If you’re in sales, you’ve likely come across your fair share of objections. The secret to saving the sale could be as simple as knowing the right rebuttal. Here are 3 surefire ways to overcome common sales objections and close the deal.
How to Handle, “No”
Whether you work in auto, real estate, or perhaps another type of sales, hearing the word, “no,” may occur more often than you would like. It’s no surprise that rejection comes with the territory. However, an initial, “no” doesn’t always mean it’s the end of a deal. In fact, it’s typically just the beginning. For this reason, don’t take the rejection personally. Usually, it’s not you or even the item at stake that holds prospective buyers back. Often times, the customer wants to make the purchase. However, factors such as the price, certain deal points, or even poor credit could be preventing them from moving forward.
Isolate the Issue
As a general rule of thumb, it’s wise to isolate each objection before you move forward with your sales rebuttal. For example, if the customer tells you that price is the issue, be sure to ask if this is the only concern keeping them from making the purchase. To explain, let’s say you work in auto sales and are able to knock off $500. Before you mention the discount, ensure that the buyer would be ready to close if you are able to offer a lower price. Doing this will help the customer to feel heard while preventing further roadblocks once the solution to this problem has been met.
3 Solutions to Overcome Objections
1.) Price
One of the most common sales objections is the price. Depending on your business model, sometimes the price is negotiable and sometimes it’s not. If you do have wiggle room, use it when you need it. But again, always isolate the issue before you start cutting the numbers. If price is non-negotiable, discuss a follow-up plan that allows the conversation to continue if changes in their income occur, or when the ticket price is reduced. Alternatively, revising a few deal points may also provide a sales solution.
2.) Deal points
If you can’t alter the price, another sales solution is to revise the deal points. Instead of a 4-year term, stretch payments out over 5-years if possible. Doing this could offer the customer a lower payment plan that better fits within their budget. Additionally, deal points not related to the price, such a the term length or features, could also impact negotiations. Address each one independently and make changes when necessary. Another key point in this category is the interest rate you’re able to offer. If the rate is too high for the buyer, see if an adjustment is possible. However, when a high-interest rate is due to poor credit, you may need to look into some alternatives.
3.) Poor credit
In addition to troublesome high-interest rates, poor credit causes roughly 20% of ready-to-sign applicants to be denied altogether. One solution is to inform your declines that improvements need to be made and let them walk. In contrast, a better solution is to offer your credit-challenged customers access to ScoreShuttle. ScoreShuttle is a DIY software built to help consumers improve their creditworthiness. As your customers work to increase their scores, the software’s advanced lead management system keeps the hot lead with you and sends you an alert the moment they reach the goal score you set. ScoreShuttle offers both parties a solid solution to overcome credit-based deal objections. To see the software and partner portal in action, click below to schedule a demo.
In summary, common sales objections don’t always have to break the deal. By implementing the tips above, you can increase revenue and turn sales objections into sales solutions.
Resources: https://www.newyorkfed.org/newsevents/news/research/2018/an181203
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