The fact is that objections are good. Objections indicate interest. Successful sales have twice as many objections as unsuccessful sales.
To handle objections effectively, you should hear them out completely, without interrupting. Remember, listening builds trust, even with objections.
Compliment the objection by saying, “That’s a good question! Let me see if I can answer it for you.”
How to Handle Sales Objections
Here are three responses you can use to any objection.
1) How Do You Mean?
First, you can pause, smile and then ask, “How do you mean?” This question is almost impossible not to answer. You can use it over and over again. “How do you mean?” Or, “How do you mean, exactly?”
2) Do You Have a Good Reason?
Another response to an objection can be, “Obviously you have a good reason for saying that, do you mind if I ask what it is?” Often the customer does not have a good reason for objecting and this will help to clarify that.
3) The “Feel, Felt Found” Method
The third way you can handle objections is by using the “Feel, Felt, Found” method.
When a customer says something like, “It costs too much,” you can say, “I understand exactly how you feel. Others felt the same way when they first heard the price. But this is what they found when they began using our product or service.” You then go on to explain that the benefits to the customer are greatly in excess of the added cost that the customer has to pay.
One final point with regard to objections. Fully 94% of sales in America are made on a non-price basis. Virtually every objection on the basis of price is made for a reason other than price. Your job is to find the real reason.
Know Closing Techniques
Your ability to ask for the order at the end of the sales presentation or at the end of the sales process is absolutely essential to your success. Fortunately, tens of thousands of sales conversations have been videotaped and we now know exactly how the highest paid salespeople close sales, most of the time.
There are three methods you can use.
Before you close the sale, you ask this question, “Do you have any questions or concerns that I haven’t covered so far?” If the customer says, “No,” you can then lean forward and confidently ask for the buying decision.
The “Give it a Try”
The first way to ask for the buying decision is the simplest of all. You say, “Well then, why don’t you give it a try?” This is one of the disarmingly effective closing techniques. Or you can say, “Why don’t you give us a try?” Or you can even say, “Why don’t you take it?” You then reinforce this by adding the words, “And I’ll take care of all the details.”
Often a customer didn’t know how much he or she wanted it until you offered to take care of all the details.
The “Directive Close”
The second technique you can use is called the “Directive Close.” You use these words, “Well then, the next step is this.” You then go on to describe the plan of action and wrap up the sale just as if the person had said, “I’ll take it!” You will also add the words, “And I’ll take care of all the details.”
This is one of the most popular closing techniques used by the highest paid salespeople in every industry.
The “Authorization Close”
Another one of the popular closing techniques is called the “Authorization Close.” At the end of the sales conversation, you take your order form, place a check mark by the signature line, push the order form across the desk and say these words, “Well then, if you’ll just authorize this, we’ll get started right away!”
Sometimes the customer didn’t know how badly he or she wanted it until you offered to get started, “right away.”
Remember, the future belongs to the “Askers.” The future belongs to people who ask for appointments, ask for information and ask for the order.
Never be afraid to ask for what you want. This is the key to making sales.
Make Every Minute Count
Your most precious resource is your time. It is all you have to sell. In fact, your entire lifestyle today, your home, your car, your bank account, and so on are the result of how you have traded your time in the past.
The very best use of your time is to increase your earning ability. It is to get better in your key result areas.
You should pay any price, make any sacrifice and overcome any obstacle to becoming absolutely excellent in selling, to increase your earning ability so that you can enjoy a wonderful standard of living year after year.
The Sales Process: 80/20 Rule
The 80/20 Rule says that 20% of your activities will account for 80% of your results.
20% of your prospects will account for 80% of your customers.
20% of your customers will account for 80% of your sales.
20% of your products and services will account for 80% your sales volume, and so on.
In its simplest terms, you must always be focusing your time and energy on the few things, the 20% of things, that can make all the difference in your life. Your ability to do this will guarantee that you will be a big success. The inability to focus on the top 20% is the primary reason for failure, frustration and underachievement in the sales profession.
Make a list every day, before you begin work. Organize your list on the basis of the 80/20 Rule. Start on your top 20% of tasks and stay with them until they are complete.
Your Sales funnel
There are three parts to professional selling. They have been the same throughout all the ages of man. They are to prospect, present and follow up. These three parts constitute the sales funnel.
At the top of the sales funnel you have prospects. Let us say that you have to prospect 20 people to get five presentations. In the middle of the sales funnel you have presented. Let us say that you have to make five presentations to get two follow-ups. At the bottom of the sales funnel, you have the follow up and closing. Let us say that you have to follow up with two prospects to get one sale.
Spend 80% of your time prospecting and presenting and spend only 20% of your time following up. And don’t mix them up. You should have far more prospects in your funnel than you have time to see if you work all day long. Never allow yourself to run out of prospects. Keep your sales funnel full. Remember, you have to go through a lot of prospects to get a very few sales.