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Non- Complainers

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Unhappy customers will tell 9 to 10 other people. Happy customers only tell 3 to 4. Golf Industry - 80% to 85% of unhappy customers to do not verbally complain - they just don't come back.

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Objections

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is anything the prospect says or does that presents an obstacle to the smooth completion to the smooth completion of the sale

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Welcome to objection s

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Learn to accept objections as a challenge, which when handled correctly will benefit you and your prospect If you fear objections you will fumble your response, often causing you to fail "when you don't have an objection, you don't have a client"

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When does objection occur??

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At any time during your sales call... from your first introduction up to the time you try and close.

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More on objections

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-objections are buying signals -They are the verbal/nonverbal signs of sales resistance that give you the chance to discover what the prospect is thinking (later leverage for closing)

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First task

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Calm the prospect's emotions by proving that you are open to reason Pause before replying Empathy "Remove objection without being objectionable" Do not argue It should turn out as a win win situation Never force someone Let it be their own idea to buy (or act like it was)

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Why to objections occur?

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Because there are doubts or unanswered questions in the mind of the prospect. Because the prospect wants to buy or is interested in buying, but needs clarification, wants a better deal, or must have a third party approval. Because the prospect does not want to buy.

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You will get objection if....

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You have not completely qualified the buyer (Is he the real decision maker? Can he really afford it? What is the need and interest level? You have not established need. You have not established rapport. You have not established credibility. You have not established trust. You have not found the prospect's "hot button". Your presentation was weak. You have not anticipated objections in your presentation & overcome them before the prospect can raise them.

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Main categories of objections or sales resistance

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Product itself Need for the product Objection to the salesperson Objection to your company Don't want to make a decision Service objection Price objection (possibly hiding real objection) Timing

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The stall or put-off (types of objections)

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Prospect is simply trying to avoid making a decision You may not have presented a compelling reason to buy Handling the stall is a test of your attitude Look for the true meaning behind their words

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The searcher (types of objections)

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Often prospects just want more data. They have mentally decided they want to buy. They just want to be convinced. So convince them! Hidden request for additional info

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The hidden objection (types of objections)

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More difficult to overcome Prospect will not reveal the real reason Often quite personal, so prospect feels uneasy Like the iceberg lurking below the surface When the answer fails to make sense

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The Stopper (types of objections)

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An objection for which no solution can be found Not every prospect is a fit for what you have to offer The prospect has a legitimate reason for not buying... so move on.

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Deciding when to answer objections

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Anticipate and Forestall Objections Incorporate objections and the answers directly into the presentation You should be certain that the objection will arise Prevents a confrontation and communicates objectivity Objection may come up again—but it will have less impact the second time Weave into your presentation factual answers to anticipated objections (OBJECTION PREVENTION)

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When question you should not answer right away

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PRICE QUESTION should be answered near the end of the presentation when need, value, and benefits have been discussed.

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Objection Prevention

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Prevent objections by discussing them in your presentation before the prospect has a chance to voice them. * Identify all possible objections. * Write them down. * Script objection responses with closing questions for each. * Develop sales tools that enhance & support every response. * Rehearse the scripts in role play. * Tweak the scripts. * Try them out on customers. * Make final revisions based on real world situations. * Keep documents in a master notebook. * Meet regularly as a group to discuss revisions Stay ahead of the "objection curve" -Also make sure that your prospect is a viable prospect. That the prospect matches your ideal customer profile.

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More types of objections

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product, objection to salesperson (hidden), Company objections, aversion to decision making, service objection, price objection (possibly hiding real objection)

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Top ten attitudes you should have before entering a meeting w/prospect

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1.) Sales attitude 2.) Value first attitude 3.)Relationship attitude 4.) winning attitude 5.) profit attitude 6.) Service attitude 7.) Loyalty attitude 8.) Money attitude 9.) Success Attitude 10.) Five year attitude

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When an objection is raised early in the presentation

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two advantages: objection has much less impact the second time You may recall the original answer, expand upon it, and then move on into a close or back into the presentation if necessary

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Postpone the answer (till later in the presentation)

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Acknowledge the objection Employ empathy Gives you time to present more benefits Allows you to maintain control Gives you time to think about your response Promise to get back to the question, and write it down If prospect absolutely insists, then answer it when it comes up Used mostly when price concerns are stated before you are ready to answer.

