Objection handling is the process of addressing a prospect’s concerns about a product or service in a way that alleviates their concerns and allows the sale to move forward. It is a critical part of the sales process, as most prospects will have some objections before they are ready to buy.
Types of Objection Handling
There are four types of objection handling:
Personalisation: Personalisation is adapting a service or product to specific individuals, sometimes linked to groups or segments of individuals. Personalisation necessitated the collection of information about individuals, such as web surfing history, web cookies, and location. Address the prospect’s objection according to their needs and concerns.
Perceived value: It is how a customer perceives a product’s features and value. This value could be anything, such as money saved, improved health, or increased social status. Businesses employ various methods to demonstrate to clients that their product is superior to the competitors. Explain the product or service’s value so the prospect can understand and appreciate it.
Performance value: The Total Transaction Value less the then-current value of the Initial Consideration equals the Performance Value. It is calculated by dividing the number of shares received as Initial Consideration by the average closing price of the Buyer’s common stock for the ten business days preceding the Second Closing. Furthermore, Initial Consideration is updated to account for each stock split, dividend, merger, etc. Demonstrate the product or service’s performance by providing case studies, testimonials, or other evidence.
Proof: In sales, the social proof uses other prospects’ and customers’ behaviour to persuade your leads. Provide documentation or other evidence to support your claims.
Effective Steps in Objection Handing | QNET |
Here are the 5 steps to effective objection handling:
- Empathise with your prospect. Put yourself in their shoes and understand their concerns.
- Understand their objections. Ask clarifying questions to make sure you understand the root of their objection.
- Prepare your rebuttals. Have a few different ways to address each common objection.
- Provide examples of your success. Share case studies or testimonials from other customers who have overcome similar objections.
- Re-evaluate and confirm. Make sure the prospect understands your response and that their concerns have been addressed.
Additional Tips for Objection Handling | QNET |
Here are some additional tips for objection handling:
- Be patient and respectful. Don’t take the prospect’s objections personally.
- Be positive and confident. Believe in your product or service and your ability to help the prospect.
- Be prepared to walk away. If the prospect refuses to address their objections, be prepared to end the conversation.
- Objection handling is a skill that takes practice to develop. The more you do it, the better you will become at it. Following these tips can improve your objection-handling skills and close more deals.
Examples | QNET |
Here are some examples of common sales objections and how to overcome them:
Price: Acknowledge the prospect’s concern about the price and then explain the product or service’s value. Offer a discount or financing option.
Timing: Understand why the prospect is concerned about the timing and then offer a solution that works for them. For example, you could offer to start a free trial or to schedule a follow-up call.
Competitor: Acknowledge the prospect’s concern about the competitor and then explain how your product or service is different and better. Share case studies or testimonials from customers who have switched from the competitor.
Need: Ask the prospect why they need the product or service. Then, please explain how your product or service can help them achieve their goals.
Uncertainty: Acknowledge the prospect’s uncertainty and then offer to help them decide. And also, you could provide them with more information, answer their questions, or give them a demo.
Conclusion
In Conclusion, resolving objections is about sharing knowledge and gaining confidence, not convincing or manipulating. Lastly, it is critical to retain a cheerful and respectful attitude throughout the procedure.
