Handling objections

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Overview of a seminar/workship on how to handle objections!

Overview of a seminar/workship on how to handle objections!

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  • 1. LLOYD LOFTON Phone: 865-776-7632 Email – lloyd@lloydlofton.com http://lloydlofton.com/
  • 2. LET’S DEFINE SELLING In it’s broadest sense Selling is the process that brings about a desired change in the behavior of prospects using needs based techniques.
  • 3. THE SALESPERSON'S ROLE The primary function of sales person is to: Disturb Remove complacency Uncover sources of dissatisfaction Instill a desire for changing the status quo Offer an intelligent and acceptable solution Effect a decision to buy
  • 4. WIIFM RADIO Prospects tune into WIIFM radio “WHAT”S IN IT FOR ME” Thinking from the perspective of the prospect helps to uncover the information that triggers prospect’s buying motivation. Understanding the way prospects buy helps you to succeed. However, simply understanding the prospect’s buying motive doesn’t accomplish anything. Figuring out the buying motives and then using these motives to help your prospect buy is the skill that needs to be developed
  • 5. HUMAN RELATIONS Prospects will do business with someone they like Be yourself. If you try to be someone you are not, you will be regarded as insincere Know your products. This is a sales strength. It promotes confidence Expect the best from your prospect
  • 6. FOUNDATION Do not answer questions in such a manner as to create new ones Reinforce the prospect’s emotional decision to buy from you with logic Develop positive emotions without arousing negative ones
  • 7. EMPATHY/SYMPATHY Empathy means trying to see, hear and think like the other person Empathy is understanding a person, looking from the inside out, as he or she does Listening is the key skill for acquiring this kind of understanding
  • 8. QUESTIONS
  • 9. TYPES OF QUESTIONS 1. Open-ended questions 2. Closed-ended questions 3. Tie-down questions 4. Inverted tie-down 5. Tag-on-tie-down
  • 10. OPEN-ENDED QUESTIONS 1. Open-ended question – A question that requires more than a “yes” or “no” answer. “How have you used your current plan in the last year?” “Which feature have you received the most benefit from in your current plan?”
  • 11. OPEN-ENDED QUESTIONS Words that initiate open ended questions: Tell me… Describe… How… Explain… What… Why… Remember questions “gather” information.
  • 12. CLOSED-ENDED QUESTIONS 2. Close-end questions – Closed ended questions generally require a “yes” or “no” (or a one/two word) response. Too many closed ended questions make the interaction feel like an interrogation.
  • 13. CLOSED-ENDED QUESTIONS Closed ended questions help break the ice and loosen up a resistant prospect. Words that initiate closed-ended questions: Is… Does… Which… Are… Will… Which…
  • 14. TIE-DOWN QUESTIONS 3. Tie-down question are generally used at the end of a sentence. You normally already know the answer. They are most commonly used to: 1. Get agreement of small points 2. Ask when you know the answer to be yes 3. Get and give acknowledgement from prospect that they understand and agree with solutions discussed.
  • 15. TIE-DOWN QUESTIONS Words that initiate tie down questions: Aren’t you? Couldn’t you? Doesn’t it? Wouldn’t it? Isn’t it? Isn’t that right? Didn’t it? Wasn’t it? Won’t you?
  • 16. TIE-DOWN QUESTIONS 4. Inverted tie-down: Use at the beginning of a sentence. Isn’t it nice to know…. Isn’t it reassuring to have….
  • 17. TIE-DOWN QUESTIONS 5. Tag-on-tie-down: Use every time your prospect says something that indicates a buying motive. Prospect: “Protecting my assets is important.” Agent: “Isn’t it.” You tie it down to get a complete “minor” agreement, don’t you? (see how that worked, we just used a tag-on-tie-down)
  • 18. FOUR BASIC OBJECTIONS
  • 19. FOUR BASIC OBJECTIONS No Money No Need No Hurry No Confidence
  • 20. FOUR BASIC OBJECTIONS The same reasons they don’t buy are the same reasons they will buy. Will use it Can afford it It’s worth it Trust
  • 21. TWO TYPES OF OBJECTIONS
  • 22. TWO TYPES OF OBJECTIONS 1. Emotional Objection 2. Logical (Thinking) real specific
  • 23. TWO TYPES OF OBJECTIONS Prospects will have objections that you must overcome before you can Close them on a particular product and complete the sale. 1. Emotional Objection a. I don’t like it b. I don’t want it c. I want to think about it/talk it over with
  • 24. TWO TYPES OF OBJECTIONS Example: Emotional Objection: “I don’t like it.”
  • 25. TWO TYPES OF OBJECTIONS 2. Logical (Thinking) real specific a. Waiting for check b. Lower cost c. Comparing benefits
  • 26. PROACTIVE LISTENING People say things from their frame of reference and hear things from their frame of reference. I DID NOT SAY SHE STOLE THE MONEY
  • 27. STATEMENTS, QUESTIONS, AND OBJECTIONS
  • 28. STATEMENT Reporting of a fact or opinion
  • 29. QUESTION A statement that attempts to gain information
  • 30. OBJECTION A statement based on fact or feeling of disapproval
  • 31. STATEMENTS REPORT, QUESTIONS GATHER, OBJECTIONS DISCLOSE Statements, Questions, and Objections
