Why is Objection handling so important?
- Salespeople who handle objections effectively are 62% more likely to close deals.
- Salespeople who are able to effectively handle objections are more likely to build trust with buyers and establish long-term relationships.
- Salespeople who handle objections well will have a competitive advantage.
What is a sales objection?
Any concern a prospect raises in reference to Barrier. It is a reason not to purchase from you. Reason not to take a meeting. Reason not to take a meeting.
What are the prospects objecting to?
- Price
- Product
- Services
- The company
- Time
- Competition
- Not Looking
Objections can come in various different ways. There are big differences between other ERPs with NetSuite. NetSuite was already hosted in the cloud and still working on the cloud. Others have moved to the cloud after many years. And also updations are done twice every year. But other ERPs do when the customers asks them. Like this there are lot of differences. TED is the better way to use it.
What does Objection mean?
| I’m not interested/ Listening | I don’t understand | I don’t see the value |
| Indifference | Misunderstanding | Skepticism |
| Uncover compelling event, create urgency, find an unconsidered need. | Probe for clarity to find out why they feel that way. Clarify and confirm. | Offer proof with customer stories. |
Don’t avoid Objections
A lot of times if they’re not saying an objection, it’s not because they don’t have one. It’s because they either don’t trust you enough to talk to you about it. They don’t want you to turn that back on them like a lot of salespeople do.
The 5 P’s
- Pause – If someone asks a question, be polite, respond, and answer that question. Pausing is the most powerful thing to do, if you hear an objection.
- Paraphrase – paraphrase at back. Make sure you have heard it 100% correctly.
- Miss Prospect, Have I heard you correctly? Did you mean this?
- Do you mean you don’t see the value or do you mean it’s just coming down to weird, you know, double the price that you’re hearing or whatever it might be?
- Probe
- Provide
- Passion
| Pause | Paraphrase | Probe | Provide |
| Speech is silver, silence is golden | Confirm the injection you heard | Ask questions to understand true objection | Use common pain points, customer stories, and power positions. |
| Remember that top performers don’t rush when they hear an objection | Shows the prospect you’re listening and confirms that you heard them correctly. | Shows Curiosity Uncovers BANT | Sell the value of the meeting. (Making intros, benchmarking, learning about new trends, etc) |
Reflex Objections. What do reflex objections sound like?
- It’s not a good time
- I’m busy
- Call me in 6 months
- Not right now
- Just send me some informtion
- I’m not the right person
- I’m not Interested
- The hang up
I’m not interested right now
- Paraphrase – “I understand this isn’t a priority right now”
- Probe – “When you say right now, what does that timeframe look like? Is it weeks, months, quarters away?”
- Provide – “I speak with many CFOs in the services space. They’ve found it’s helpful to learn more about their options now to save time down the road when they’re ready.”
I don’t have time to talk
- Paraphrase – “I’m calling out of the blue, so I completely understand that you don’t have time to talk”
- Probe – “What time tomorrow or later this week are you free for a quick call”
- Provide -“The reason for my call is I sent you an email titled “email title” and I wanted to expand on the example win stories from our customers and the ROI they achieved using our software to improve/streamline their business processes.”
I’m not the right person to speak with
- Paraphrase – I realize you may not be the final decision maker, but I’m sure you have some great insight into how…… works at ….. Can you tell me a bit more about your daily time doing…..
- Probe – I often find that more than one person is involved in evaluating their software needs. I’d love to find out more about what role you play in the decision-making process and who the other decision-makers are.
- Provide – Recently <customer> joined NetSuite. The evaluation consisted of several departments given our ability to streamline different areas of the business. Perhaps this is the same situation for your group.
[Gatekeeper] Is he/she expecting your call?
- Provide – … and I have spoken a few times regarding(shared truth or pain point). I wanted to make sure we keep the conversation moving forward.
The hang up
- I believe we may have just gotten disconnected, but if it’s okay I just wanted to take a minute to explain the reason for my call
- I understand you just hung up on me, but the reason I’m calling is XYZ
- I understand you hung up on me, but I wanted to clarify that this is not a sales call. My goal is to better understand your goals/challenges as they relate to XYZ and determine if there is an opportunity for NetSuite to add value to X.