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How To Overcome Sales Objections, Including The
Biggest One Of All: "Your Price Is Too High!"
By Dr. Jeffrey Lant
What will you do the next time you're making a sales
presentation, and the prospect raises the inevitable
objection? It could be "I'm not interested." Or "I'll think
it over". Or the one most sales people hear, "Your price is
too high."
Sales specialists agree -- and all of us who live by sales
know -- that the inability to overcome objections is the
most frequent cause of lost sales. If you can overcome
objections, you'll be the sales success you want to be; if
you can't, you won't. It's as simple as that.
Because of the central importance of learning to overcome
objections, I sought out one of the leading authorities on
the subject. His name is Joel Martin, and he's done
something fascinating and important. He's made a useful
study of about a hundred year's worth of sales objections
and the tactics used to overcome them.
The result of his work is not contained in some ponderous
tome, either. He's distilled his results into one of the
most useful little booklets I've ever seen, CLOSING THE
SALE: SUCCESSFUL STRATEGIES THAT OVERCOME BUYER RESISTANCE.
It's a wonderful compendium of every objection you'll
probably ever hear from a prospect -- and exactly what you
should say in response. What's nifty about this booklet is
that it's small enough to fit in a pocket, so that you can
carry and consult it easily. It's very impressive.
It was clear from the merest glance at CLOSING THE SALE that
Martin was the perfect person to suggest how to handle the
sales objections one constantly hears -- and always dreads.
Martinesque Perspicacity
------------------------
Martin rightly says that sales objections are a normal part
of the selling process. Novice salespeople, of course, fear
and dislike them; to the uninitiated an objection seems
somehow a criticism of the way they are doing their job. The
old pros, however, know different. They realize that most of
the time objections help make the sale. Sales objections
show interest and enable the salesperson to give more
information to the prospect. The more information the
prospect has, the easier it is to make the sale. Hence
objections are part of the process which results in the
prospect getting the information he needs to decide to buy.
The Eight Basic Objections
--------------------------
While objections are as diverse as the people who make them,
Martin has identified eight core objections that the
salesperson must know and be able to respond to
effortlessly. Martin, who's well organized himself, is quick
to point out that salespeople must never "wing" their
responses; they should anticipate what prospects might say
and be prepared to respond. Here are the most likely
objections salespeople will hear and must be prepared to
deal with smoothly:
- "I have a friend/relative in the business who can get this
for me."
- "Your company is too small/too new."
- "I'm not interested."
- "I'm too busy to talk now."
- "We are overstocked and have no room for a new line."
- "I'm satisfied with my present product."
- "We have no demand for your product."
- "Your price is too high/I can get it cheaper somewhere
else."
Martin's Basic Rules For Overcoming Sales Objections
----------------------------------------------------
Martin has identified eight basic rules for overcoming sales
objections. These apply to each of the eight core objections
above.
- First, avoid generalities when answering objections.
Remember, the prospect has raised a specific concern. The
only way successfully to remove it is to address it head on.
To avoid it will only cause the objection to stick out in
the prospect's mind and give him reason not to buy.
Remember: you must never leave the prospect with what he can
regard as a legitimate reason for not buying.
- Probe for the real reason for the objection by asking
"why" and "what" questions. Your job is to keep the
conversation going and to get more information.
- Listen with sincere interest, don't interrupt, hear the
prospect out. Interrupting a prospect will intensify the
objection and cause prospects to become preoccupied with it.
As you listen, prospects will often expose the real reasons
for not buying. Prospects continually volunteer new
information that will help you better understand their needs
and desires. Allow yourself to hear the complete objection.
Resist the temptation to anticipate what the prospect is
going to say. Sometimes, after prospects hear themselves
voicing the objection, they realize themselves there is no
substance to it!
- Restate the objection in your own words. "Do I understand
you to mean that..." This helps ensure that you understand
the objection completely. It gives you an opportunity to
restate the objection in a more favorable way. "As I
understand it, you feel that..."
Restating ensures that the prospect will know that you have
taken an interest in, and understand, the objection.
Prospects will be more inclined to listen to you when they
know you have listened to them. If you have a strong
response to a particular objection, consider emphasizing the
objection when you restate it, so you will make a greater
impression when you respond to it successfully.
- Never argue with the prospect. Often you will be right,
and the prospect will be wrong. However, winning the
argument (and embarrassing the prospect) ensures that you'll
lose the sale. Never come right out and tell the prospect
he's wrong.
- Answer objections briefly; avoid overanswering. Use as few
words as possible when answering objections, then return to
your sales presentation. Dwelling too long on an objection
will amplify its importance. Your answer should be just long
enough to satisfy the prospect. The objection will become
more significant in the prospect's mind, the longer you
focus on it. A wordy answer will dilute the strength of the
response.
- Don't guess at an answer. Admit you don't know. Say: "I'm
sorry, I don't have the answer to that question, but I
promise to get the information to you." This type of honest
answer can be quite disarming and evoke a positive feeling
towards you!
- Anticipate and prevent objections before they are raised.
You will be able to anticipate certain objections that
almost always come up., Make an effort to deal with them in
your sales talk. This is much more positive than having them
raised and answering them. To do this, you must be prepared.
Make and keep a list of your most common objections. Write
answers to them and address them in your sales talk. After
each presentation, conduct an analysis to recall any new
objections that may have been raised, and any new answers
you've thought of to these objections. Always try to
determine why the prospect did, or did not, buy.
