Price objections can be divided into three classes:

1. Those which are not meant by the customers from the point of view of value, but that the prices are higher than they can afford to pay. These customers desire a cheaper grade of products.
2. Those which are made solely for the sake of argument. Many customers think it is their duty to make many objections in the course of buying, and their most frequent objections are to price.
3. Those objections which are made with all sincerity. The customers object because they sincerely believe that the prices are too high for the products. They are sincere in their objections, and believe in what they are saying.

When an objection is made to price, you should be able to tell to which class it belongs. If the products are too expensive, you should be able to read this, and to judge what the customer is able and willing to pay.

Many salespersons can’t tell this kind of price objection, and continue with presentation to prove that the price is satisfactory from the point of view of quality. This is not the cause of the objection made, and the customer knows it. If the customer can afford to pay the higher price, in a few cases you may be successful. If this is the case, you should know it, and continue to sell with that in mind. On the other hand, if the customer can’t afford to pay the higher price, the sale is lost.

Great number of sales people are not able to distinguish between these two classes of customers, and they wonder why they are not more successful. Let me give you an example.

Recently, I was shopping for a Christmas present for my spouse in a big retail store where I witnessed a conversation among the customer and a saleswoman.

The saleswoman showed to a customer a nice dress with a higher price tag. The customer said the price was too high. The saleswoman thought that she meant that there was not a value in the dress priced higher. Arguments were used to prove that the price was not too high considering the quality of the dress.

The customer repeated that the price was too high, and added that she wished to see something less expensive.

The saleswoman even then did not understand the reason for the objection, and continued with arguments to show value. Eventually, the customer went out without buying. The saleswoman wondered why she did not make the sale.

If she had been able to read human nature, she could have told that the objection was because the price was higher than the customer could pay. This being the case, the sale under ordinary circumstances would have been made if a products of lesser value had been shown.

Next time when you hear a price objection from your prospects, try to understand to which class of this three this objection belongs and than try to handle it properly.

How to Handle Price Objections is a post from: The Science and Art of Selling by Alen Mayer

1. I’m not interested.  Create interest by telling a short anecdote of how someone else benefited her home/work/play by using your product.
2. I don’t  have enough money.  Quickly recount how using this product saves money in the long run by  improving the client’s health, saving  his time, or increasing his influence.  State dollar examples of savings gained.
3. I don’t need it.  Be alert to the needs of the customer.  Don’t try to push more on the customer than she needs.  Does she need more space, more time, better methods, or just the basics?
4.  It’s too much hassle to set it up (such as a new phone, exercise equipment). Offer to set it up for him, according to your company’s regulations.  
5. My old one is good enough.  Make sure your client has product knowledge. Teach her the new features as you promote the latest device or service.  Discount it. 
6. Another company has a better offer.  Don’t say “no” to the customer.  Provide an in-store coupon, a sample, a gas card, service, delivery, or warranty.  Give people what they want.
7. I can’t decide.  How to handle objections involves eliminating excess information.  Narrow down the decision to two or three options and focus on the best selling point of each.  Offer your personal preference, if the client asks.
8. I’ll think about it.  Don’t let the client leave without providing specific facts and figures with which he can compare.  Tell him what day and time you will personally be available to discuss it again.
9. It’s not exactly what I want. If you are going to make a sale, you must know how to handle objections like this one. If it is not in stock, order the closest approximation to your client’s need. 
10. It’s just not for me. Show proof that having your product gives your customer greater advantage, potential, and possibilities than not having it.  Be honest, but do what it takes in devising how to handle objections.  Let your client know that you will make it happen for her.

10 Ways to Handle Objections Effectively is a post from: The Science and Art of Selling by Alen Mayer

As a sale representative there are occasions when you will face opposition from a prospective client.  This article will provide you with some specific tools and guidelines to use when you are faced with the dilemma of how to handle objections.

How to Handle Objections Using Listening Skills is a post from: The Science and Art of Selling by Alen Mayer

To see a fresh approach about how to handle objections during a sales presentation, smart sales professionals can take lessons from smart politicians.

You share a lot of goals with them, but they have one big drawback that most marketers never face; the politician has nothing real to give the person at the time he is seeking something quite real from them, like money, votes and support.

The politician takes a four-step approach to handling challenges.

First, listen to the objection carefully. Don’t rush to meet the objection head on. Don’t let the fact that the question interrupted your momentum and the flow of your presentation annoy you into a curt or dismissive comment. The best approach in how to handle objections always begins with the phrase, “Yes, and….”

Next, refine and narrow the question with your own questions. This uncovers the real scope of the objection, as opposed to only rhetorical challenges. It also exposes and isolates the person who is simply opposed to your presentation on general principles, as distinct from the person open to compromise and persuasion. You can restate the question, but never distort or minimize it. This is a tactic used by desperate meeting facilitators and hard-sell artists, and most people recognize it, even if only unconsciously.

