Sales Objection Tips for the Bad Economy

When we started the downhill trip to the bottom of the economic charts, I was already preparing for what business owners and clients were going to say to me. I can’t stand people who let the news tell them how their business is going to do this month. I’m sorry, but I’m in control of my business! If I want to make more sales, I work harder and find more clients. I will get more “No, thanks” but there are always people who need your product or service.

Now, overcoming the usual objection that they’ll wait until the economy gets back to normal is not easy. As any other objection, the “bad economy” objection has it’s weaknesses. After reading this article, you’ll be able to eliminate this objection forever. That’ll make you a sales veteran!

First the ground rules, as with any other objection, you need to get it out of the way in the OPENING call. What does this mean? You need to make sure you’ve answered their concern before you get to the closing of the sale. Don’t wait to tackle all their objections until the close, or the sale might be lost. It is your responsibility to qualify your prospects and take them through the process of objections.

- Remember – Just because they don’t want to buy now, doesn’t mean they won’t want to buy tomorrow or a month from now.

Weeding through the prospects that will use the ” we are going to wait until the economy gets better” objection is key. Here are some qualifying questions to help you find those.

During the initial qualifying call, you can say ” Alot of companies are taking advantage of this “product or service” now that the economy is slow. Do you think the time is right for you, too?”

“Given what’s happening in the economy right now, do you still see yourself (or your company) moving forward with this now?”

If they say they don’t know, then layer it with:

“When do you think would be a more appropriate time for you?”

Also, ask:

“How are you doing in this economy?”

Layer:

“Are you still going to be able to participate in this if we can get you the (price, rate, deal) we’re talking about here?”

Ask:

“__________, many of our clients find that this (your product or service) is still important regardless of what is happening in the economy – is it
something that you still have in your budget?”

The idea here is to make sure you mention the fact that the economy is in the toilet before they bring it up. It’ll create rapport because it’s on their minds constantly. Especially if you target business owners! They are having a tough time with purchasing decision since their future is so uncertain. Don’t let all this negative talk bring you down though, you’re in control.

8 Most Popular Sales Objections

Having objections simply means you’re not answering the “why” of a sale, meaning “why should I buy this product?” Objections are GREAT door openers because most people fail to answer them correctly or simply give up after the second try. Customers want to know why your product or service is good for their business or personal life. Objections allow you to explore your customer’s fears and dig deep into their train of thought.

Although objections might seem like a “no, thanks”, most objections are diversion techniques people have adapted from being bombarded by cheap sales people with no knowledge of how to properly approach a customer. The key to answering objections is making sure you are targeting the right customer, marketing research isn’t easy. Hence our common problem of not having enough sales! We fail to recognize who needs our service and we become lazy by saying “everyone needs my accounting services.” Not true at all, focus on a niche market and expand from it.

Below we’ll explore each objection:

1. Lack of perceived value in the product or service: Your customer simply doesn’t understand or doesn’t want to know why your product or service ads value to their lives. This is when a clear and concise explanation of what you’re selling comes in. One sentence where you explain your customer why! Some people like calling this their elevator pitch.

2. Lack of perceived urgency in purchasing the offering: Why should I buy now? I have the rest of the year to think about it. Right, you have to pay your bills tomorrow and you need this sale! Another reason why you need to have conviction in your words, making sure you portray why buying your product or service is important NOW. Like a poet, you need to paint a picture in your customer’s mind, one of the items you CANNOT forget is why it needs to be right now. Time savings, money savings, comfort, piece of mind, security, etc.
3. Perception of inferiority to a competitor or in-house offering: When you target a large or established companies you’ll run into this objection. They think they have it all figured out and already know who can beat your prices or quality. Know your competition and how they differ from you. Never ever ever bash a competitor, EVER. You don’t know if they are a personal friend or family member. Simply make distinctions from what you offer and what they offer, know them like you know your own name!

4. Internal political issue between parties/ departments: This one is a tough objection to get through, because you don’t know if they are BSing you. Using your gut and what you found out about the issue will help you make a decision. Remember that some people will say anything to get off the phone, even BS you into something that doesn’t exist. Try asking questions in hopes of thoroughly understanding the issue.

5. Lack of funds to purchase the offering: When your client tell you they simply can’t afford it, it’s okay! He didn’t say he didn’t want it. Keep them in your monthly call list. I have had sales closed after six months when they said they couldn’t afford it. Make sure you never give up on them though, keep calling until they become your friends or they tell you to stop!

6. Personal issue with the decision maker(s): Why are you not talking to the decision maker? Stop wasting your time with people who don’t have the power to say yes to you! We all forget this at some point, but keep in mind that the person could be basing their opinion on something that they over heard or maybe made up to get off the phone. Talk to the decision maker, nobody else.

7. Initiative with an external party: Previous engagements or arrangements to deliver the product or service, not much you can do there. Remember to always dig in and ask questions. Who are they? What’s their price? When are they delivering? How long have you been doing business with them? Are you happy with their service?

8. Perception that “it’s safer to do nothing”: This one is the single hardest objection because people don’t like change. The only thing you can do is understand you client’s fears and what they hate. You know doing nothing is not okay, the conviction in your voice need to break through the barrier and deliver the message you know is important. Convince them, why? Because it’s a matter of life or death!

Study these convictions daily, you’ll encounter them with almost every new client. Make sure you are prepared to deliver your rebuttal immediately, you only have a few seconds of their attention so don’t waste them.

Go out and sell hard!