Chap011 - Selling

Chapter 11
Questions answered Attitude about objections When are there objections? Reasons for objections The value equation Attitudes Postponing/ forestalling Response methods Angry customers Price objections Terminology
Some questions answered in Chapter 11

When do buyers object? What objections can be expected? How should salespeople prepare to respond to objections? What methods and techniques are effective when responding to objections? How do you deal with tough customers?
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Chapter 11
How do you feel when
someone interrupts you? someone causes you to start talking about a different topic before youre ready?
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Chapter 11
Buyers Objections
Buyers objections are normal and natural part of the sales process, and considered a sales opportunity. Salespeople should do everything they can do to encourage the buyer to voice concerns and questions as hidden objections can't be dealt with.
An absolutely perfect product has never been developed
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Chapter 11
Think back to the last time you raised an objection during a sale. Why did you do it?
For the challenge to make the salesperson work hard for the order. Because of a lack of interest the salesperson did not qualify you or failed to help you identify a need. Procrastination to avoid making a decision. Due to a drawback the product did not meet your needs sufficiently.
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Chapter 11
Think back to the last time you raised an objection during a sale. Why did you do it?
Due to misunderstanding you may not have understood what the salesperson meant. Personal risk making a bad decision could have damaged your reputation.
Some Somekinds kindsof of objections objectionsare arehidden hidden

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Chapter 11
Objections are usually not personal
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Chapter 11
When do buyers raise objections?

As the salesperson is trying to set up the initial appointment. During the salespersons approach. When the salesperson tries to use small talk. As the product is being explained. When the salesperson attempts to gain commitment. After the sale.
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Chapter 11
When do buyers raise objections?
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Chapter 11
Objection A Question + Tension

An objection is nothing more than a question, expressed under the tension of making a decision. First thing to do is to relieve the tension, that is relatively easily to do with the question behind the tension. The 3 steps are: 1. Listen to defuse the tension. 2. Clarify the question behind the objection. 3. Problem solve by answering the the question behind the objection.
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Chapter 11
A salesperson is trying to sell you a brand new luxury car!

List all of the objections you can think of.
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Chapter 11
Objections to buying a new luxury car

The objections probably fell in five categories:
You didnt need a new car. You didnt like the car. You didnt like the company or the salesperson. You thought the price was too high. You needed time to think about it.
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Chapter 11
Common Objections I
Five major types of objections
1. Need I do not need the product. I need more information. Ive never done it that way before, new product. Im just not interested. 2. Product I dont understand, verbal, non-verbal. I dont like the product or service features.
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Chapter 11
Common Objections II
3. Source I dont like your company. I dont like you, clashes. 4. Price your price is too high, true or false. The value does not exceed the cost. 5. Time I need time to think about it, analytical and amiable, late majority.
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Chapter 11
This would cost too much!

Youve been explaining a new service that would change the way your prospects company would handle a frequent problem. The prospect has been receptive, but suddenly says, This would cost too much. What should you do?
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Chapter 11
The value does not exceed the cost! Im not going to buy.
Exhibit 11.2
Improve co. image Hassle to switch $20,000 price
Benefits
Costs
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Chapter 11
The value exceeds the costs. When can you deliver it?
Exhibit 11.2
Hassle to switch $20,000 price Improve co. image Increase morale Reduce absenteeism; save $15,000 Reduce errors save $15,000 Reduce training costs; save $10,000
Costs
Benefits
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Chapter 11
Are police our friends?
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Chapter 11
Are police our friends?
What if youve just been speeding?
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Chapter 11
Objections are our friends

They help us know what is going on in the buyers mind. But they often come at the wrong time just as were covering an important point.
Even so, we should have a positive attitude about them.
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Chapter 11
Traits and behaviors of successful salespeople in responding to objections

Exhibit 11.3
Develop and maintain a positive attitude about objections. Commit to always tell the truth. Anticipate objections and prepare helpful responses. Relax and listen and never interrupt the buyer. Address known problems before the buyer does. Make sure the objection is not just an excuse. Are sincerely empathetic to the buyers objections.
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Chapter 11
Traits and behaviors of successful salespeople in responding to objections
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Chapter 11
What is the difference between postponing and forestalling objections?
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Chapter 11

