Whoa! You’ve done everything right, you’re cruising toward a major sale, you think it’s in the bag, when suddenly, for no reason that seems to make much sense, the customer balks and the deal goes up in smoke. What just happened?
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When a price objection surfaces, most salespeople crumble. Or, they take the path of least resistance and match a competitor's price. Salespeople need to understand that buyers are being professionally trained to ask for price concessions…
“Your price is too high.” “We’re loyal to our current supplier.” “I prefer your competitor’s product.” Classic objections such as those are very hard to overcome when they pop up near the end of your sales call-after you have presented your company and your product, and after you have expended most of your sales ammunition. But objections are far easier to handle if you uncover them earlier in the process…
When we take a deeper look at the problem, again based on The Sales Board’s research, it becomes clear why such a large percentage of salespeople fail to deal skillfully with objections, despite the huge sums spent on sales training: The objection-handling techniques taught by most sales training companies are extremely flawed.
If your salespeople have studied the Action Selling System, they’re aware of the research-proven fact that every customer makes Five Key Buying Decisions—and always makes them in the same order, whether consciously or not. First the customer decides whether to “buy” the salesperson. Then the salesperson’s company. Then the product. Then the price. Then the time to buy.
“To get it, you’ll have to ask for it,” Joe said. “It’s amazing how many so-called salespeople don’t. One study found that 64 percent of all salespeople fail to ask for commitment when completing a call. They present their product, they quote a price, the client says something like, ‘I’ll think it over and get back to you,’ or ‘Can I keep the brochures for a few days?’ and these comedians say, ‘Gee, sure, here’s my card, thanks for your time, bye.’ They’re strictly amateurs, no matter how long they’ve been selling for a living.”
Research shows that salespeople will never reach their full potential without developing the right sales skills. Unfortunately, many salespeople don’t know what selling skills to master and how or when to use them. This Sales White Paper shows you exactly what to do! See Additional Sales Skills White Papers to Help Sales Management and Sales Professionals Achieve Even Greater Sales Success.
I have consulted with hundreds of companies over the years, and I can’t tell you how many times I’ve heard the comment: “Our business is different.” I understand, and I agree. But I would take that difference down another notch or two. Every salesperson and every sales call is different; to treat them as the same is a huge mistake.
Salespeople know that they're supposed to sell to the customer's needs. Here is the classic—and tragically wrong—way they usually learn to do it: Uncover the first need. Begin a product presentation, covering features and benefits. Then attempt to uncover another need. More product talk. Etc. Research shows that presentations like this are 25 percent less effective than those in which a thorough needs assessment is followed by a summary of all of the customer's needs…