Overcoming Common Sales Objections

Entrepreneurs know: The sales cycle never stops. And, so it makes sense that entrepreneurs always have to be prepared to face sales objections. Many BusinessCast loyal listeners have asked Robert and me to offer more advice/content on overcoming common sales objections. So that’s exactly what we’ve done.

In BusinessCast podcast episode #113, Robert and I sit down with award-winning sales guru Warren Coughlin. Together, we run through the most common sales scenarios and how you can address them.

So that you can comfortably address sales objections, we’ve also developed some additional guidelines and point to resources that will help you successfully overcome objections prior to, during and after any sales conversation.

Guidelines

1) Keep in-mind there is no “silver bullet” response to any real customer/prospect objection. Addressing real customer objections takes time, patience and commitment to understanding their priorities.

2) Anticipate objections. That means, prepare for ALL of the major objections and the subtle nuances that come with them. Role play with colleagues, friends and relatives. Don’t try to develop an ‘out of the box’ script. Rather, rehearse tackling each objection from several different angles.

3) The more you learn about the prospect/customer before your sales discussion, the more success you are likely to have dealing with objections. This also shows respect for your customer/prospect and helps to demonstrate that you care about helping them succeed.

4) Recognize that regardless of how well you probe, there are simply some objections that you cannot overcome during a particular conversation. That’s okay. Not everyone is going to be a customer in the short-term.

5) How you deal with sales objections sends a very strong message to your customer/prospect. As a result, always be respectful, enthusiastic, courteous, professional and honest.

6) Don’t take any sales objection personally. Objections are not a reflection of you or your product/service.

7) Apply what you learn through the discussion about the objections in subsequent discussions. So, make sure that you always leave the door open to carry on the discussion at an other time. That means promise some kind of follow-up deliverable and meet that deadline.

Resources

Turning Sales Objections Into Opportunities — some good tips and depth of understanding.

Top 10 Lies Customers Tell Sales Reps and Top 5 Dirty Tricks Customers Play on Sales Reps. There are some good tips here. But don’t let the article titles cause you to think of a would-be client as a liar or adversary. If you do, your relationship will be built on mistrust. As soon as that happens, you’ll hate working with them and they’ll feel the same about you.

Remember: Subscribe to the BusinessCast Podcast at iTunes

Re-Wind: The Recession Sessions

When Robert and I began our successful Podcast partnership, we promised ourselves, and you our listeners, that we would provide practical advice for entrepreneurs — recognizing that this often meant tackling unpopular, contentious or difficult subjects.

That’s why, 10 months ago, long before the current upheaval in the financial markets, Robert and I started dealing head-on with the recession. Our position was painfully practical: Entrepreneurs can emerge from the economic downturn only by acknowledging, addressing and planning for a recession rather than hoping it will never happen.

So, here we are ten months later and we’re in a global recession. If you haven’t yet heard them, give a listen to some of the BusinessCast episodes that were designed specifically to help you, the entrepreneur, successfully navigate through the recession storm – no matter how fierce it turns out to be:

#42  The Recession Session Part 1 – with Gold ‘n’ Brown

#43  The Recession Session Part 2 – with Gold ‘n’ Brown

#44  How To Achieve Business Success – with Gold ‘n’ Brown

#45  OMG Wow Client Service – with Gold ‘n’ Brown

#46  Firing A Client Before You Get Burned – with Gold ‘n’ Brown

#49  Steal Your Next Customer! – with Gold ‘n’ Brown – and Guest Alex Allan of Alex Allan Integrated (www.AlexAllanIntegrated.com)
 

Speed Up Your Sales – Customer Incentives That Deliver

What influences your customers to make that all important purchase decision? The truth is your customers’ purchase behaviours hinge on many different factors — the most common being the “Four C’s“: Cost, Confidence, Competitor offerings and Calendar (i.e. timing).

But, you can have a dramatic impact on the purchase behaviour of many of your prospects and existing customers by providing the right incentive at the right time.

In episode #68 of the BusinessCast – Incentives that Sell  Robert and I provide some practical guidelines for developing and offering incentives that leverage your customers’/prospects’ state-of-mind.

Some of the key lessons from incentive ‘best practices’ include:

  • Begin developing incentives by mapping out your prospects’/customers’ purchase cycle and then matching that with your sales cycle.
  • Define what your incentives are based on. In other words, decide if you are offering incentives based on a particular ‘type’ of customer or on a particular purchase history (e.g. dollars spent, frequency of purchase or recency of purchase).
  • Address at least one of your buyers’/prospects’ key issues/concerns.
  • Make sure you have the support to handle any sudden or drastic increase in purchases that accompany an effective incentive or incentive program. Keep in-mind that also means spikes in the demand for customer service and its associated costs.
  • Track the success of your incentive program.

Listen to BusinessCast podcast episode #68 – Incentives that Sell – and get pushing the right buttons.

Remember: Subscribe to the BusinessCast Podcast at iTunes

Brochure vs. Website – Making the Right Choice

At several times during the growth of your business, you’re going to be confronted with this question: “How do we best spend our marketing dollars – should we launch/update our website OR our brochure?” 

In BusinessCast Podcast show #56 Brochure vs. Web Site – Robert and I tackle this question so that you can act with confidence when you are confronted with this choice – whether its the first time or the fiftieth time.  

We cover the ‘pros and cons’ of both brochures and web sites – evaluating each in the areas of: image, features, distribution, feedback and generating revenue. 

Make sure that you listen to show #56 before you make that next investment in online/offline marketing collateral – whether your materials are focused on launching a new product/service or building your brand.

Finally, keep in-mind that there are some useful guidelines that you should always apply regardless of whether you choose to spend your time and resources on a brochure or a website. These guidelines include the following:

  • Target a specific audience (i.e. your choice of content, wording, design, layout).
  • Involve your audience in the process of developing your marketing collateral. It will save you time/money, it often reveals new opportunities and strengthens bonds with your audience.
  • Design for a specific purpose (e.g. If you’re looking for your collateral to assist in shortening your ‘sales cycle’ make sure that it provides the right information based on what is required at one particular stage.)
  • When you’re planning out your costs, make sure you budget for content, layout, design, photos, proof-reading, storage and distribution.

Show #56 Brochure vs. Web Site is our first “smackdown” episode where we dig into two tools that compete for your hard-working marketing dollar. In a few weeks, we’ll be pitting two other rivals for your marketing resources against each other: The Newsletter vs. The Blog. You’ll be surprised about who comes out on top – and why!

This just in: Check out http://smallbusiness.alltop.com. This is an outstanding resource for small business entrepreneurs. It is a well-organized portal that is updated very frequently (i.e. several times per hour). As a result, you’ll find timely insights that will help your business grow. Bookmark it along with www.BusinessCast.ca.

Remember: Subscribe to the BusinessCast Podcast at iTunes