The biggest part of closing any sale is overcoming objections raised by prospects. Here, we talk about the objection cycle. Using this method you can address the prospect’s concerns, move the sales conversation forward, and close the sale.
What is an objection?
An objection is a point brought up in which the prospect expresses various reasons to end the sales conversation. There are real reasons why prospects object. Using empathy, respect and insight, the salesperson can overcome objections and move the conversation towards closing the sale.
Here are a few examples of objections:
- Fear - For example, the prospect is concerned about system integration. The prospect has never used your product or service before. Is it worth their time and effort to deploy your new product or service?
- Timing/Procrastination - It’s a busy season for that business and they ask you to reach out to them next quarter.
- Cost - The client objects purely based on expense and budget.
- Relational - Some prospects have long standing relationships with various vendors. Personal relationships can often cloud the perception of the value that your product offers.
- Distrust - Due to bad experiences with prior salespeople and businesses, prospects often bring lingering distrust into sales conversations.
What is a rebuttal?
A rebuttal is where the sales person resolves the prospect’s objection, in a sympathetic way that agrees with the key point of the objection and provides a solution to the issue and moves the sales conversation towards closing.
The way to overcome objections and frame rebuttals is via the objection cycle.
The Objection Cycle - How to overcome an objection
- Agree with the prospect
- Acknowledge their concern
- Empathize with the prospect and understand their pain point
- Turn around
- Address the concern
- Rebuttal - answer the concern and propose the solution. Always make sure to consider from prospect’s point of view. The prospect only cares about their problem and how you can solve it
- Close the objection
- Use a qualifying question to complete the rebuttal
- Ask a related question to switch the thread of the conversation and continue progress in the sales conversation
How the objection cycle works in practice
Let’s look at an example where the prospect has an objection related to cost.
Agree and empathize with the prospect
- “You’re correct, I understand how you feel - an investment like this is always an important business choice.”
- “Since you brought up cost, let me show you how much money you’ll be saving on a yearly basis. This will save you substantially in the long term. Cost is more than up front expenses - it’s year over year savings.”
- “Can you tell me what staff training costs are important to you? Are short-term or overall cost savings more valuable to you?
Once all objections have been overcome, the conversation can continue towards closing the sale. Further, the objection cycle is a terrific tool for simply learning about the customer and their needs. The sales relationship goes beyond the close, and insights derived from the objection cycle can be used for improved service or upselling.
Tell us about your experiences with the objection cycle. What are your challenges and questions about the objection cycle? Reach out to us at email@example.com or tweet to @weareoverpass