As a business owner, your first priority is marketing your products and services to potential customers. You’re very aware of the fact that many people respond with a polite, “Thanks, but no thanks”, likely followed by several reasons why they can’t or won’t buy from you. These reasons are known as sales objections. At this point, what’s your next step?
Even with your best efforts, plenty of potential customers will say no. That can happen whether you are managing the sales alone or trusting a dedicated sales team with the task. A few of the most common sales objections you are likely to encounter include:
- Aversion to change
- Issues with the price
- Outside advice
- Unfamiliarity with your business
1) Aversion to Change
Many businesses will tend to stick to what they are used to doing and avoid making changes due to fear of the unknown. This fear can deter the smooth running of sales processes as it could be hard to convince them to change what they have been doing for ages.
To address this concern, focus on how the client’s industry has changed over the past several years. Highlight every change for the better and encourage them to follow suit. Change isn’t necessarily a bad thing, and if you’re offering something excellent, the potential client is likely to be more open-minded to switching to your services.
2) Issues with the Price
One of the main obstacles to making sales is the price. If clients believe they can get better prices elsewhere, it will take you extra energy to convince them to purchase your products. Try to justify the difference in cost and make them understand why buying your products or services is worth the price you are charging.
To stand out, you need to know your competition and understand how they operate. Offer something better than what they give to justify the higher price you are charging. If your prices still can’t compete with the cost and relative value offered by your competitors, it’s time to reevaluate your own business plan.
3) Outside Advice
Sometimes your client tells you they need some time to consult with their business partners or family members before they get back to you. If that is the case, try including yourself in the consultation meeting. Suggest a neutral meeting point where you, your client, and their counterpart can meet and come to a common decision.
If a client still isn’t convinced after a meeting, try to set yourself up as their backup plan. When their needs exceed what their current provider can offer, you can step in and win yourself a new customer.
4) Unfamiliarity with Your Business
This objection is related to the fear of change. More than likely, the customer you’re approaching isn’t intimately familiar with your business and the products and services you offer. Even a quick Google search isn’t enough. After all, if they don’t know if you have enough experience or manpower to meet their needs, why should they trust you?
The best way to overcome this is to continue selling yourself while being honest. Show past successful case studies or projects. Collect glowing testimonials from satisfied clients. Answer any questions promptly and thoroughly. The more a potential client knows about your business, the more comfortable they’ll feel with you and the more likely they are to buy from you.
Securing a New Client
Sales objections come in all shapes and sizes, and will vary between industries. Overcoming them is up to you. Go into every sales meeting prepared to answer every question and sell yourself.
Contact us for more sales tips for small business owners.