How to handle common sales objections
Sales can be a tricky business, especially when it comes to handling sales objections from prospects. Knowing which phrases to use and when is key in successfully navigating those conversations. As an experienced sales professional or entrepreneur, you know the importance of effective communication techniques in order to make that sale — but how do you and your sales rep handle objections effectively? So let’s explore some dos and don’ts of responding to objections during the sales process so that you can maximize your success rate with every client conversation.
We all know the classic movie “The Wolf of Wall Street” and its story of a stockbroker’s rise to riches through an ambitious approach to selling. While it may be easy to write off this film as just entertainment, there are some useful takeaways related to sales. Here, we will also explore what Jordan Belfort’s strategies we can apply and should avoid when it comes to handling common sales objections.
Avoid these phrases when objection handling
“Exactly, I hear what you’re saying.”
Not a fan of this phrase, as entrepreneurs and sales professionals need to be careful not to overstate their ability when responding to prospect objections. But I am a fan of the thought process. Because this phrase means we’re acknowledging the sales objection we just got it is important for prospects, who voice an objection, to feel heard. Otherwise, they may perceive themselves as incompatible with the product or service being offered.
It’s understandable that we use the word “exactly” when trying to empathize and acknowledge someone’s objections. Unfortunately, consumers today have become savvy enough to recognize this type of script from a mile away.
Although sales wisdom dictates that you should never give away power in a sale, it is possible to retain control of the conversation without your prospect realizing it. We will discuss various methods for achieving this in another video; for now, let’s continue our discussion here!
“Let me ask you a question”
Avoid this phrase when selling. Because when we go with it, we lose control of the conversation. In modern sales, it is important to prioritize the prospect’s needs and concerns over your own. For this reason, avoid starting off conversations with “let me ask you a question” as this introduces tension and conveys that what you have to say is more important than listening to their objection or feedback. Instead of pushing for an answer from them immediately, show respect by acknowledging their opinion before introducing any questions on your end – in doing so you demonstrate a genuine interest in helping them find the best solution for themselves.
Jordan Belford’s Wolf of Wall Street sales tactics may not translate well to modern consumers. People today have done their research prior to engaging with a product or service, so it is more important than ever for entrepreneurs and thought leaders in the industry to understand how this prospect has evolved. They need an approach that will extract a “yes” from prospects who are already informed about them, their competitors, and the problem they’re trying to solve. In fact, 90% of prospective buyers come prepared after researching online reviews about businesses before even speaking with someone!
Introducing tension in conversations can be avoided and replaced by trial closes, temperature checks, or good discovery calls. These methods are used to gauge a prospect’s interest before asking for the order and help reduce any potential tension during a sales objection. By utilizing these techniques, salespeople will have a better understanding of where their prospects stand – allowing them to make more informed decisions about how best to proceed with each sale.
“Do you like it?”
This is commonly used as a rebuttal for a prospect’s “let me think about it” sales objection.
But asking “Do you like it?” will gauge their interest, and it will also introduce unnecessary tension in any conversation. Modern-day consumers don’t appreciate salespeople and they are looking for value that can be provided by the seller to solve their problem. This is an indirect way of insulting prospects and should not be used – instead focus on listening, respecting them, and providing solutions to their pain points. Avoid this potential tension in a sales pitch by asking trial close questions before presenting the product/service can help to gauge interest and get prospects to think about taking ownership.
The best way to overcome sales objections
…is to handle it before it even comes up. And the only way to handle a sales objection before it comes up is by delivering a pitch properly that accurately gauges your prospect’s interest. If you are facing objections at the end, it could be because you have not done enough during a presentation, prequalifying, or discovery stages – all of which go into properly addressing open-ended questions and changing how they’re answered.
Overcome common sales objections with these techniques instead
Trial close
To make your pitch more successful, you can use trial checks to gauge prospect interest. Ask questions that get them thinking about taking ownership of the product such as “How do you feel this would apply to your business?” “How do you see yourself using this?” and “Would this be something you would use before the end of the year?”. This way, sales conversations remain tension-free while still giving a great chance for success!
Tonality adjustment
Tonality adjustment can be a powerful tool when selling. By slowing down your voice and pausing during your sales rebuttal, you are able to show deep concern or acknowledgment in conversations and negotiations, forcing the other party to slow down as well in order to hear what is being said. Eye contact also helps demonstrate understanding of their point-of-view while communicating an underlying message that cannot necessarily be expressed through words alone.
Resilience is important when it comes to sales, and it is necessary for adjusting one’s tone while overcoming objections – an invaluable takeaway that can be used across all avenues of selling. Grant Cardone always talks ‘I’m going to follow up until someone tells me they’re literally not going to buy from me until they literally tell me to never call them again.’ There’s some truth in the tenacity.
Step-down
This is used when handling price objections. Presenting alternative solutions to prospects is an effective way of increasing the likelihood that they’ll say yes. The “drop-down” or “step-down” strategy involves reducing prices or offering a discount if a prospect doesn’t have enough money for your premium offer; this ensures you can still make sales while giving them what they need. Additionally, it’s important to provide various different options so that there are multiple ways in which people can say ‘yes’.
Jordan emphasizes the importance of empathizing with your prospects to create trust and build a relationship. So once you hear their reason for objecting, tell them you hear them and understand them, then repeat the objection. Now when you empathize, you’re telling this person you understand how they feel. So to create more trust, familiarity, and belief that you are the solution to their problem, use one of seven psychological influences.
Social proof
One of the seven proven ways to psychologically influence someone to say ‘yes’ is social proof. The real reason is nobody wants to be the only person that has an objection. It’s no surprise that social proof is a powerful way to influence people, which explains why it features heavily in marketing. To overcome sales objections during sales conversations, demonstrate how you’ve successfully addressed the same concern using examples of prospects who have experienced successful outcomes with your product or service. By bringing an external perspective into the discussion and showing their positive experience, buyers may be more likely to say yes!
Here’s an example:
“Mr. prospect, I understand what you’re saying. I completely get it. Matter of fact, I work with Bill over on Sixth Street. Bill was in the exact same situation as you. Bill had the same challenges and the same concerns. What we found out with Bill is we made a few phone calls. We made some adjustments to his billing. What we did was offset the first two months of billing for us, which helped alleviate the transition. So we didn’t have to pay any bills from his contract, and it came to an end. And what we found out with that, by saving those two months with Bill and utilizing our service, which is already less in his current method, he actually ended up saving 25 % off his total annual spend. So I get what you’re saying right there, but we have found that if we were able to make it happen for Bill, I’m certain we can make that happen for you.”
Social proof is an effective way to handle sales objections during a sales pitch, which acknowledges that others have faced similar issues before you can suggest solutions of your own. This goes with the great strategy, “Feel Felt Found.” You listen carefully, and let the prospect finish their story; this will make them feel heard and more open to your offer. With these tactics, it’s much easier close the sale and increase your ROI!
The Wolf of Wall Street has been successful in its approach and has had tons of great material out there for sales professionals, but it’s not the most effective way to market products or services today. With modern consumers having access to all data before even engaging with companies, businesses must prioritize making prospects feel seen and found for success.
See also:
Ways To Sell High-Ticket Services And Get High-Caliber Clients Easily! 💰🤑
Make Them STOP saying ‘NO’ Now! ✅💯
Handle sales objections more effectively
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