Overcome Buyer Objections and Increase Sales
If you’ve been in business long enough, then you know how frustrating it can be for a lead to turn you down after months of hard work. If you’re not getting the results that you need then you will want read on.
A hot prospect may be ready to buy, but it’s how you approach them that makes the difference in getting a sale. There are several reasons you might get turned away, including:
- Too many details
- A product or service that doesn’t make sense to them
- Over-valuing your pricing structure
Marketing Wizdom founder, Robert Clay, reports that the majority of sales representatives will give up after just four rejections. This is mainly due to a lack of strategy and follow-up — with creative approaches you can turn a cold lead into a warm sale.
In order to draw interest, you need to first understand exactly what your potential customers want to purchase and why. This will enable you to provide something of value that they will be compelled to know more about.
Hubspot recently featured 18 sales objections based on an infographic by the RAIN Group. These methods not only show us what customers are thinking, but also provide insight into how we can change our approach for a more favorable response.
As your business focuses on the needs and desires of your leads first you can introduce a more detailed offer at a later time. The key is to capture their interest in order to sell to a ready buyer.
Find out how your business can successfully negotiate your way to a sale with 5 of the top tips from the Rain Group infographic:
Show them the value
A brand new lead is more likely to turn you down even before the pitch process has begun. In order to capture their attention right away, give them a 30-second request to find out whether your offer meets their needs. It’s important to have a good understanding of your target market before proceeding. At the end of your conversation ask them whether you can follow up with them. This may just get the ball rolling and keep the door open for a later pitch.
What if they already work with another company?
More often than not your business will discover that your leads have been working with the competition, but this may not actually be a good situation for them. With a positive attitude, you could show how your products or services could provide the same service, but in a better way and at a competitive price. Use testimonials, case studies, and real results before heading into this approach. The goal is to give them information they had not considered before while being respectful to the company they are currently working with.
The calendar approach
If a prospect hasn’t expressed an interest yet they might want to put this off until later, which means they may have already decided not to accept your offer. You don’t need to be a hurry to close the deal, but rather schedule a time at their earliest convenience to discuss the idea again.
Depending on your niche, a certain time or day of the week may work the best. A Lead Response Management study shows that Thursday is the best day to contact a lead by phone between the hours of 4 and 6 p.m.
A later date can place your product or service on the forefront of your lead’s minds, and also provide them more time to overview your business. While they are thinking about your pitch you could send any helpful information they may want to overview before making a firm decision.
A low budget issue
Small businesses and entrepreneurs may be operating on a limited budget, but this can also be an opportunity to provide something of value on a trial basis or as a free introductory offer. Once you learn their budget needs you can revisit how the free item has been helpful to them with a plan of action on how to make this work for their company. Approach this step with caution; however, and do your homework on their niche and the ability of them to become a paying customer in the near future.
Getting past approvals
You’ve made a home run with a lead, but now they need to discuss the idea with their supervisor. But this doesn’t mean you’re out of the game yet. You can use this situation to set up another meeting with their superior(s) as long they are the decision makers. If they want a lower price you can always negotiate with the higher-ups, and keep the door of opportunity open.
Sales objections are not the end of the road — they are just another way your business can show your prospects that what you have to offer stands out from the rest of the competition with a high benefit to their company. With a unique approach that builds trust, you can turn a “no” to a positive “yes” by being patient and working with the needs of your potential customers.
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