Have you ever been in a situation where you know that a potential customer is a great fit for your product. You know that you can deliver them an incredible return on their investment.
You know the you’re doing the right thing by selling this individual…
So excitedly you call them up on the phone and…
They reject you over and over again?
Here it’s clear that the buyer is trying to put up roadblocks to stop you getting the deal done.
Perhaps the buyer says “just email me some information”, they say “call me back next quarter” or even “I’m already working with your competitor”.
Well a low performing sales professional with take the bait here.
They would agree to send over some information over email. A poor performing salesperson would back down as soon as a competitor is mentioned.
But you know that if you take any of these requests seriously it could and months or even years to your sales cycle.
You know that the buyer is giving you what we call “sales objections”.
So how do you deal with these sales objections and keep the sale moving forward?
I’m going to give you the solution in this post.
GOOD NEWS
Think dealing with sales objections is tough?
Well think again!
Every single objection falls into one of four buckets. It doesn’t matter what service you sell, who your customers are or what industry you’re selling into.
The four buckets of objections are –
* Lack of budget* Lack of need* Lack of urgency* Lack of trust
So when you know how to do deal with each of these four buckets of objections, you can answer any sales objection with ease.
Pretty cool right?
Let’s look at each of the four buckets of objections in more detail.
BUCKET #1: lack of budget
A perceived lack of budget from the buyer manifests itself as an objection like –
“It’s too expensive” or “I don’t have the cash right now”
A lack of budget is the most common sale objection that you will face.
The best wat to deal with the budget objection is to align the cost of the buyers pain with the price of your product.
To align price and pain, you need to ask questions to uncover how much financial pain your buyer is in that you can relieve. You can do this by asking questions like –
“OK I understand that you might not have budget right now but how much is this problem costing you each month?”.
Once you know their financial pain, when they next give you a budget objection you can say –
“You said this issue is costing you $100,000 a month, yet our service costs just $20,000 a month. Is it fair to say that your budget will be created by the cost savings?”
When you frame your pricing against the cost of the pain of the buyer currently it becomes a no brainer for the buyer to continue the selling conversation.
The second way to deal with the budget objection is to prevent it from happening in the first place. You can pre-emptively stop the budget objection by discussing your services price in ranges rather than giving specific pricing.
Your buyer is much less likely to bring up a budget objection if you explain –
“Our price is within the $20,