In an ideal world, the sale of your product or service runs smoothly and with no objections from the prospect, but we all know that most sales are far from ideal. The reality is that handling sales objections comes with the territory of any sales cycle, so it’s best to know how to manage them.
When you adopt a scientific sales process, the best way to manage objection handling is by using psychology to help you connect and deepen your relationship with the prospect. Here are four ways to more effectively address sales objections so your prospect stays on track to a final close:
1. Use Empathy To Mirror And Match
The key to prospect empathy is be persistent in listening closely and assuring the prospect that you understand. As you listen, look for key indicators as to whether or not the prospect is actually going to buy, and try to get into the buyer’s mind in order to establish and build trust.
Pay close attention to his or her rate of speech, mannerisms (if you are meeting face to face) and attitude. Then, as you answer questions and address sales objections, match those mannerisms in your own communication. This approach reinforces that you’ve been listening and comes across as more relatable to the prospect.
2. Harness The Power Of The PEPC Method
Another tactic for handling sales objections is the PEPC method, as explained below:
Probe: Get as much information as possible from the prospect
Empathize: Put yourself in the prospect’s place
Present: Communicate your case in the best way possible
Close: Finalize on a firm commitment before the end of the conversation
The key to closing any sale is finding and removing all objections, so you need to first probe and empathize with a prospect to discover every objection he or she might have. Then, with a greater understanding of the prospect’s pains and fears, you’re able to more precisely address those sales objections in your presentation and close.
3. Look At The Bigger Picture
Sometimes, a prospect’s sales objections get lost in the intricacies and particulars of the deal, which have the potential to escalate into an endless debate that might lose you the sale. Instead of handling sales objections at this level of minutiae, reframe the conversation to look at the bigger picture for the prospect.
For example, if potential customers have an objection about a small price difference for your product or service, take the conversation a step back and remind them that you understand they’re looking for value and that your product or service offers better long-term value to their business in the following ways. This approach reminds prospects to look first to their organizational strategy and long-term goals before arguing over minor points.
4. Connect With A Storytelling Approach
Storytelling is the most powerful form of human persuasion, and it definitely plays a part in your sales funnel when it comes to handling sales objections. Stories (such as case studies, scenario modeling and metaphors) help you relate to customers and show them the proof that your solution works – particularly when you frame the story in their own industry lingo or jargon.
Analogies are one particularly powerful storytelling technique, because you have the ability to compare a prospect’s current choice between you and your competitor to another choice that he or she feels more confident in making. For example, if a prospect is only worried about your price, you might ask, “If you were buying a new car, would you only consider the upfront price? Or would you consider manufacturer, maintenance costs and safety features as well?” Then, demonstrate how your business is just like that reliable, safe car manufacturer (or any other useful analogy). Analogies are exceptionally effective when you make a comparison to the prospect’s own product, solution or industry.
Handling sales objections doesn’t have to be the hardest part of closing more sales if you use the techniques listed above. In fact, with the right approach to objection handling, you close more sales and retain more prospects in your growing sales pipeline.
Handling sales objections is only part of the entire sales process – there’s also demand generation, lead nurturing and other sales solutions opportunities just waiting to be seized. Click below to download a free tip sheet from Invenio Solutions® to start ramping up your sales pipeline with warmer leads and more finalized sales.