One of the biggest problems in sales is when a prospect gives you a reason why they can't, or won't, buy. Some of the more common objections are "I don't have any money" or "I need some time to think about it", but there are some others that can be used as well.
One of the craziest ones I had was someone who tried to tell me he was dead. He literally said, "I can't talk, I'm deceased," right before he hung up the phone. I applauded his creativity and nerve, but I wasn't sure if he was dumb or thought I was.
As I have mentioned in previous posts, my first paying sales job was selling accident insurance plans door-to-door in rural areas. Being a new college graduate I was eager to learn all the tricks of the trade. In our sales class we were given a large 3-ring binder filled with rebuttals to a wide variety of objections.
For instance, if someone said that they didn't have money or could not afford it, we had about 25 responses, but I typically just stuck with one. "If you don't have any money now, what will you do if you have a horrible accident and need money?" Sometimes it worked, sometimes it didn't.
Another objection I still get to this day is "I need to think it over." Since I'm selling insurance, I have a rebuttal already prepared.
"That's fine. As a matter of fact, our underwriter needs to think it over as well. How much time do you need? A few weeks?" By giving that time frame, the prospect will typically nod approvingly, as if they have now bought the time to avoid the purchase.
"How about we do this since everyone needs time to think this over? I'll take your application, with no money of course, and submit it to the insurance company. In the meantime we can have the paramed nurse do an exam, no charge to you of course, and let the underwriter go over all of the information while you think about it. How does that sound to you?"
In the insurance business, we say that if the client is willing to bleed, they are willing to buy. The paramed nurse will ensure bodily fluids, including blood, will be collected. (If you notice, I also used the "medical close" at the same time.) Depending on your industry, you can adapt various responses to the "need to think it over" objection.
On the other hand, the client may balk at this, which means they have no intention of buying, they are just putting me off.
When handling objections, I like to "hang in there for three" as we say. After three objections people usually get annoyed, which becomes anger. But there have been occasions when that last objection forces their hand and the prospect folds like a cheap beach chair.
Another way to overcome objections is to beat the client to the punch. I do my best to include any objections during my presentation, thus nipping them in the bud. This can be hard for new sales people because they don't know what the typical objections are. Obviously, the "I can't afford it" or "I don't have any money" objections will always be there, so blend that in with the presentation.
The key to succeeding through objections is to do your homework and be professional. By learning a few responses you can increase the odds of getting the sale, but remember that objections can be legitimate. There are people who have no money and can't pay their bills. In those cases it may be best to ask if the situation may change in a few months so that you can revisit the prospect.
Chris Castanes is a professional speaker who helps sales people succeed through workshops and humorous presentations. He's also the author of "You're Going To Be Great At This!", a humorous look at sales. For booking information, click here. He's also the president of Surf Financial Brokers selling life and disability insurance in several states.
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