Over many years and considerable experience in developing sales programs, one of the regular stumbling blocks is how to respond to objections.
The single best way I have ever seen to overcome a sales objection is to articulate the objection before the sales target gets the chance to do so. That usually shoots it down in flames as a serious objection if the conversation continues past that point.
For example, a while ago doing an assessment of a client’s sales efforts I sat with one of their sales people as they made the initial contact over the phone after the lead had been qualified by a reasonably robust process. My clients product is a quality offering in a crowded market that has a number of cheaper offerings without the value added capabilities and guaranteed longevity. The qualification process filters out many of those for whom the feature additions will add no or little value, so those with whom we were trying to have a sales conversation had been judged to be genuine leads with a need we could fill. However, in the early parts of the conversation almost always price was raised as a problem, and often it ended the sales process before it really got started.
When we turned the scripts around so that the sales personal brought up the premium pricing, acknowledging it was not for everyone, as not everyone values the assurance that comes with the quality built in to the design and fabrication of the product, price was removed as a barrier to the sale.
It worked almost every time multiplying the ‘conversion rate’ which was in this case gaining the face to face opportunity to demonstrate the product in an operational context. From there, the sales conversation rate was already pretty high.
Following is a list of the common other barriers to completing a sale I have seen. Being creative about the manner in which they are handled has a great impact on the conversion rates.
Lack of perceived value in the product
Lack of urgency in purchasing the product
Perception that an alternative is superior
Internal politics in your customers business
Lack of funds to purchase
Personal issues with decision makers
Conflicting corporate initiatives
A no decision no risk attitude
Lack of trust in your company
Lack of personal rapport with you
Your inability to communicate effectively with them
Now you have a list of the possible objections, workshopping the responses is extremely useful
In short, make a feature of the things that you think they will object to, and remove it as an objection before a potential customer has the time and opportunity to bring it up themselves.