Successfully overcoming objections in a sales cycle means you’re likely turning a “no” into a “yes.” Often, a buyer raises an unexpected objection that signals you’re in a different phase of the buying cycle – perhaps you even thought you were further along than you actually are. If this is the case, it’s time for a reset, because you can get past this.
Where the most common objectives occur in the sales cycle
As we learned in Part 1 of this 3-part series, all objections can be correlated directly to the phase of the buying cycle. Often, a buyer will anticipate that you, as a seasoned salesperson, will have an answer for everything.
We’ve put together some common objections, organized by the corresponding phase of the buying cycle.
|Objection from the Buyer||Phase in the Buying Cycle||How to Respond to the Objection|
|It’s not in the budget.||Relationship building||Have you ever invested in something that wasn’t in your budget that brought you returns?|
|It’s not a priority right now.||
|How do you determine your priorities?|
|I already have an “[product/service name].”||Prospect||Can you tell me how well it’s working for you? Would you agree that what we are proposing is an improvement upon what you presently have in place?|
|We tried this before and it didn’t work.||Relationship building||Can you tell me what you did in the past and how your approach compared to what we are proposing?|
|The price is too high.||Relationship building||Can you tell me what you comparing it to? Would you agree that, if it helps to bring you more business, then it becomes an investment in your success? And that’s how successful companies grow – they invest in their business.|
|I need more information.||Discovery||What can I deliver to you that will help you make a decision?|
|I need to think about it.||Relationship building||What kind of concerns haven’t we addressed that you need more time to consider?|
|I’m not the only decision-maker.||Discovery||How do you and your partner’s needs differ? What can we do to align this proposition to suit both of your needs?|
If you receive any of these at the “closing” phase when you’re presenting the contract, take note that you aren’t really at the closing phase, but you are definitely in a sales cycle. This may be a sign that you have skipped a step in the sales cycle. Go back to that step of the process that the customer has signaled with their objection and reset/begin from there.
Throughout this 3-part series, we’ll continue to dig deeper into the premise of overcoming objections and how you can turn a no into a yes in the sales cycle. While we’re exploring this topic, please keep in mind that “winning at all costs” is so passé. In today’s business world, having an answer for everything doesn’t replace authenticity or genuine relationship building.
Above all, when you’re overcoming objections and “level-setting” remember to take into consideration the impact that your influence has on this transaction. Make a difference and THEN make it count.
Join in the conversation.
How have you found that this has worked for you? We’d love to hear about your journey to overcoming objections – what has worked for you and what areas you’re looking to improve.
Our sales and executive coaches at C2 Consulting can help you bridge the gap between the objections you’re receiving and the deals you’re closing. Give us a call when you’re ready to maximize the impact of your sales cycle or your leadership oversight.