How to Overcome Classic Buying Objections

| July 20, 2016 | Financial Wisdom

Your readiness when a prospect tries to steer away from a sale is essential to improving your revenues. Here’s how you can help your customers quickly see the value of buying from you today.

“The price is too high”

Price may be the most common reason a buyer walks away from a sale. At the heart of this objection is fear that the cost outweighs the benefits of your product or service.

Whenever a buyer raises concerns about money, you need to clearly demonstrate how the return on investment will be worthwhile. Start your sales conversation by asking about your customer’s budget, then follow up by:

  • Communicating the unique value of your offer.
  • Including any value-added extras.
  • Offering flexible payment plans.
  • Accepting credit cards online as a form of payment.
  • Accepting credit cards in person as a form of payment.
  • Sharing a variety of packages at different price points.

Be patient and exceed your customer’s expectations regarding quality and service. Down the line your customer may just be willing to pay a premium rate.

“It’s not the right time”

Timing can become a barrier to closing the sale for several reasons:

  • There are other internal priorities for the customer.
  • Budget is spent for the fiscal year and there are no funds available until later.
  • Your customer is too busy to deal with the implications of purchase, like setting up new software or changing internal systems.
  • The customer simply doesn’t have the time to talk to you.

Do your best to probe these issues so you can better understand the timing issue and address each one. For example, you might explain how implementing your product or service is easier and less time-consuming than your customer thinks.

Always ask about the best time to review your offer and diarize follow up.

“I don’t know your company”

Building trust with new clients takes time, so don’t be discouraged if your company’s credibility is becomes an objection.

  • There are steps you can take to encourage a prospect to see that your business is trustworthy.
  • Share experiences of other happy clients.
  • Provide customer references.
  • Include your prospect in your social media channels so they can get a sense of you personally – the trust in you will extend to your new company as well.
  • Let your customers sample your product or service.
  • Reassure potential buyers with a money back guarantee.

Make every interaction with you a positive one, so clients feel comfortable asking questions and taking the next step in the sales process. Where possible, meet face-to-face with a prospect to help establish a relationship.

Recommendations

  • Invest in sales training with a reputable training organization or school.
  • Treat your first customers very well so you can ask them to provide a reference to future customers.