Sm10
Upcoming SlideShare
Loading in...5
×
 

Like this? Share it with your network

Share

Sm10

on

  • 3,125 views

 

Statistics

Views

Total Views
3,125
Views on SlideShare
3,125
Embed Views
0

Actions

Likes
1
Downloads
277
Comments
0

0 Embeds 0

No embeds

Accessibility

Categories

Upload Details

Uploaded via as Microsoft PowerPoint

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Sm10 Presentation Transcript

  • 1. Sales Objection Chapter 10 © Cosmopoint International University College, Kuala Lumpur
  • 2. Sales Objection: Definition
    • An objection is anything that the prospect says or does, that slows down or stops the buying process.
    • The salesperson’s job is to uncover these objections and answer them to the prospect or client satisfaction.
    • Though salespeople fear sales objection from their prospects or customers, it should be considered as a normal part of the sales process.
  • 3. Why Sales Objection should be welcomed ?
    • It is believed by many salespeople that sales objection is bad, as it is likely to bring down or stop the entire whole selling process. It was also believed if salespeople had sales objection, it was assumed by their superiors that they have not done a good job, even this is not so.
    • Now objections are viewed as opportunities to sell. Salespeople should be grateful for objection, as the prospect is asking for more information. So it is the job of a salesperson to produce the correct information to help prospects understand their needs.
  • 4. WHY DO PROSPECTS RAISE OBJECTIONS?
    • The prospect wants to avoid the sales interview
    • The salesperson has failed to prospect (verb) and qualify properly
    • It is normal to raise objection.
    • The prospect resists change.
    • The prospect fails to recognize needs
    • Prospect lacks information
    • Objection during the Sales Process
  • 5. How to overcome objections?
  • 6. Sales Objection: The next course of action
    • If there is a positive response to the trial close, immediately after the presentation move to close as shown in the previous diagram – Trial Close – Step 5 to Close – Step 9
    • If there is an objection raised, understand or explain it, respond to it, and ask for another trial close to see if you can meet the prospect’s objection. If you have, then move on to the close.
    • After meeting one objection, be prepared to determine if there are other objections. Now you may have to move from step 8 back to step 6.
    • Upon responding to the objection and asking a trial close, if you have not overcome the objection, return to your presentation (Step 4) and discuss further the product in relation to the objection.
  • 7. THE POINTS TO CONSIDER IN MEETING OBJECTIONS?
    • Whatever the objection is raised by the prospect, there are certain basic points to think about in meeting the objections.
    • You must:
      • Plan for the objections
      • Foresee and prevent
      • Handle as they come
      • Be positive
      • Listen – practice active listening
      • Understand the objections
      • Meet the objection
  • 8. Plan for Objections
    • You must plan for the objections that can be raised during your presentation. Look into why they should buy and why they should not buy. Reorganize your presentation to reduce the drawbacks of your product. Avoid discussing your drawbacks unless your prospect raises it in the conversation.
    • After each sales call, review the prospect’s objections. Divide them into the major and minor objections. Develop ways to overcome them. Planning for and reviewing the sales call allows you to foresee and prevent the objections.
  • 9. Foresee and Prevent
    • The salesperson must foresee and be prepared for any objection before it is raised by the prospect. It is better to foresee or discuss the objections before they arise. A suitable presentation can be developed to overcome the possible objections that may arise .
    • Another approach, a customer who has an objection feels compelled to defend that objection.
    • A third approach of a foreseen objection is to boost about it and turn it into a sales benefit.
  • 10. Handle Objections as they arise.
    • It is best to meet these objectives as they come, trying to postpone may cause delay, uncertainty and refusal by the prospect to entertain further.
    • The prospect may:
      • Stop listening until you address the objection.
      • Think that you are trying to hide something.
      • You have a problem to overcome the objection.
      • Think you do not have an answer because you do not know the answer or how to deal with the objection.
      • Think that you are not interested in the prospect’s opinion.
      • The objection may just be the only issue outstanding before closing the sale. So meet the objection, use another trial close to uncover other objections. If there are no more objections, move towards closing the sale.
  • 11. Be Positive
    • Show by using positive body language such as a smile or a firm hand shake.
    • Be always in the positive mood and stay friendly.
    • Do not choose to show any negative behaviour such as nervousness, anger, stammering, talking rudely, staring angrily, muttering to yourself, tapping your feet on the floor and folding your arms over your chest.
  • 12. Listen to your prospect
    • The prospect should be completely given a chance to speak until all issues related to the subject are covered.
    • Do not prepare to answer your prospect’s objection before the other person has completed asking all the questions.
    • Do not make your prospect uneasy or irritated.
  • 13. Understand Objections
    • When customers object, they are requesting for more information, setting a condition or giving a genuine objection.
    • The objection can be either real or unreal with the intention to test or mislead the salesperson.
    • This may be done intentionally to seek the emotional reaction of the salesperson
  • 14. Major or Minor Objections
    • Determine whether the prospect has raised a genuine objection. If it is of no or little importance quickly return to selling.
    • Do not turn a minor or non important objection into a major discussion.
    • Focus on the objections directly related to the prospect’s important buying motives.
    • A real objection is tangible (visible) for example high price, you can react by showing that your product is of high quality and worth the price.
    • If the prospect states the real objection to purchasing a product clearly, you should be able to answer the objections.