Dealing With The Chief Objection: "Your Price Is Too High"
----------------------------------------------------------
Martin's handy booklet gives the salesperson page after page
of useful responses to over 20 of the leading objections
you'll hear. He deals with the likes of "Delivery takes too
long"; "I want to think it over"; "We are overstocked and
have no room for a new line" and "I'm satisfied with my
present supplier." His responses are practical and
ingenious. But I challenged him with the biggest test. Give
me the ways, I said, to deal with the most pervasive
objection of all: "Your price is too high."
Martin Accepts The Challenge
----------------------------
First Martin says "Prepare! You're going to hear this
objection, and you've got to be ready to respond to it."
Here are his 10 rules for doing so successfully:
- Focus the prospect's attention on the price difference.
Your price may, indeed, be higher than a competing product,
but usually the difference is not substantial. Instead of
avoiding the issue, call attention to the amount of
difference. Concede that your price is higher. But point out
that while the actual difference in price may be only, say,
15%, the prospect receives 85% more in terms of features,
capacity, or performance with your product. Make these
benefits very clear.
- Explain how the purchase is not an expense but an
investment. Show the prospect in as much detail as possible
how much he can generate in savings, or profit. Contrast
this with the small additional amount your product may
actually cost.
- Break the price down into smaller units. Illustrate how
small the actual price of the product is by showing what it
would cost per day, week, or year amortized over the life of
the product. Even tightwads can afford pennies a day to
realize their aspirations!
- Remind the prospect that you get what you pay for. Ask the
prospect to recall a purchase based on a low price that he
or she has regretted.
- Compare your product directly to a more expensive product.
Show how your lower-priced product offers features found
only in much more expensive products. This will make your
price seems lower, as well as build perceived value.
- Compare results, not just price. Remind the prospect that
what really matters are the results a product delivers, not
just what he pays for it.
- Make the terms of payment as easy as possible. Use low
down payments, installment plans, leasing, etc.
- Call attention to the hidden benefits of dealing with you
and your company. Explain to the prospect that the price you
quote is a reflection of the total value received, including
other benefits, like dependable service.
- Challenge the prospect to make sure he is comparing exact
specifications. Mention features that may be different. Ask
him to compare quality and workmanship. Many products look
alike and may seem "just as good", but in reality are quite
different (as I'm sure you'll point out).
- Discuss the drawbacks of purchasing cheaper goods. Point
to limitations in use, expandability, lower resale value,
quality, and features.
Having The Responses You Need
-----------------------------
Having laid out the general strategy, Martin started
rattling off possible responses to a prospect who says
"You're price is too high."
- "Are you more concerned with price than value?"
- "Of course our prices are higher. Considering the quality
of our produdts, the difference should be much greater. You
know you get what you pay for."
- "Our price only appears high. Have you factored in every
aspect such as quality, service, workmanship, and
guarantees? If you consider these factors, I think you'll
actually find us less expensive."
- "You can always buy it for less, but will you be getting
the quality you want? I doubt it."
- "I am very surprised that our price is higher. I would
like to be certain that we're comparing the samne productg,
features, and service."
More Compelling Martinisms For Overcoming Objections
----------------------------------------------------
Barely pausing for breath, Martin went on, treating me like
the prospect, looking me right in the eye, making good use
of both the responses and his preparation.
- "I'm sure you are aware that there is not a product that
can't be purchased for less money. But will you be receiving
the same quality?"
- "Prices are not the same because quality and service are
not the same."
- "You must have certainly regretted purchases based soley
on the lowest price?
- "Does our product cost too much, or is it more than you
want to spend? Let me explain our attractive terms."
At this point, I finally stopped the irrepressible Martin,
who assured me he had another 20 responses at his
fingertips. And what's more, he has at least as many for
each of the other 20 major objections!
Learning To Use Objections To Make Your Sale
--------------------------------------------
According to the persuasive Martin, salespeople should learn
to think about objections in a positive way. They should
realize objections are important and a necessary part of the
selling process. Objections give the salesperson insight
into what the prospect is thinking, and help in planning the
next step of the sales presentation.
But while objections themselves are helpful. Overcoming them
is crucial. Which is why I have no trouble at all
recommending Joel Martin's superb, inexpensive booklet
CLOSING THE SALE and urging you to carry it with you to
every sales call.
---------------------------------------------------
Joel Martin's booklet CLOSING THE SALE: SUCCESSFUL
STRATEGIES THAT OVERCOME BUYER RESISTANCE is a quick,
concise source of tested responses to use in overcoming the
most frequent and frustrating sales objections you'll
encounter. Soft cover. 62 pages. $8.95 postpaid. Order your
copy from the Sure-Fire Business Success Catalog, 50 Follen
St., Suite 507, Cambridge, MA 02138. Or call (617) 547-6372
with your MasterCard/Visa. Don't forget to ask for your FREE
copy of this 100-item business resource guide.
---------------------------------------------------
Dr. Jeffrey Lant is author of some of America's most well-
known "how-to" books, including THE CONSULTANT KIT:
ESTABLISHING AND OPERATING YOUR SUCCESSFUL CONSULTING
BUSINESS; MONEY TALKS: THE COMPLETE GUIDE TO CREATING A
PROFITABLE WORKSHOP OR SEMINAR IN ANY FIELD and his latest,
MONEY MAKING MARKETING: FINDING THE PEOPLE WHO NEED WHAT
YOU'RE SELLING AND MAKING SURE THEY BUY IT. Each is $34.00
postpaid from The Sure-Fire Business Success Catalog, 50
Follen St., Suite 507, Cambridge, MA 02138. Ask about how
Jeffrey can improve all your marketing documents!
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