Postponing an objection
In an early part of a sales call, the buyer may raise objections the salesperson would prefer to answer later. The salesperson asks permission to answer the objection at a later time.
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Chapter 11

Forestalling an objection
The salesperson raises an objection before the buyer has a chance to raise it. Buyers are more willing to change their thinking when they do not feel they need to defend a position theyve already stated.
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Chapter 11
Common methods for responding to objections

Exhibit 11.4
If the buyer makes a statement that is factually not true, use:
Direct denial Indirect denial
If the buyer raises a valid concern or offers an opinion, use:
Compensation Feel-felt-found Boomerang Pass-up Postpone
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Chapter 11
Create an open and honest atmosphere
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Chapter 11
Responding to objections: direct denial

From Exhibit 11.5
Buyer: Your products quality is too low. Response: That simply is not true. Our product has been rated as the highest in the industry for the last three years.
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Chapter 11
Direct Denial
This will lead to confrontation. Could be a fake objection! You may think you have correctly defined the objection and thus give an immediate response?
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Chapter 11
Using direct denial

Direct denial should only be used when the objection refers to something that is of trivial importance to the buyer. True False
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Chapter 11
Responding to objections: indirect denial

From Exhibit 11.5
Buyer: Your products quality is too low. Response: I can certainly see why you would be concerned about quality. Actually, though, our product has been rated as the highest in the industry for the last three years.
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Chapter 11
Responding to objections: compensation method

From Exhibit 11.5
Buyer: Your products quality is too low. Response: I agree that our quality is not as high as some of our competitors. However, it was designed that way for consumers who are looking for a lower-priced alternative, perhaps just to use in a weekend cottage. So you see, our somewhat lower quality is actually offset by our much lower price.
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Chapter 11
Responding to objections: feel-felt-found method

From Exhibit 11.5
Buyer: Your products quality is too low. Response: I can certainly understand how you feel. Mortimer Jiggs felt the same way before he bought the product. But after using it, he found that the quality was actually superior to that of other products.
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Chapter 11
Responding to objections: boomerang method
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Chapter 11
Responding to objections: boomerang method

From Exhibit 11.5
Buyer: Your products quality is too low. Response: The fact that the quality is lower than in other products is probably the very reason you should buy it. You said that some of your customers are looking for a low-priced product to buy for their grandchildren. This product fills that need.
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Chapter 11
Responding to objections: pass-up method

From Exhibit 11.5
Buyer: Your products quality is too low. Response: I understand your concern. You know one of the things I always look for is how a products quality stacks up against its cost. [Pause] Now, we were talking about
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Chapter 11
Responding to objections: postpone method

From Exhibit 11.5
Buyer: Your products quality is too low. Response: Thats an interesting point. Before discussing it fully, I would like to cover just two things that I think will help you better understand the product from a different perspective. Okay?
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Chapter 11
How would you respond?

You are interviewing for a job when the recruiter tells you, I cant hire you! Youre too young.
Provide an example of your response using each of these techniques: Work Sheet Direct denial Indirect denial Compensation method Feel-felt-found Boomerang Pass-up Postpone
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Chapter 11
What is your advice?

You are helping a friend rehearse for a job interview. After responding to an objection, your friend moves on, without asking if you agree that the objection has been resolved. What advice would you give your friend?
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Chapter 11
Adjusting for social style

How would you attempt to answer the objection, Your new product will have more service problems than your competitors product in each of the following situations? You are calling on an amiable that you have been doing business with for four years. You are calling on an expressive for the first time. You are calling on an analytical that bought one of your products three years ago but has bought nothing since then. You are calling on a driver who currently uses your competitors product.
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Chapter 11
Responding to objections: dealing with angry customers

