This week focuses on building the customer relationship with conversations and anticipating the conversations, including the objections your customer may have. The course textbook identified 5 types of objections related to needs, product, source, price, and time/authority/ability, along with corresponding examples of each.
In preparation for the Week 4 Summative Assessment: Customer Relationship Sales Pitch where you will be asked to determine objections for a specific scenario and prepare a reaction to the objection, you need to familiarize yourself with the 5 types of objections and various ways they can be communicated.
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Here are the 5 types of objections related to needs, product, source, price, and time/authority/ability, along with corresponding examples of each:
Needs
- “I don’t need that.”
- “I’m not sure what I need.”
- “I’m already getting what I need from my current provider.”
Product
- “Your product is too expensive.”
- “Your product doesn’t have the features I need.”
- “I’ve heard bad things about your product.”
Full Answer Section
Source
- “I’ve never heard of your company.”
- “I’m not sure if I can trust you.”
- “I’m already working with another company.”
Price
- “Your price is too high.”
- “I can get a better deal elsewhere.”
- “I don’t have the budget for that.”
Time/Authority/Ability
- “I don’t have time to talk right now.”
- “I’m not the decision-maker.”
- “I don’t have the authority to make that decision.”
Here are some tips for handling objections:
- Listen actively. Don’t interrupt the customer and try to understand their concerns.
- Acknowledge the objection. Let the customer know that you understand their concern.
- Address the objection. Provide the customer with information or a solution that addresses their concern.
- Be positive and confident. Show the customer that you are confident in your product or service.
- Be patient. It may take some time to overcome an objection.
Here are some examples of how you might respond to each type of objection:
Needs
- “I understand that you may not think you need our product, but let me tell you how it can help you achieve your goals.”
- “I’m happy to help you assess your needs and see if our product is a good fit.”
- “I know you’re already getting what you need from your current provider, but I’m confident that our product can offer you more value.”
Product
- “I understand that you’re concerned about the price, but I can assure you that our product is worth the investment.”
- “I’m happy to answer any questions you have about our product’s features.”
- “I’ve heard those concerns before, but I can assure you that our product is reliable and backed by a warranty.”
Source
- “I understand that you’re not familiar with our company, but we’ve been in business for over 20 years and have a great reputation.”
- “I’m happy to provide you with references from our satisfied customers.”
- “I know you’re already working with another company, but I’m confident that we can offer you a better solution.”
Price
- “I understand that you’re concerned about the price, but I can offer you a discount or payment plan.”
- “I’m happy to show you how our product can save you money in the long run.”
- “I know you can get a better deal elsewhere, but I’m confident that our product is worth the investment.”
Time/Authority/Ability
- “I understand that you don’t have time to talk right now, but I’d be happy to set up a time to meet with you later.”
- “I’m happy to speak with the decision-maker.”
- “I can help you get the authority you need to make a decision.”
It is important to be prepared to handle objections when you are selling a product or service. By understanding the different types of objections and how to respond to them, you can increase your chances of closing a sale.
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