Unless you happen to call at the right time and have the perfect product/service at the right price, it’s very rare that you’ll close the deal from the first interaction with the prospective buyer.
These are some of the responses you might get from a prospective buyer:
Cost: ‘The price is too high for me’ or ‘I don’t have any budget for this’.
This is a fairly common objection that most businesses have to deal with at some point. The best strategy for handling this type of objection is to justify the cost and paint the picture of how your service/product will bring value to the customers’ life/business, as well as, if this is the case, how it will actually save them money in the long run. What you might also want to emphasise is flexibility in payment terms or lack of contract commitment, if this applies to what you offer. The key is to move away from the financial aspect to the benefits of using your product/service.
If you still get the same answer after highlighting the benefits, you might want to find out whether there is a budget in place and work out whether you can present the customer with a cheaper alternative for the service or if you can authorise a discount.
Loyalty: ‘I already use Company X’
Probably the worst thing you can do in this situation is go on about how your competitor is rubbish. You don’t want your customer thinking that you really only care about closing a sale and not about their needs or wants. Instead, try asking questions. Ask them how they find what they get from Company X, how long they’ve been with them, what they like about them, what they dislike about them, etc. What this will do is open a conversation and give you the exact information you need to put you in a position to compete with Company X. If they do something good and you can do it better, surely the customer will want to at least hear from you.
Timing: ‘I’m really busy right now, call me another time’
What you shouldn’t do is think it’s an excuse to get rid of you. Although, granted, in most cases it can be. But the reality is that we’ve all been caught at really busy times and we genuinely don’t have the time to listen to any new information. What you should do is find out if there’s a better time or date to call, when the customer might have a bit more time but don’t forget to say why they should give you even 2 minutes of their time!
Request for information: ‘Can you just send me an email and I’ll get back to you?’
Again, a fairly common response and maybe not necessarily an objection. Don’t get discouraged though, a lot of people feel that a conversation over the phone, due to its nature, will force them to make a decision on the spot and most of us like to do their due diligence and make informed decisions. In cases like this, you should do what the client has requested but remember to follow up. Don’t wait for the customer to contact you. They might have questions or need that bit of a push to actually say yes but you’ll need to show you’re there for them. Do give them enough time before following up though.
When trying to sell a product/service, your role is to understand why the customer should buy from you (from an objective point of view), deal with their objections professionally and make the process of buying from you as straightforward as possible.
In some cases though, no will mean no, so you’ll need to be able to identify when to move on. Harassing your prospective customers is never the way to go.