“Ah, great to know. You know what, let me think about it and get back to you.” – “Great product, but I don’t think the price is justified.”
Have you encountered these before? These are objections. Objections come up in most Sales conversations. They seem intimidating at first, but there’s a way of handling them confidently.
What is an objection?
Whenever a prospect brings up an objection such as “I have no need for your product”, “It’s too expensive”, “We already have something like that in place”, it’s a sign of an unmet need. Even if the objection appears not to be justified, you need to take it seriously.
Did you object when you wanted to buy something? When did you feel it was too expensive? We often perceive something as too expensive if a need isn’t met, like a missing feature or its value is not immediately apparent.
For instance, recently, I helped a client of mine choosing a CRM solution for their business. One of the requirements was Single Sign-On (SSO) with Microsoft Office 365 accounts. Interestingly, most providers had SSO for Google Accounts built-in, but as soon as I asked about Microsoft, the price increased significantly. My client and I thought it was too expensive because we didn’t see how an added value of SSO for Microsoft accounts could be so much more costly.
How to handle objections
Let’s say you are selling a software product, and the customer brings up the objection of “It’s too expensive.” How would you handle that usually? Do you talk over the customer until they say “yes”? Or, do you step back and ask “I’m curious, from your point of view, why is it too expensive? What do you think is missing?”
Listen carefully to the responses. The customer might be missing features or additional services like a support contract.
It’s a chance for you to update the original offer to match their needs better or explain the existing offer more thoroughly.
An objection is not a “No.” An objection is an unmet need that needs to be addressed.
Often, when you take a step back to address the objection and let the customer explain, it turns out you can do something to alleviate the pain to result in a purchase. Handling objections might seem scary initially. But, from experience, I can tell you, many objections appear over and over:
- “It’s too expensive.”
- “I don’t need that.”
- “I already have that.”
- “Why should I buy from you instead of your competitor?”
The good thing: You can make a list of all these common objections, formulate a strategy and practice it. It’s an excellent way to gain the much-needed self-confidence so you will excel in sales conversations.
Sometimes, you might encounter situations where even the best objection-handling strategy does not help, and the customer won’t buy. And that’s okay.
They might come back eventually.