The Science and Art of Selling by Alen Majer

There are some things that you should try to emphasize when dealing with a pricing objection:

1. Stress the value of ownership versus the cost of purchasing.
2. Stress the value of the service versus the cost of the service.
3. Stress the value of long-term benefits versus the up-front costs.
4. Stress benefits rather than features.

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The best way to handle any objection is to anticipate it and, if possible, make sure that it never intrudes into the sales discussion. Once a thought has been expressed by a prospect it becomes harder to eradicate. This is because the prospect has placed himself on record and is unlikely to recede easily from his position.

Objections that are raised to price are probably the most frequent of all honest reasons for prospects refusing to buy. It’s important to understand where the price objection is coming from, before you can handle it effectively.

Sometimes a prospect will object to price because it is simply more than he can afford to pay. The products or services are too expensive and the buyer can only afford something of a cheaper grade. As the salesperson, it is your duty to enrich the prospect with the knowledge of how the purchase of a quality item will be more economical in the long-term as opposed to buying the cheaper article of a lesser grade.

Scripts:

• “Compared to what?”
• “You know that our quality is the highest you can find, which means that you pay much less over the life of the product. The higher quality saves you money in the long run. Why not order today?”
• “If our products were cheaper, would you want it? If yes, let’s find the way you can afford it!”
  

Alternatively, an item which is more expensive usually offers additional features that may convince the buyer of the validity of such a purchase. In other words, there are times when a quality item will speak for itself. At other times it is up to you, as the salesperson, to educate the buyer of all the features and the value it holds, before he can make an informed decision.

Script:

• “Yes, we can lower the price right now, however you need to decide on what options to cut from our proposal.”

An objection to price doesn’t necessarily mean it’s the end of the line. A buyer may be in a position to arrange alternative funding, if he sees that there is just cause. It is the duty of the salesperson to discover the cause of the price objection before being able to deal with it appropriately.

Another common objection when it comes to price is the follow-on that “times are tough” and “we’re in a recession”. Naturally, a business depression will send most buyers running for cover. However, a skilled salesperson will quash this objection by agreeing that times are indeed bad and the recession has affected all aspects of daily life; but that the product on offer has been specifically engineered and priced to accommodate the current recessive period and its characteristics. In fact, a buyer can only benefit from purchasing your product in a particularly recessive time, for all the various reasons that you can provide. You don’t have to succumb to the pessimistic mood that surrounds a recession. You can provide a quality product at a price that is uplifting in a time of downsizing and depression.

With price being the most common objection made to many sales people, a skilled manner of dealing with such a sensitive issue is to delay any mention of money matters until the very end of a discussion. In this way, you have had the opportunity to demonstrate to the prospect the quality and worth of the product and ensure that these have been firmly established before the price is mentioned. If a price is requested early on in the presentation, a skillful side-step would be to say something like,

Script:

• “…let’s decide if you actually want to buy this product. If you do, I’m sure I can put it within your reach…”

The point is to sell the item and all that it’s worth before you’ve even mentioned the price.

Learning to handle price objections effectively is one of the most vital skills that a successful salesperson can acquire. Remember, you can’t sell an item without agreeing on a price. There is no success without the sale – and there is no sale without the price.

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If you want to learn how to recognize and handle objections effectively, our one-day workshop can help you overcome objections and close more sales. Even better - at this workshop we will give you exact objection-handling techniques and scripts that sell!

Hurry up, register today because seats are limited!

September 15th - Hotel in Mississauga, ON - register here…

Other Seminar Cities in October and November: Ottawa, Montreal, Buffalo, and London. Registration will be available soon, please keep following our website for updates.

When it comes to selling, what, exactly, is an objection? If we can truly understand what we’re dealing with when a potential client makes an objection, then it will be easier to handle and use to our advantage in the appropriate situation.

Not all objections should be received as a negative blow to your sales presentation. In fact, with the exception of two very specific objections, most others can be dealt with effectively and are actually a positive sign that your client is showing some interest. In other words, if the product or service that you are offering holds no appeal to the client, they will not object and will have no desire to be entertained any further.