There’s a point where you want to suggest a “lay all your cards on the table” approach which gives you clear targets and paints the challenger into a corner with his own words. This is key to how to handle objections, because once his points are addressed he cannot honestly bring up new ones. “Is fuel mileage your only concern with this car, or do you just not like its looks?”

By now you should be seeing a solution. Use positive phrases, such as “Yes, that is a very important question that leads to an equally important point we are making about our product…..” Most politicians have a deep supply of such stock phrases they can roll slowly off their tongues when most of their brain cells are working quietly on the final details.

Finally, frame your answer in the form of a solution for everyone. Stress what you give up, like a discount or an added feature. You’re being reasonable and more than generous, so invite the challenger to do the same. Seek confirmation that your answer is understood and accepted.

How To Handle Objections Like The Politicians Do is a post from: The Science and Art of Selling by Alen Mayer

• Reading From A Script. There is nothing more boring to a prospective customer than to pick up the phone and hear the caller (after usually miss-pronouncing their name) to launch into a written script. This screams of a complete lack of professionalism, as well as making the customer feel like just another name on the list, rather than as someone special.
• “You have been selected”. This dreaded cliché sounds as phoney as it is. Think about it. Why in the world would the customer be selected by a company that has probably never done business with them before? Is it the customer’s lucky day? They usually don’t think so.
• Lack of Passion. This is related to script reading. Many callers sound like they are human zombies, just going through the motions. If there is anything to cause the customer to hang up, this is it, and this leads us to the next mistake.
• Failing to connect emotionally with the customer. If the caller sounds bored and mechanical, the listener will pick it up. After all, if the caller is not excited about the offering, why in the world should the potential customer be?
• Giving opportunity to say “no”. Anytime the caller asks the prospective customer a question, there should never be the opportunity for the customer to say “no”. For example, instead of: “Would you like to have one of our sales reps come out next week?”, the correct question should be: “Our reps will be in your area on Tuesday and Thursday. Which day is more convenient for you?”. This gives the customer a choice, and produces far superior results.
• Not targeting the calling prospects. Working off a random list should be avoided if at all possible. If the target list can be narrowed to customers who have bought similar products/services in the past, the calling campaign will be more successful.
• Not doing it. This speaks for itself. To succeed, the callers must make the calls. It is really that simple.

Avoiding these mistakes will make cold calling a profitable activity for your business.

Cold Calling Mistakes: Top Tips To Avoid is a post from: The Science and Art of Selling by Alen Mayer

The cry of “hard times” is heard at all times, and not just in these hard days and that is where you should refresh your knowledge of how to handle objections during your sales process.

“Times are too hard, I can’t afford to buy anything“ – how often have you heard that in the last few months?

This objection is made during the most prosperous times, as well as during periods of financial depression. Customers are confronting sales people all over the world with this before even they had a chance to show them the products, or tell them how they can benefit of them.

It is seldom, however, that the objection is made seriously. Oftentimes prospects don’t have anything else to say. They don’t mention it seriously and don’t expect you to take it seriously.

So what to do?

Pay no attention to the cry of potential new recession!

Don’t forget that you create the value through how you’re selling, not just through what you’re selling. You can create the value in each step of sales process, but the most value can be created early in the process by helping customers to define their needs (use trigger events!).

Here is the list of 10 things to do:

1. Go back to prospecting and find customers who want to buy in any market, and spend your time only with the decision maker.
2. Use open-ended questions, use clarifying questions, and remember that great questions produce great answers.
3. Make it easy for customers to say “yes”.
4. Ask for the order. Ask for the order. Again, ask for the order.
5. Use direct questions such as: “Are we ready to move on this? When can we get started? Shall I write up the order?”
6. Use active listening skills. Ask for the feedback.
7. Remember to read buying signals.
8. Don’t forget to send a thank you note.
9. If you get the sale, send them a note thanking them for their order.
10. If you don’t get the sale, send them a little note thanking them for taking time to meet with you.

It is intelligence that makes times easy, and it is the lack of intelligence that makes times hard. Go back to basics. Invest in your knowledge and sharpen your skills, that is the best way of not buying the cry of “hard times” from your customers.

Going Back To Basics – 10 Things To Do is a post from: The Science and Art of Selling by Alen Mayer

Selling is therefore a process in which you need to follow certain steps, one at a time, to reach your final goal – the sale itself. Your sales process will also depend on your efforts invested in research and understanding your customer base, together with your energy and enthusiasm about your product.