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Answer immediately

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Allows the prospect to concentrate on the rest of the sales story Shows the prospect your sincerity Prevents prospects from inferring your inability to answer Of all the objections, the price question should be answered after need, value, and benefits have been discussed. Answer until you are sure of the real concern, and once it is discovered, answer it in 30 seconds or less

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Do not answer an excuse

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When there is no relevancy...eff em By acknowledging excused, you may actually turn them into real objections in the prospect's mind

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The six-step process for identifying objections

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1.)Listen carefully; Hear the prospect out. LISTENING IS KEY (simply paying attention is key) 2.) Confirm your understanding of the objection 3.) Acknowledge the prospect's point of view 4.) Select a specific technique 5.) Answer the objection 6.)Attempt to close - continue the presentation if you do not succeed

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Why do salespeople need specific plans to handle objection?

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Answer: maintaining control Knowing that you have a strategy gives yea confidence

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2

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2.)Confirm your understanding of the objection Clarify and classify the objection Restate the objection to make sure you are 100% understanding (use ur own words. Also helps you to formulate an answer) Try to distinguish between genuine objections and excuses To evaluate and isolate the stated concern. Find out the reason for the concern (real reason, excuse, etc) Evaluate the timing of your answer

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3

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3.)Acknowledge the prospect's point of view

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4.)

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4. Select a specific technique - base your decision on: The prospect's social style Phase of the interview The prospect's mood The number of times the objection has been raised The type of objection (excuse versus a genuine concern or question)

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5.)

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5.)Answer the objection - say just enough to answer it Negotiation is persuasion, not manipulation Don't promise stuff you can't keep Your answer should include a benefit and should be shaped to fit the behavioral style of the prospect Confirm your answer satisfied

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6.)

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6.)Attempt to close - continue the presentation if you do not succeed If you successfully answered a major objection, you have created an opportunity to close, especially if you are near the end of a presentation. Attempt a trial close (gets a prospect's reaction without exerting any pressure for making a definite decision)

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Five Specific Techniques for Handling Objections

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1.) Feel, felt, found 2.) Compensation or counterbalance method 3.) Ask "why?" or a specific question 4.) Deny the objection 5.) Boomerang Method 6.) Curiosity Method 7.) Deflection Method

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Feel, felt, found

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Answer it by referring to a third party and using that experience as your "proof or testimony" If the source is reliable or reputable, this can be especially successful Provide new facts which allow the prospect to reevaluate your proposition The whole " I understand how you feel...some of my other clients have felt...and they found.."

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Compensation or counterbalance method

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Admit the objection is valid Describe some counterbalancing benefit Relate a case history or testimonial—describe the experience of a client whose situation is similar to that of the prospect

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Ask "why?" or a specific question

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Excellent for separating excuses from real objections Ask questions that turn a broad general objection into a specific concern that can be answered

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Deny the objection

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Direct denial involves refuting the opinion or belief of a prospect Considered a high risk method of handling buyer resistance If buyer resistance is not valid, there may be no other option than to refute it by providing accurate information Be firm in stating your beliefs; be sincere and don't be defensive Attitude is critical for this but know that you will not be intimidated.

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Boomerang method

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Allows you to agree with your prospect yet show them that their objections need not prevent a purchase When they lack complete info Tongue in cheek method is an adaptation of the boomerang method ..It uses a bit of humor that may soften up the prospects and turn away their anger.