Broadly speaking, the following objections may be viewed as an honest indication that your client will not be persuaded into making a purchase:

1. Firstly, if the client does not have the means to pay for the product and there is no prospect of affordability, this financial objection can essentially put an end to your approach.
2. Secondly, if the prospective client truly has no need for the goods on offer, this objection may be considered conclusive to your sales presentation.

If an objection can be removed from the conversation between you and your prospect, the resistance will begin to break down as the proposition automatically becomes more attractive. From this point, a genuine requirement and desire for the product on offer is easily identified, enabling you to make your approach more effective and tailor-made to suit the client’s needs.

However, a clear distinction needs to be made between a genuine objection versus excuses and postponements. These should not be handled as if they were objections because, by doing so, you are effectively creating an obstacle. There are real instances where a client will ask for a postponement or will provide a legitimate excuse – but these are generally easily identifiable. Most other excuses are a polite effort on the prospect’s behalf to end the sales talk and to make an exit.

By accepting the excuse and moving away you have enabled the prospect to accomplish his purpose. There is a natural tendency for a prospective client to become defensive when they realize they are being approached by a potential sales pitch. But if you are able to courteously side-step the excuse or postponement, about 99% of the time a prospect will not pursue his excuse any further, allowing you to present your proposal without any resistance.

When a client makes an honest objection, it is in your best interest to eliminate the objection and use it effectively as an aid in your selling proposal. If a client’s concerns are addressed, their confidence in your knowledge and in the value of the product will grow. In that light, if we can use such objections to our advantage then it must be said that only the real obstacles which may hinder the closing of a sale need to be addressed further.

There really are only three such obstacles that could further prevent a sale:

1. The prospect lacks clear understanding of the product or service on offer
2. The prospect’s current lack of resources available for buying
3. The prospect’s inability to make use of the product to his advantage

If a prospect doesn’t fully comprehend the proposition that you have presented, your efforts to continue to sell him will be fruitless. If you’re able to identify this obstacle, you need to become an educator to your client and clarify any issues surrounding the product or the proposition. Once there is an understanding, you’re able to proceed with your presentation.

If there is a lack of available funding on the prospect’s part your efforts to continue selling would be unfounded, unless you were able to assist or advise in getting the necessary funds. A pause in the sales process in order to address the financial implications is necessary, until the issue is resolved. If the funds have become available you are able to continue your presentation.

If the obstacle presents itself whereby the prospect lacks the capability of using the products to his advantage, you need to see if you can change the prospect’s circumstances and eliminate the obstacle, before being able to proceed with the sale.

For example, if a potential client has poor eyesight and is reluctant to purchase your book because he cannot read, the ideal remedy here is to find a solution to his problem that will create the opportunity to make the sale. In other words, you could suggest that somebody reads the book to the client; or suggest the services of a brilliant optician who could assist with his eyesight problem. If the obstacle can be removed then your path to a potential sale has been reopened.

But if there is genuinely no need for the product (perhaps because the prospect already owns a copy of the book) then continuing the sale is futile. The objective at this point would be to attempt a new sales approach in suggesting, perhaps, the purchase of a copy of the book for a friend. Failing that, any effort to sell should be abandoned and a new prospect sought for a new sales presentation.

An alternative scenario is that the client has not yet recognized his need for the product.  If you’re able to identify a need that would make your product useful to the prospect, you should point this out to him in the hope that he realizes the benefits attached to making the purchase.

In handling any objection, always try to draw out the client’s reasoning in order to gain an understanding of his situation. A skilled and well-trained salesperson will be able to gather a certain amount of information about the prospect just by communicating effectively with him. Try to avoid the situation of allowing the client to outwardly state his objection. Rather attempt to decipher his reluctance without being too direct.

In due course, you will become adept at understanding the various scenarios surrounding the objections that you may encounter and, without eliciting a direct statement of objection from your client, you will be able to identify and remove any obstacle that may hinder the closure of your sale.

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If you want to learn how to recognize and handle objections effectively, our one-day workshop can help you overcome objections and close more sales. Even better - at this workshop we will give you exact objection-handling techniques and scripts that sell!

Hurry up, register today because seats are limited!

August 28th - Sheraton Hotel, Downtown Toronto, ON - register here…

September 15th - Hotel in Mississauga, ON - register here…