Podcast > Win The Sale > 4 Most Common Sales Objections (And How to Overcome Them)

4 Most Common Sales Objections (And How to Overcome Them)

Have you ever been in a situation where you know that a potential customer is a great fit for your product. You know that you can deliver them an incredible return on their investment.

You know the you’re doing the right thing by selling this individual…

So excitedly you call them up on the phone and…

They reject you over and over again?

Here it’s clear that the buyer is trying to put up roadblocks to stop you getting the deal done.

Perhaps the buyer says “just email me some information”, they say “call me back next quarter” or even “I’m already working with your competitor”.

Well a low performing sales professional with take the bait here.

They would agree to send over some information over email. A poor performing salesperson would back down as soon as a competitor is mentioned.

But you know that if you take any of these requests seriously it could and months or even years to your sales cycle.

You know that the buyer is giving you what we call “sales objections”.

So how do you deal with these sales objections and keep the sale moving forward?

I’m going to give you the solution in this post.

GOOD NEWS

Think dealing with sales objections is tough?

Well think again!

Every single objection falls into one of four buckets. It doesn’t matter what service you sell, who your customers are or what industry you’re selling into.

The four buckets of objections are –

  1. Lack of budget
  2. Lack of need
  3. Lack of urgency
  4. Lack of trust

So when you know how to do deal with each of these four buckets of objections, you can answer any sales objection with ease.

Pretty cool right?

Let’s look at each of the four buckets of objections in more detail.

BUCKET #1: lack of budget

A perceived lack of budget from the buyer manifests itself as an objection like –

“It’s too expensive” or “I don’t have the cash right now”

A lack of budget is the most common sale objection that you will face.

The best wat to deal with the budget objection is to align the cost of the buyers pain with the price of your product.

To align price and pain, you need to ask questions to uncover how much financial pain your buyer is in that you can relieve. You can do this by asking questions like –

“OK I understand that you might not have budget right now but how much is this problem costing you each month?”.

Once you know their financial pain, when they next give you a budget objection you can say –

“You said this issue is costing you $100,000 a month, yet our service costs just $20,000 a month. Is it fair to say that your budget will be created by the cost savings?”

When you frame your pricing against the cost of the pain of the buyer currently it becomes a no brainer for the buyer to continue the selling conversation.

The second way to deal with the budget objection is to prevent it from happening in the first place. You can pre-emptively stop the budget objection by discussing your services price in ranges rather than giving specific pricing.

Your buyer is much less likely to bring up a budget objection if you explain –

“Our price is within the $20,000-$100,000 a month price range for what you’re looking at”

Rathe than saying your price is $47k a month which may not be within the initial budget the buyer has for the project.

Once you’ve explained your price range, you can then ask the buyer to share their budget with the question-

“Where in that range could you see yourself investing to solve this problem?”

BUCKET #2: lack of need

The second bucket of objections is a lack of need. A lack of need objection is communicated by the buyer by saying –

“I don’t think you can help me”

This sales objection is a blessing in disguise.

The buyer is telling you that they are not educated enough on your service to buy from you. They don’t know what problems you’re capable of solving for them.

When the buyer gives you a lack of need objection, they’re not saying they don’t want to buy from you, they’re saying they don’t know how you can help them yet.

This is great news as it means you have an opportunity to teach and educate your potential buyer.

So if I’m selling our Salesman.org sales success product to sales leaders and they give me a lack of need objection like –

“We already have a long-standing internal sales training program.”

I say –

“We’re helping a number of your competitors right now skill up their salespeople to sell in the digital marketplace. In the digital world having a platform to sell from is more important than what traditional sales training teaches salespeople. Does it make sense for me to share how we’re helping your competitors grow in your market?”

They’d be crazy to turn down my offer of learning about their competitions secrets, right?

BUCKET #3: Lack of trust

The next objection bucket is what you will face when there is a lack of trust between you and the buyer. Lack of trust objections sound like –

“I’ve never come across you or your company before”

Lack of trust objections feel like the buyer has just slapped you right in the face.

Like they pulled your mother to one side and told her that they think you’re an idiot.

Lack of trust objections feel like the time Greg pulled your trousers down in the club in front of hundreds of people… and you thought, I’ll stand here, compose myself, show everyone I’m a confident dude and won’t be undermined by childish behaviour… only to look down and realise that Greg had also pulled your boxer shorts down at the same time and your pecker was hanging out for all to see…

Lack of trust objections can be embarrassing for salespeople. But they’re not something you should be concerned about.

Remember, when a buyer says, “they don’t know you”, they’re not rejecting you personally. How could they reject you personally if they do not know who you are and what you can offer?

The best way to deal with a lack of trust objection is to say –

“That’s okay, lots of our most ecstatic customers had not heard of us before they signed up. Does it make sense for me to explain the value that we can bring to your business?”

Here we using social proof by mentioning the fact that we have lots of ecstatic customers and then we’re asking a question to keep the sale moving forward.

BUCKET #4: lack of urgency

The final bucket of objections you will face is the lack of urgency objections. These objections sound like –

“That sounds fantastic but it isn’t important to me right now”

Your goal with lack of urgency objections is to identify if timing really isn’t right for your service to be delivered to the buyer or if the buyer is trying to fob you off.

I have a couple of go to responses for this objection –

“If money and resources were no object, with this be a problem you would want to solve today?”

“If I did call you back next quarter, what would’ve changed?”

Asking either of these questions when faced with a lack of urgency objection reframes the buyers thinking and enables them to see for themselves that buying right now could be more beneficial than buying in a few months time.

SANITY CHECK

Finally to wrap up this video I want you to remember that sales objections thrown out by potential buyers rarely come from a place of deep thought and consideration.

Sales objections are typically knee-jerk reactions to the fact that the buyer did not feel comfortable in the conversation or because the buyer wanted more time to think things over.

Your duty as a sales professional is to give the buyer all of the information they need to make an informed decision as to whether they should purchase are not.

So you should see these objections as an opportunity to teach and educate your buyer rather than a personal rejection and something should hurt your self-esteem.

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