Sometimes you can skip some steps if the customer is giving you signals to move further, faster. Otherwise, it solely depends on you and your readiness to be prepared before contacting the prospect.

If we simplify the whole sales process we can agree that there are four major steps in sales:

1. opening/qualifying
2. information gathering
3. presentation of your proposal, and
4. closing.

Opening phase is usually a result of a cold call to someone who has not yet heard of you or thought about working with you.

Information gathering is a second step when sales person is asking customers what they do, how they do it, and why they do it that way. Then he/she ask how his company can help them do it better. Usually second step means getting the meeting or presentation opportunity.

Proposal is next step when sales person is giving the presentation based on the gathered information, and giving the recommendation or meaningful solution to solve their pains, issues, or needs.

When customer decides to buy that is a fourth step in sales process and the only step that actually counts – closing the deal. This means they see the value in your solution and you assisted to buyer to make a decision based on information you provided.

When you don’t close the deal you did not completed your process. It is very similar to playing baseball when you get to the third base but never reach home and score; in sales this means you have gone through three steps but on the end you didn’t engaged buyer enough to see the value in your solution.

You didn’t address their needs that will trigger a buy to happen (Trigger Events, anyone?). You have wasted your time and your customer’s time, and there is hardly any chance of getting back to that customer to try to sell again.

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The Four Major Steps in Sales is a post from: The Science and Art of Selling by Alen Mayer

Certainly selling has the look of 20 or 30 years ago, features and benefits are still the main topic at every sales training, whether internally done or from an outside trainer, and management is pushing the same old ideas about cold calling and open-ended questions, but customers are changing rapidly in their behavior, buying habits, knowledge about the situation on the market, and most important – their expectations from sellers.

Selling itself is changing. Whole business environment is more dynamic, we have many and breaking new products on the market, and competition is bigger, harder, and stronger day-by-day. Buyers are more educated, they are searching for information by themselves, and they are looking from providers to understand buyer’s situation, needs and business.

Sales cannot continue to resolve twenty-first century situations in the business world using last-century tips and tricks. Tomorrow’s sales challenges cannot be met using last-century’s understandings and strategies. Those skills and information are not wrong; they are simply incomplete for today’s market. Unless this is acknowledged and the sales professional admits that he does not know all there is to know about sales and customers behavior, there can be no hope of continuing excellence in sales as is.

I believe it is finally the right time for the dinosaurs of sales to become extinct.

The 21st Century changes the rules of engagement. New knowledge is needed and also new set of tools which will include the technology, to help you in your search for your next customer.

Technology is developing at a pace that rarely anyone can catch up, and especially the last two decades many trained sales people are not in the position to utilize the advantages of the technology. In this regard, the technology can be your friend or foe.

Web 2.0 enables Sales 2.0 and many sales people can take customer communications into their own hands and to an entirely new level. Sales reps have more control over the tools that they use, and they can be always on, answering to customers questions in the matter of minutes and not hours or days.

Trigger events are great tool set to help you find new opportunities on the market for your product or service. With trigger events it will be easier for you to find companies that have immediate wants and needs. You are looking for events that can trigger the sales opportunity for you.

Trigger events can be divided depending where they have been triggered, inside or outside the company. Therefore we have two sorts of trigger events:

Internal trigger events are events triggered inside of the company or business.

External trigger events are one that we cannot influence, but we need to adapt to a newly created situation. It affects the customers’ success and could change business environment dramatically.

Learning about the trigger events, what they are, where to find and how to use them, your benefit is that with this newly acquired knowledge you will be able to qualify prospects faster and find your next customer much easier than before.

And not just that – you will be able to put customers in the market who didn’t feel that way before you contacted them. Trigger events can be a very powerful weapon for sales person who wants to be able to qualify prospects faster and understand his customers’ situation, and even identify needs with customers together.

With trigger events you will be better prepared for challenges that customers are putting in front of us each day. You will be equipped with a completely new set of tools needed to recognize who could be (and should be) on the market today for your product or services, giving you the better understanding where you should focus your selling activities.

Learning about this new set of tools you will be reminded, motivated, and pushed to do something more for your sales career and your sales numbers. A sales person needs to grow, to try to reach that next goal and to have a life filled with success in his or her profession, which makes life more worth living.

Selling in 21st Century is a post from: The Science and Art of Selling by Alen Mayer

Alen Majer - TSE Daily Interview

“Times are too hard, I cannot afford to buy anything“- how often have you heard that in the last few months?

So what to do when customers complain about the price?
Why is compromising on price such a bad idea?

How to win the deal and not even touch the topic of discounting of your product or service?

Listen to my interview with Top Sales Experts Daily:

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Read more about Top Sales Experts here.

Podcast – don’t compromise on price is a post from: The Science and Art of Selling by Alen Mayer