Overcoming objections takes confidence, quick-thinking and a solid understanding of the product you’re selling. We can’t do much for you on the third item, but we can give you a few pointers that will help you with the first two.
In the below, we’ve outlined a few ways to overcome three common objections — price, timing and ‘wrong person’. Granted, there are plenty of objections out there (prospects seem to be coming up with new ones everyday), but we feel that these are the most salient for sales development reps.
Objection 1: Price
First off, if you’re trying to convince a modestly funded startup to purchase a 3-year license for your enterprise software platform, you may be barking up the wrong tree. Before you reach out to your prospect, make sure you do your research. This means checking out valuable metadata points like revenue, funding, and company size, in addition to keeping track of any other technologies they’ve recently purchased that may indicate budget.
If you’ve qualified out your prospect for budget, and they still object to price, chances are you didn’t provide enough value in your initial email. Here are a few pointers to help you overcome this objection and book the meeting.
- Call them! The likelihood that your prospect has the time to go back and forth with you over email is extremely slim, but they may be able to invest a few minutes over the phone to hear you out.
- If they pick up, mention your email and start by asking a few questions that will help you understand how to restructure your pitch to convey more value. Questions like:
How are you currently solving this issue?What kind of lifts would you need to see to justify this cost?What challenges would this type of solution need to solve?
- After getting a feel for what your prospect is looking for, it’s time to reformulate your elevator pitch. Make sure you address each point your prospect brought up individually, even if there are certain areas your product cannot affect.
- Never forget to end with a close.
When is a good time next week to show you exactly how this can be accomplished?
Objection 2: Timing
Like price, timing can be a legitimate objection if you haven’t done your research. In our humble opinion, the key to overcoming this objection is never having to deal with it in the first place. But how do you know when a prospect is looking to buy?
The key is to look at signals — here are a few to check out:
- Funding: Did your prospect’s company just a raise a funding round?
- Fiscal calendar: When does your prospect receive their budget allocation for the year?
- Technologies: Did your prospect just drop your competitor’s technology or add a technology you integrate with?
- New executive: Did your prospect just get hired?
Objection 3: Wrong Person
The ‘wrong person’ line is an extremely sneaky (yet savvy) way for prospects to pass the ball into someone else’s court, especially if what you’re selling impacts multiple areas of the business. The key to overcoming this objection is having the confidence to push back, and the research to back up your claim. Here’s what to do:
- Call them! (Duh)
- Don’t ask for a referral just yet. If you’ve done your research, have some confidence that this is your guy.
- Just like with pricing, you’ll want to ask a few questions. The goal should be to get your prospect to identify himself as the decision maker for products in your space. The questions should be short and focused on certain deliverables that your solution helps improve (e.g. customer renewals, user engagement, traffic, mobile conversions etc.).
- Once you’ve identified the commonalities between your prospect’s core responsibilities and the problems your solution helps solve, you should reiterate to your prospect that they are, indeed, the right person for an introductory conversation based on the deliverables just discussed.
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