customer pushes back is crucial for your sale. Experienced salespeople deal with rejection with competence. You need to have thick skin, but you can overcome rejection if you prepare well. If you're not equipped with the right tools and knowledge to respond to sales rejections, your efforts will go to waste.
The remedy lies in anticipating and tackling customer objections head-on, so you're prepared and confident. Identifying and resolving customer objections at your next sales meeting can grow your confidence and can make you close faster than ever before.
While handling the customers' concerns can be frustrating, mostly if your conversation is not held in person. But in reality, objections are an opportunity for progress towards a mutual agreement. Any time your prospect raises a concern is a chance for you to establish credibility with them. If you can create more credibility, you will be further near closing the sale.
Where most salespeople assume prospects aren't interested based on no practical reason, objections carry essential and valuable data about customer concerns, demands, and doubts. Before you call someone who filled out the form on your landing page, you can't know what they're thinking. That is true for cold calling, as well.
Giving up is easy after being rejected by a prospective customer. But giving up cripples your pipeline effectively. If you understand what the prospect is thinking when rejecting, you can handle those objections with the right resolutions. Getting rejected every time makes you gain a level of familiarity. That way, you can develop a sense over time and become experienced.
A salesperson has to learn how to turn every rejection into an opportunity. Otherwise, you can always become the small fish in the big sea of many.
According to Hubspot's "Prospecting and Objection Handling Book" a prospect generally objects for one of a few reasons:
Because they are not yet a believer
Sales rep. hasn't explained the value thoroughly enough
They are establishing points for future negotiations.
These options allow you to move the conversation forward.
There is always a good possibility for a prospect to flat out dismissing you. So, if an objection arises from the customer, it's a good thing. It means the customer has enough interest to engage with you. That's because you have to listen attentively and show that you truly understand their concerns.
Remember, they rejected Sylvester Stallone 1500 times before selling the movie script with himself as "Rocky".
The most common reason for people not to get into the business of sale is rejection. People don't like to be refused, period. Even experienced salespeople struggle to deal with rejections from time to time because of the constant evolution of competition, market conditions, customer types, and customer expectations.
The first and most essential step is self-reflection when it comes to dealing with rejections. You should take a few steps to improve your numbers:
Know your strengths and weaknesses: Is your approach impacting your sales? You get better control of your voice, expressions, and words you use to improve the quality of your in-person, video chat, email, social, and phone pitches. Be prepared. Equip yourself with responses for typical rejections.
Measure your performance: Comparing your sales conversion rate to your industry's average makes you more efficient. You might feel like you hear a lot of 'no's, but that could be normal for your product. It's not fair to compare yourself to others in your industry without knowing your sales ability and numbers.
Learn continuously: Examine each sale in detail to identify what went wrong and what went right. You have to know why your pitches fail to improve your sales.
Arguing with or pressuring to potential customers isn't sufficient. You can lose the prospect's trust or convince them promptly to their position. Choose to help them come to a different conclusion rather than telling them they're wrong.
There are two well-known processes when it comes to objections: L.A.I.R. and L.A.A.R.C.
Listen: Is this an objection or an excuse?
Acknowledge: Reframe the objection by minimizing the customer's feelings and repeat back.
Isolate: Are there any other objections?
Reverse objection: Flip the objection, provide the prospect with full benefits of the product and case studies.
Listen: Actively listen to what the prospect's saying.
Acknowledge: Let the prospect know their objection is reasonable.
Assess: Clarify points in their objection. Try to empathize with them.
Respond: Answer all concerns in their objection truthfully and thoroughly. Take your time, and don't skip points.
Confirm: Check the customer if they understand your reply. Ask them if your explanation clarifies all confusion. If there are still other objections, repeat the loop. Actively listen at all times.
These methods work, and lots of salespeople learn to use them over time, craft their approach. But every objection has different touch points for the prospects, and there comes this book.
In this book, you will find 45 different objections and rejections from prospects with the respective answers you can use to close the sale. This is called objection handling, and it means trying to change the prospects' mind by responding to them to address their concerns.