Think of the last time you confronted a salesperson or store employee because you were angry about something that had happened. How did the employee handle it? Were you satisfied? What could you have done differently?
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Chapter 11
Responding to objections: suggested steps
Listen carefully dont interrupt. Evaluate the objection. Decide on the method(s) to use in answering the objection. See if their objection has been answered.
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Chapter 11
Categorizing Objections
A popular way to categorize objections is by the nature of the customers concern. Misunderstanding the customer has some incorrect information. Skepticism the customer questions whether the product will provide what you say it will. Drawbacks the customer believes another solution offers a desirable feature your solution doesnt provide.
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Chapter 11
Responding to Misunderstandings
The customer has some incorrect information. Rather than just giving them the proper information, you want to confirm your understanding of the customers need. Then acknowledge their need.
Next show how your product actually
does meet the need. Then confirm their acceptance of this answer.
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Chapter 11
Responding to Skepticism
The
customer questions whether the product will provide what you say it will.
First probe to be sure you understand the customers concern. Then acknowledge their concern. Next, explain why your product provides the desired attribute, and provide proof offer a testimonial letter, publication, or another form of proof that is acceptable to them. Evaluate the customers attitude toward your proof if they dont seem convinced, try offering a more acceptable form of proof.

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Chapter 11
Responding to Drawbacks
The customer believes another solution
offers a desirable feature your solution doesnt provide.

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First probe to make sure you fully understand the customers concern. Then acknowledge their concern. Next youll want to minimize the importance of the feature they desire. To do this, make the customer aware of the benefits that will outweigh the drawback. Then confirm their acceptance of this answer.
Chapter 11
Price objections
To help a prospect overcome his or her objection to price, the salesperson should carefully explain the sellers costs and show that the price is fair in comparison to the costs. True False
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Chapter 11
Price objections
Be convinced that the price you are offering is absolutely reasonable. Identify the social style of the prospect. Combine more than one method in responding to price objections (Boomerang with compensation and FFF methods). The products value must be established before discussing the price.
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Chapter 11
Price objections
Price objections are the most often type of objections even they may be masked to hide the real reasons for the buyers objections. 20% of buyers buy depending on the price. 80% of buyers buy for reasons other than the price, because they need (want) the product, filling the gap between have and want. Price still an issue even between partners.
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Chapter 11
The Price Objections

Two step approach: 1. Ask questions to understand the customers view point. 2. Sell value and quality:
Complete cost-benefit analysis. Use communication tools (brochures, documents, samples, premiums, demonstration, , , ). Use intangible benefits as:
A. Services. B. Company reputation. C. You the salesperson yourself (value creator).
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Chapter 11

Paint a Word Picture in Responding to Price Objections
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Chapter 11

Price-value sandwich technique
A business truism says that you can cut, cut, cut, until you cut yourself out of business. Look before you cut prices! You must sell more to break even.
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Chapter 11
Any questions about the terminology?

Boomerang method Compensation method Direct denial Excuses Feel-felt-found method Forestall Indirect denial Objection Pass-up method Pioneer selling Postpone method Probing method Superior benefit method Third-party-testimony method Turnover (TO)
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Chapter 11
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Chap011 - Selling

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Chap011 - Selling

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Chapter 11

Some questions answered in Chapter 11

How do you feel when

Some Somekinds kindsof of objections objectionsare arehidden hidden

Objections are usually not personal

When do buyers raise objections?

When do buyers raise objections?

Objection A Question + Tension

A salesperson is trying to sell you a brand new luxury car!

Objections to buying a new luxury car

This would cost too much!

Improve co. image Hassle to switch $20,000 price

Are police our friends?

Are police our friends?

What if youve just been speeding?

Objections are our friends

Even so, we should have a positive attitude about them.

Traits and behaviors of successful salespeople in responding to objections

Traits and behaviors of successful salespeople in responding to objections

What is the difference between postponing and forestalling objections?

What is the difference between postponing and forestalling objections?

What is the difference between postponing and forestalling objections?

Common methods for responding to objections

If the buyer makes a statement that is factually not true, use:

Direct denial Indirect denial

If the buyer raises a valid concern or offers an opinion, use:

Compensation Feel-felt-found Boomerang Pass-up Postpone

Create an open and honest atmosphere

Responding to objections: direct denial

Using direct denial

Responding to objections: indirect denial

Responding to objections: compensation method

Responding to objections: feel-felt-found method

Responding to objections: boomerang method

Responding to objections: boomerang method

Responding to objections: pass-up method

Responding to objections: postpone method

How would you respond?

What is your advice?

Adjusting for social style

Responding to objections: dealing with angry customers

Responding to objections: suggested steps

offers a desirable feature your solution doesnt provide.

The Price Objections

The Price Objections

The Price Objections

Any questions about the terminology?

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