Editor's note: This article is excerpted from Stop Cold Calling Forever!from Entrepreneur Press.
If you're passionate about what you do for a living-and I hope you are-you're going to have to make a determined effort to maintain your composure when a prospect starts launching objections about your product, service, or solution. It's natural, to some degree, to take these remarks personally, but it's also essential to keep your sense of balance and perspective when you're feeling you're on the grill.
Don't shoot from the hip. Don't improvise. Don't pain. Follow these simple rules when a prospect tells you your specs aren't right, your price is too high, your reputation isn't good enough, or your quality is suspect.
Rule 1: Remember, everything your prospect says has face value. Don't fight (internally or externally) with the individual who passed along the objection. Don't rebut. Don't get into point-by-point struggles. Take what follows to heart when you answer any objection.
Rule 2: Compare the objection to your own history as a salesperson. Is this objection something that, historically, you have had not control over? Is it unique to this buyer? Odds are, this objection has something in common with one you've heard before. Ask yourself, "Have I ever sold to someone who told me this?"
Rule 3: Analyze the objection. Is it reasonable? Would you make this objection if you were in your prospect's shoes?
Rule 4: Look at the big picture before you respond. Remember, you don't have to sell every person you come in contact with to be ahead of quota. You just have to sell the right ones.
Rule 5: Never offer judgments concerning the validity of the objection. Instead learn how to question the objection.
See What They Say
After years and years of hearing objections, I reached the following conclusions.
First, I had to totally disregard the standard "objection handlers" I found in sales books, such as "I understand how you feel; others have felt that way. Blah, blah , blah." None of it worked as well as I needed it to.
Second, there were really only two general ways to address what is at the heart of every objection. The first way I did this was by actually seeing what my prospects were saying, and the second way was to put words in their mouths. That sounds weird or manipulative, but it's neither. Read on.
What follows are five easy ways to see past the objection and one really cool way to introduce an objection before your prospect does.
Objection Strategy 1: Up the Ante
When your question the objection tactfully and politely, you call the prospect's bid and raise her or him one. This approach is dramatic, and it's not what you'll read about in most sales training books. But I know you'll find that it delivers some extraordinary results if you do it-and stick with it.
Questions the objection allows you to get to the bottom of things in a hurry, which is what My Way is all about. After all, if there really is an insurmountable objection, don't you want to find out about it as soon as possible and track down prospects who are likelier to do business with you? Good, I thought so.
Questioning the objection involves using an "If not, then what?" formula. Here's an example of how questioning the objection works in practice:
Prospect: "Thanks for showing me the fall line, but your wholesale price is just too high. After we apply our standard markup, the retail price would be too high for the clientele who shop in our discount chain. I'll pass.
You" "Hmm. Okay, if our price were lower, low enough for you to make margin and price it right for your outlets, would you place an order for your stores today?"
Prospect: (Surprised pause, then) "No, the problem is that the style and material really aren't what I think they ought to be."
Bingo! The price wasn't the insurmountable obstacle you'd been led to believe. You're perfectly positioned to show other merchandise to this buyer.
You can use this tactic with virtually any objection that could come your way.
Objection Strategy 2: The Price Is Right
At my seminars I'll ask the audience, "Who here is working on a deal where they're getting beat up on price?" Consistently, 30 to 50 percent of the audience will raise their hands. That's a ridiculously high number, wouldn't you say?
You know what I think? I think it's a setup. Your prospects know that you're desperate to make the sale. And they also know that, all else being equal, the only meaningful negotiating point will be price. Try this:
Prospect: "Your price is too high." (Or: "You have a reputation of being the higher-priced provider.")
Top Salesperson: "Please define price."
Wow! Now your prospect is on the spot to articulate what price means to him and her-and you're in a position to listen and learn.
Don't ask a stupid question, one that will give you an answer that you don't do anything with. For example:
- "Just how much too high is our price?"
- "How much lower does my price need to be?"
- "What price are you willing to spend?"
Know exactly what your limitations are and how much room you have to lower your price, and knock it down before anyone asks you to do it. Or better yet, keep your prices high, and sell only to prospects who appreciate the indisputable fact that you'll always get what you pay for.
Objection Strategy 3: Take the Challenge
Lets' say for a moment that your prospect is extremely happy with whomever the current source of supply is-si happy, in fact, that he or she would never, ever consider switching. That is, until you show up.
Prospect: "I saw your e-mail. Thanks for the call, but I am all set. My current PR firm is taking care of all my brand-awareness needs."
Top Salesperson: "Before you hang up, let me ask you-would you like to know what your loyalty to your current PR firm is costing you?"
I strongly suggest you use this verbatim. It's a very powerful way to find out if there is any shred of interest. And it's also a direct, but appropriate, challenge to the prospect's position. This is powerful stuff.
Bottom line: If you hear anything other than a click and a dial tone, you're in. Take a look:
Prospect: "What do you mean by that?"
Top Salesperson: "The other customers we have in your industry tell me that they're now able to _____________." (Fill in the blank with the value and benefits of your product or service.)
This response also works well for any prospects who have an internal source of supply that they're "totally" satisfied with. For example, if your prospect says, "My PR department is taking care of all of my needs," your response would be the same.
Don't turn and run when you hear this objection. This supposed deal-breaker sends many a salesperson away, feeling rejected and questioning whether or not they should go back to school and get another degree so they can get a "real" job. Don't you be one of them.
I promise, you will earn the respect of your prospect if you do use this approach to stand firm.
Be prepared. Have your response at the ready; rehearse it with your sales manager or a peer that you respect. Get your ducks in a row. Know the real differentiators between you and your closest competition.