When generating sales is a core part of your business, rejection is an everyday part of the job for your team. However, hearing objections from potential clients doesn't mean that the buyer's journey or the sales process is over. Instead, you've simply encountered a roadblock!
Sales objections include any concern that prospects might bring up when presented with a pitch. It's their reasoning for not going through with a purchase at that moment, and it typically references a specific barrier that's preventing them from doing so.
When you think about it, all potential clients have objections at some point. If they didn't have any reservations, they would have already bought your product or service before you even presented it! A big part of sales is addressing those objections, resolving whatever concerns a prospect has, and making them comfortable enough to close a deal.
That's the essence of objection handling.
Contrary to how it sounds, the definition of objection handling doesn't involve any strong-arm techniques. It requires empathy and careful consideration of a prospect's position. Adequate preparation and good situational awareness are also paramount to formulating a response that puts those objections to rest.
Why Is Objection Handling Important?
What is objection handling, if not a tool for building critical business relationships? Some sales professionals quickly let those potential prospects go when presented with a concern. They adopt an "I'll try again later" mentality that ultimately hurts their chances of closing a deal in the future.
Letting those pain points go unaddressed creates a comparatively negative opinion about your company, product, or service. The longer that opinion sticks around, the more challenging it becomes to change. The initial doubts stick around, and they eventually become the thing a prospective client thinks of when your business name comes up.
That's not a good thing. It's crucial to address sales objections as soon as possible. Even if your response doesn't change their mind at the moment, it could be a fantastic start to the buyer's journey. When you handle concerns, you establish yourself as someone who cares about fulfilling clients' needs.
Why is objection handling important? It's important because it puts you and your business in a positive light, and it can change how those prospects see you. Instead of becoming those annoying salespeople with a failed pitch, your team can turn into knowledgeable partners who want to solve customer problems. That's the best place you want to be with possible clients.
Handling Sales Objections - 5 Common Examples
Let's take a closer look at some common objections. There is no shortage of examples we can give. Every prospect is unique, and there are many possible reasons why they're not comfortable closing a deal just yet.
Typically, objections arise when the client feels incapable of buying a product or service because they lack something. In many cases, those concerns are perfectly reasonable. However, it's your team's job to show them that those concerns are misplaced and that closing a deal would be beneficial.
Here are some examples of common objections and how you can use objection handling techniques to address them.
1. “We Don’t Have the Budget”
Here is the objection your team will likely hear the most, so it's essential to include it in objection handling scripts. It's not hard to see why potential customers bring budgetary constraints into the conversation. Any purchase comes with some financial risk.
Businesses big and small have to be careful about overspending. When presented with a new sales pitch, most decision-makers quickly assume that it's not something they can afford.
So how do you overcome this objection?
The best approach is to demonstrate your product's value. Talk about how it benefits the client and ultimately serves the bottom line. For example, your product or service could streamline a client's operations, saving time and labor. In that case, closing a deal would be a wise investment that pays off in the long run.
Show the prospect why this sale matters and highlight how your solution will help them. It's about painting a clear picture of what they get out of the deal and showing them that the risk is well worth it!
2. “This Isn’t a Priority for Us Right Now”
In this case, the prospect's concern is that they don't need your product or service. It might pique their interest, but the potential client doesn't have any urgency to close a deal. Maybe they cannot see how revolutionary your offer is or how it can meet their needs.
This objection can be one of the toughest to handle for your sales team. How can you sell to someone who doesn't see the value in your product?
The best thing to do here is to sell the result and learn more about what the prospect truly needs. Ask open-ended questions and listen closely. It can take time to foster this lead. The goal is to get to the root cause of their needs and find ways that your company can fulfill them. Once you find a fit, you can leverage it to demonstrate why a purchase should be a priority.
3. “We Already Have a Vendor for This Service”
In some cases, you might encounter sales objections that revolve around a need that the prospect already has fulfilled. Maybe your competition beat you to this potential client, and they're comfortable with the product or service they're already getting.
This type of sales objection is another tough one. The best practice here is to show why your offer is better than what they get from the competition. That doesn't mean you have to bash your rivals outright. Doing so could paint you and your business in a negative light.
Instead, try learning as much as you can about the competition. Ask questions about what type of deal their getting and what it entails. You can refute the objection and create a more enticing offer with a lower price they can't resist. Use social proof to show how satisfied your current customers are and focus on what you do better.
4. “You Don’t Understand Our Problem / Company”
This objection can sting a little, but the main issue is that the prospect doesn't trust you or your business. The potential customer doesn't feel like you fully understand their needs and may even think that you're nothing more than a pushy salesperson.
Tread carefully when forming a response. The objection handling process should focus on sincerity and decoding what the prospect truly needs. Change the spotlight! Instead of talking about your product, ask questions to gain more insight.
Your sales objection handling script should encourage your team to change the spotlight and have a back-and-forth conversation with possible clients. Get to know the prospect and establish a sense of trust by using active listening techniques.
Once again, this technique might take longer than you initially planned. However, building trust can eventually sway the sales prospect and turn them into a long-term valued customer.
5. “You Have Lots of Competitors. We’ll Shop Around”
Finally, we have the dreaded "shopping around" response. This objection can be one of the most disheartening because it indicates that the client is interested. You might have convinced them that the product or service you offer is necessary. However, they don't know if they want to work with your business directly.
The concern here is trust and authority. They don't know if your offer is the best around or if your company can fulfill their needs in the way they want. Your sales team's job is to convince them of the opposite!
Talk about why your offer is the best and how your business does better than the competition. Provide information about contract terms and different ways you make the deal better. It pays to know what your competition is doing, but the goal is to establish your business as the clear leader in your industry.
Enable Your Team with Insightful Sales Content Tools
The very definition of sales objections can be scary and discouraging for your sales team. But learning how to address those specific problems is a key part of negotiations. It's how you close deals and earn new business. It's a formidable challenge, but it can turn average sales reps into master salespeople.
Teach your team the art of objection handling with Flockjay. Create scripts and generate content they can use to take their sales skills to the next level.