  • 32. STATEMENTS, QUESTIONS, AND OBJECTIONS Example: “I don’t like it” “I won’t buy it because I don’t like the color.” “Car companies don’t honor their warrentys” Statement Objection Question
  • 33. THREE STEPS TO HANDLING OBJECTIONS The phrase OVERCOMING OBJECTIONS implies an adversarial or win/lose situation. I have two questions for you: Do you do better when you feel good or when you feel bad? Do you feel good when you win or when you lose? If you do better when you feel good and you feel good when you win why would you ever want your prospect to lose a discussion (argument)?
  • 34. THREE STEPS TO HANDLING OBJECTIONS If you do better when you feel good and you feel good when you win why would you ever want your prospect to lose a discussion (argument)?
  • 35. THREE STEPS TO HANDLING OBJECTIONS One of the biggest mistakes sales people make is to try and fight their prospects objection. When you fight an objection, your prospect’s sales resistance goes up, and the buying process becomes much more difficult. Instead of battling with your prospect, you want to align yourself with them and reinforce you are on their side. By aligning with your prospect, you validate their concerns, thereby lowering their sales resistance and making their objection much easier to handle.
  • 36. THREE STEPS TO HANDLING OBJECTIONS Once you determine the prospects Specific Objection you must handle the objection immediately. 1. Validate the concern 2. Restate /Isolate the concern 3. Begin effective questioning
  • 37. THREE STEPS TO HANDLING OBJECTIONS Repeat or rephrase the prospects concerns. It is important to repeat or rephrase the prospects concern: 1. Make sure it is a final concern 2. Make sure you are at the end of the road 3. Demonstrate you are listening
  • 38. END OF THE ROAD The idea of answering objections is to: Provide enough information for the prospect to make a buying decision TODAY The idea is not to “educate” or “consult” Rebuttals are designed to provide you with enough information to assist the prospect in making a buying decision TODAY
  • 39. TWO TYPE OF QUESTIONS High Trust Question Low Trust Question
  • 40. HIGH TRUST QUESTIONS Imagine your walking through the mall, you walk up to a lady you don’t know and say “how much do you weigh?” What reaction do you think you would get, yet we do this with prospects every day. •A high trust question is one of a personal nature that requires some establishment of a relationship- in other words you have earned the right to ask the question.
  • 41. CLARIFY Remember most objections fall into one of these four categories: NO MONEY NO NEED NO HURRY NO CONFIDENCE
  • 42. FOUR BASIC OBJECTIONS No Money No Need No Hurry No Confidence The same reasons they don’t buy are why they will buy. Can afford it It’s worth it Will use it Trust
  • 43. WH - QUESTIONS
  • 44. WH - QUESTIONS Wh- gather information: It’s about the conversation. When? Time Where? Place Who? Person Why? Reason How? Manner What? Object/idea/action
  • 45. WH - QUESTIONS Other words can also be used to inquire: Which (one)? Choice of alternatives Whose? Possession Whom? Person How much? Price, amount How many? Quantity How long? Duration How often? Frequency What kind of? Description
  • 46. END OF THE ROAD The idea of answering objections is to: Provide enough information for the prospect to make a buying decision TODAY The idea is not to “educate” or “consult” Rebuttals are designed to provide you with enough information to assist the prospect in making a buying decision TODAY
  • 47. GENERAL TRIAL CLOSE During our lifetime we buy many things – cars, televisions, homes, etc. And always before investing our money, we consider three things: Do I need it? Do I like it? Can I afford it? (Cost) NEED LIKE COST
  • 48. GENERAL TRIAL CLOSE “Regardless what you buy you accept or reject a purchase based on asking yourself these three questions, right? Now let’s look at the program you designed today; Do you like the program you designed? Do you feel you and your family need this program? Do you feel comfortable with the company? Can you handle the cost?
  • 49. WANT TO SHOP AROUND “Obviously you have a reason for feeling this way, do you mind if I ask what it is?” “Tell me a little bit about what you are shopping around for so I can give you some information to help you make an informed and intelligent decision” “Let’s start the qualifying process to protect your ability to qualify while you still have a choice to shop around”
  • 50. PROBLEM QUESTIONS Beware of questions which do not ask for immediate action. Is there anything else you would like to know? Have I made everything clear? Now do you have a good understanding? Can I leave a brochure with you to look over? When did you want to get started? These kinds of questions raise doubts about the Prospect taking immediate action.
  • 51. EXPECTATION
  • 52. EXPECT EXPECT TO WIN EXPECT TO LIKE YOUR POSPECT EXPECT POSITIVE RESPONSES FROM THOSE YOU MEET
  • 53. TRUEISMS It’s hard to justify the cost of something if you don’t see the value in it. What does the prospect have to do when the value exceeds the cost? BUY
  • 54. LLOYD LOFTON Phone: 865-776-7632 Email – lloyd@lloydlofton.com http://lloydlofton.com/