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Curiosity method

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This works best inside this relationship-driven approach. Like question to question so if they raise an objection say "I wonder why that is?" The sales person with the "why" shows curiosity

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Deflection Method

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Sometimes they bring up things that don't relate or to take control of the meeting "yes, I see what you mean..how interesting. As I was saying"

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5. Indirect Denial

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Sometimes prospect's objection is valid, or at least accurate to some degree Best approach is to acknowledge that the prospect is correct It initially appears as agreement with the customer's objection If done in a natural, conversational way it will not offend the prospect Rephrase or have the prospect rephrase Blame yourself Give the facts that answer the objection

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A Mindset for Negotiating Price Resistance

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Don't apologize for the price Do add value with a cluster of satisfactions Unbundle Don't make price the focal point of your presentation Do point out the relationship between price and quality (VALUE) Do explain the difference between price and cost People usually don't mind spending money when the value is really great. So establish quality and value.

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Price vs. Value vs. Cost (handling price objections)

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Your job is to establish value, not price Look at the price-quality-value mindset Talk about the initial price versus the ultimate costs.

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1.) Price break down

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Break the price down—by day, week, or month (lowest denominator). Compare the one-time price of your product to the amount of money the prospect will save after years of using it. (your job is to establish value, not price) Price represents the initial amount paid for the product; cost is the amount the buyer pays as the product is used over time

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2. Presumption of Exclusivity

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Stress the special features than only your product can offer Sell quality and uniqueness if the buyer argues price Must be an expert about your industry and product line Make your price seem unimportant in comparison to the value received Draw the picture clearly and convincingly—most buyers are fair-minded Definition of Presumption of Exclusivity: concentrate on those features that are unique until prospect feel that only you can satisfy their needs.

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3. Comparison method

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When prospects are mentally comparing their present product with your product, make a complete comparison of the two A demonstration can give a convincing answer to an objection Comparison of your product's features, advantages, and benefits against competitors Do a comparison of long-run costs and savings Use your company's reputation to build trust and justify the higher price Case histories histories and testimonials are useful or demonstration

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4.) Sell down method

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The common law of business balance prohibits paying a little and getting a lot Be patient, focus on the benefits, and let the buyer tell you what features he can live without There is a price point below which the buyer will not want to go All prospects have a purchasing or buying range. Find it! Unbundle The common law of business balance prohibits paying a little and getting a lot = it can't be done

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How to Deal with Price Concerns During Formal Negotiations

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Do clarify price concerns with questions When you say we are higher, could you be more specific, please? What did you anticipate the price would be? If you had the budget, would you buy this product? Do add value with a cluster of satisfactions Emphasize other benefits besides price they will be getting. Do not make price focal point Emphasize the win-win benefits of the product. Do not apologize for the price Emphasize value or overall cost.

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Negotiation Defined

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"Working to reach an agreement that is mutually satisfactory to both buyer and seller" Negotiation is a process Ability to negotiate problems or objections is a most effective way to create value Part of a win-win strategy Build trust

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Negotiation and relationship selling

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Negotiation in Selling Successful sales presentations have twice as many objections as those presentations that are unsuccessful. Objections & questions show interest. The negotiation process is a situation of mutual cooperation and mutual benefit. Objections are a normal part of almost every conversation—not just in sales. Relationship selling is a win-win proposition. The decision to buy should be their idea.

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Planning for formal negotiations

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Anticipate buyer concerns. Review common type of resistance. Gather information (research) before the negotiation Determine who to negotiate with. Understand the value of what you are offering. Real value could be product knowledge, delivery time, good credit terms, reputation. Determine your goals and financial objectives (what is your walk away number). Prepare an agenda of what will be discussed. Review adaptive selling styles.

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Conducting the Negotiation Session

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Understand the problem (both on same page). Get all points down on paper. Create alternative solutions that can add value. After prospect speaks, follow up with validating question(s). Periodically review acknowledged points of agreement. Do not make concessions too quickly. Be mindful of your timing (Pareto Law - final 20% of time allowed = 80% of results). Know when to walk away

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Working with Buyers Trained in Formal Negotiation

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Budget limitation tactic Possibly reduce price by eliminating some features (unbundling). Take-it-or-leave-it tactic Review overall superior benefits & value and attempt another closing. Know your "Walk Away" number. Let's-split-the-difference tactic If not acceptable make counteroffer. "If . . . .then" tactic Tough decision, your knowledge of competition will be key

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