Saturday, May 24, 2014

How to Overcome Objections in Sales Negotiations?

Overcome Objections in Sales
Getting a "NO!" from your prospects are parts and parcels of sales presentations which most amateur salespersons painfully dread. Instead of being defeated by these common obstacles, learn how you can handle clients' objections tactfully, and turn them to your advantages in sales negotiations with clients.

In the midst of negotiation with your prospect or during your sales presentation, there are bound to be times when you will be at odds with your prospect. You, as the salesperson, would like to close the deal quickly while your prospect might be uncomfortable with some aspects of the proposal and would like them to be addressed first. These objections that your prospect might have in their mind, if not handled properly and with care, could hurt the relationship that you had so painstakingly trying to build. Or in a worse case scenario, the prospect might even call off the deal totally.
How can you overcome the objections that your prospect might have in a negotiation? I personally propose doing it in the Empathize => Probe => Clarify approach.

Step (1): Empathize

Instead of ignoring the prospect's concerns and start to get defensive which so many amateur salesperson tend to do, a more appropriate approach would be to acknowledge them. Too many a times's amateur salespersons "win the arguments, but lose the sales". Salespersons should understand that most often than not the prospect is only having objections with the proposal, and is not being personal with the salespersons himself.
You do not have to agree that the prospect is right or wrong, but you can agree that you understand his viewpoints. Try to put yourself in your prospect's shoes and empathize with their thoughts and feelings. Let him be aware that his benefits and interests are of the utmost priorities in your heart.

"I understand how you are feeling! Others had thought the same way too, but they looked at this differently after they realized that ... "

Step (2): Probe

Listen to your prospect's objections carefully. Give them a chance to explain clearly what exactly the thing that is bothering him, and understand his objections completely. You might want to repeat the key points of his message back to him, so as to make sure that you do not misunderstand him, but also to show that you had understood his concerns.

"I see, you are concerned about the ..."

Step (3): Clarify

Address the issues at hand that you had identified immediately. Emphasize on the benefits that your prospect will be getting. Explain to him how the benefits and added values can easily outweigh the price or costs that he will be paying. Paint a picture in his mind how he could be enjoying the benefits after he committed to the purchase. Should your prospect remained hesitant, show him some statistics or competitors comparison chart to demonstrate that what you are offering could probably be the very best that is offered in the market. You might also want to show him testimonials or feed-backs of some of your satisfied customers to make him feel more comfortable.
Check back with your prospect again if his objection had been fully addressed before moving on. Once his concerns had been addressed, you may then continue with your presentation or proceed to ask for action or close the sales.

"Have I answered your concerns?"

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