    • Most often prospects do not state their objections clearly. The prospect is likely to give some excuses why they are not ready to make a purchase which conceals (hides) real objections.
  • 15. Practical and Psychological Objection
    • Practical Objection
    • Price
    • Product is not needed.
    • Prospect has an overstock of your or competitor products
    • Delivery Schedule
    • Psychological Objection
    • Not interested to spend money
    • Do not like to be controlled
    • Personal prejudice and beliefs
    • Negative image of salespeople
    • Hates to make a buying decision
  • 16. Meet the Objection
    • Once you fully understand the objection, you should be ready to respond to the prospect’s objection.
    • How to respond depends on the types of objection. Throughout the year, a salesperson will hear numerous objections.
    • It is the right of the prospect to raise objections, and the salesperson must be prepared to accept these objections.
    • The salesperson should not prejudge the prospect’s objections but must be prepared to accept it with an open mind.
  • 17. TYPES OF OBJECTIONS
    • There are five types of objection:
      • Need
      • Price
      • Features
      • Time
      • Source
  • 18. Need
    • They say that they do not need your product or service for some reason or another, or perhaps have a need that you cannot satisfy.
    • EXAMPLES
    • I have one of those already.
    • My car (any other product or service) works just fine thank you.
    • I have no space (place) for your product any more.
    • Sorry, I just do not want it (the product or service)
  • 19. Price
    • EXAMPLES
    • How much??
    • I have already spent my budget for the month.
    • Your competitors sell a better product for less money.
    • I could get it cheaper on the web.
    • I didn't realize that service was not included.
    • The objections here are about the price of the product
    • The objections here are about the price of the product.
  • 20. Features
    • They object to some element of what you are selling, whether it is aspects of a service or details of a product.
    • EXAMPLES
    • I do not like that style. It looks rather old fashion to me.
    • It does not have the latest features.
    • The guarantee lasts only six months.
    • It is far too big for me.
    • It is of poor quality.
  • 21. Time
    • In this, the objection is around time, such as the person not being ready to buy.
    • EXAMPLES
    • I do not know. I need to think about it.
    • I won't have the money until next month.
    • I am moving next year, maybe then.
    • I need to talk about this to my manager first.
  • 22. Source
    • They question the source of the product, often its credibility (product & salesperson). This may include questions about you, too.
    • EXAMPLES
      • I do not know you, I prefer to buy from people I know.
      • I saw a report about how badly your company treated its workers.
      • How will I know if you are around to service this in five years ?
  • 23. TECHNIQUES FOR HANDLING OBJECTIONS
    • Once the salesperson knows the various types of objections, he or she needs to know the techniques to handle these objections. You can use any of the following techniques listed below:
      • Boomerang : Bouncing back what they give you.
      • Objection Chunking: Taking a higher or lower viewpoint.
      • Conditional Close: Make closure a condition for resolving their objection.
      • Curiosity: Do not be sad, be curious.
      • Deflection: Avoid responding to objection, just letting it pass.
      • Justification: Say how reasonable the objection is.
      • LAARC: Listen, Acknowledge, Assess, Respond, Confirm.
      • LAIR: Listen, Acknowledge, Identify objection, and Reverse it.
      • Objection Writing: Write down and cross out objections.
      • Pre-empting: Handle them before they happen.
  • 24. AFTER MEETING THE OBJECTION – WHAT IS THE NEXT STEP?
    • Your prospect has raised many objections, which you have resolved and overcome. You need to find out now if there is a possibility when the prospect may raise further objections. After responding to the objections, use a trial close to determine if you have overcome the objections.
  • 25. Trial Close
    • A Trial Close is not a normal 'closing technique' but a test to determine whether the person is ready to close.
    • The Trial Close may use other closing techniques.
    • Ask 'If...' questions.
    • Ask questions that assume they have already bought the product.
    • When you are done with the Trial Close questions, as with most other closes, quietly watch and listen carefully for the prospect’s response.
    • 'ABC' is a common abbreviation for Always Be Closing.
      • It means that you should always be heading towards a close, although you must also be careful about over-doing this. If people are not prepared to buy, this will just annoy them.
  • 26. Trial Close-How it works
    • The Trial Close works by putting the idea of the closure into the person's mind. Their response will tell you whether they are ready or not.
    • Once you have concluded that all objections have been raised and that you have done a trial close to determine that there are no further objections proceed to your sales presentation.
    • Move back into you Presentation
    • Use your non verbal signals or verbally inform your prospect that you are now returning to your presentation by using these example phrases below:-
    • Move to close the sale
    • Once you have finished your sales presentation, and there is no further sales objection raised proceed to close the sale.
    • If next you move on to close the sale with gesture (verbal signal) you can proceed to summarise the benefits discussed. You may choose phrases such as:
    • “ Well, we have already come to the end of our presentation”.
    • “ I hope you like what you have seen and heard” then ask the prospect for the order.
  • 27. If you cannot overcome some objections
    • If you cannot overcome the objection or objections focus on new or previously discussed FAB (features, advantages, and benefits) of your product. If the objection raised is a major one that cannot be easily overcome, admit it and show how your product’s benefit outweighs these disadvantages.
    • When you are very sure that you cannot overcome the objections and the prospect may not buy, go ahead and close. Do not forget to ask for the order i.e. to ask the prospect to buy. Buyer or prospect is only saying no to the product and not to you. If you are not going to ask, your competitor may do so and gain the possibility of closing the sale.