Sales Tip - Understanding Objections
Unfortunately, the first two orders many new salespeople receive are "Get out and stay out!" It is only natural for your prospect to procrastinate when asked to make a decision involving money. As a general rule, people are hesitant to commit to purchasing a product or service until they have convinced themselves that they need it and are assured they are getting it at a fair price.
Research indicates a prospect will say no on average five times before they actually buy. As a professional salesperson, it is important to remember that an objection is not a rejection of you personally.
Believe it or not, objections are a good sign and you should actually look forward to them. After all, if your prospect was not interested in your product or service, they wouldn't be asking questions. Simply put, an objection is nothing more than a request for additional information. Top producers not only expect objections during the sales process, they actually anticipate them.
Typically, a prospect's objections will fall into four major categories: no money, no perceived need, no hurry, or no trust. If you haven't built trust and rapport with your prospect, qualified them financially, and conducted a thorough needs analysis, you can expect them to use objections to derail the sales process.
When addressing an objection, don't dump the whole bale of hay. The majority of salespeople have a tendency to overwhelm and bore their prospects by over-educating them. Many salespeople lengthen the appointment and use up their valuable fall-back positions in an attempt to show how knowledgeable they are.
Occasionally your prospect's objection may be disruptive, and therefore, you might want to delay answering it until a more appropriate time. When you make the decision to delay your response, I recommend you write their question down and ask them, "Would it be OK to address this question later on in my presentation?" However, if the same objection comes up twice, you should stop and address it immediately.
Source: Sales trainer/consultant John Boe