How To Overcome Sales Objections, Including The Biggest One Of All: Your Price Is Too High!

Sales specialists agree -- and all of us who live by sales know -- that the inability to overcome objections is the most frequent cause of lost sales. If you can overcome objections, you'll be the sales success you want to be; if you can't, you won't. It's as simple as that.

Because of the central importance of learning to overcome objections, I sought out one of the leading authorities on the subject. His name is Joel Martin, and he's done something fascinating and important. He's made a useful study of about a hundred year's worth of sales objections and the tactics used to overcome them.

The result of his work is not contained in some ponderous tome, either. He's distilled his results into one of the most useful little booklets I've ever seen, CLOSING THE SALE: SUCCESSFUL STRATEGIES THAT OVERCOME BUYER RESISTANCE. It's a wonderful compendium of every objection you'll probably ever hear from a prospect -- and exactly what you should say in response. What's nifty about this booklet is that it's small enough to fit in a pocket, so that you can carry and consult it easily. It's very impressive. It was clear from the merest glance at CLOSING THE SALE that Martin was the perfect person to suggest how to handle the sales objections one constantly hears -- and always dreads.

Martinesque Perspicacity

The Eight Basic Objections

- "I have a friend/relative in the business who can get this for me."

- "Your company is too small/too new."

- "I'm not interested."

- "I'm too busy to talk now."

- "We are overstocked and have no room for a new line."

- "I'm satisfied with my present product."

- "We have no demand for your product."

- "Your price is too high/I can get it cheaper somewhere else."

Martin's Basic Rules For Overcoming Sales Objections

- First, avoid generalities when answering objections. Remember, the prospect has raised a specific concern. The only way successfully to remove it is to address it head on. To avoid it will only cause the objection to stick out in the prospect's mind and give him reason not to buy. Remember: you must never leave the prospect with what he can regard as a legitimate reason for not buying.

- Probe for the real reason for the objection by asking "why" and "what" questions. Your job is to keep the conversation going and to get more information.

- Listen with sincere interest, don't interrupt, hear the prospect out. Interrupting a prospect will intensify the objection and cause prospects to become preoccupied with it.

As you listen, prospects will often expose the real reasons for not buying. Prospects continually volunteer new information that will help you better understand their needs and desires. Allow yourself to hear the complete objection. Resist the temptation to anticipate what the prospect is going to say. Sometimes, after prospects hear themselves voicing the objection, they realize themselves there is no substance to it!

- Restate the objection in your own words. "Do I understand you to mean that..." This helps ensure that you understand the objection completely. It gives you an opportunity to restate the objection in a more favorable way. "As I understand it, you feel that..."

Restating ensures that the prospect will know that you have taken an interest in, and understand, the objection. Prospects will be more inclined to listen to you when they know you have listened to them. If you have a strong response to a particular objection, consider emphasizing the objection when you restate it, so you will make a greater impression when you respond to it successfully.

- Never argue with the prospect. Often you will be right, and the prospect will be wrong. However, winning the argument (and embarrassing the prospect) ensures that you'll lose the sale. Never come right out and tell the prospect he's wrong.

- Answer objections briefly; avoid overanswering. Use as few words as possible when answering objections, then return to your sales presentation. Dwelling too long on an objection will amplify its importance. Your answer should be just long enough to satisfy the prospect. The objection will become more significant in the prospect's mind, the longer you focus on it. A wordy answer will dilute the strength of the response.

- Don't guess at an answer. Admit you don't know. Say: "I'm sorry, I don't have the answer to that question, but I promise to get the information to you." This type of honest answer can be quite disarming and evoke a positive feeling towards you!

- Anticipate and prevent objections before they are raised. You will be able to anticipate certain objections that almost always come up., Make an effort to deal with them in your sales talk. This is much more positive than having them raised and answering them.

To do this, you must be prepared. Make and keep a list of your most common objections. Write answers to them and address them in your sales talk. After each presentation, conduct an analysis to recall any new objections that may have been raised, and any new answers you've thought of to these objections. Always try to determine why the prospect did, or did not, buy.

Dealing With The Chief Objection: "Your Price Is Too High"

Martin Accepts The Challenge

- Focus the prospect's attention on the price difference. Your price may, indeed, be higher than a competing product, but usually the difference is not substantial. Instead of avoiding the issue, call attention to the amount of difference. Concede that your price is higher. But point out that while the actual difference in price may be only, say, 15%, the prospect receives 85% more in terms of features, capacity, or performance with your product. Make these benefits very clear.

- Explain how the purchase is not an expense but an investment. Show the prospect in as much detail as possible how much he can generate in savings, or profit. Contrast this with the small additional amount your product may actually cost.

- Break the price down into smaller units. Illustrate how small the actual price of the product is by showing what it would cost per day, week, or year amortized over the life of the product. Even tightwads can afford pennies a day to realize their aspirations!

- Remind the prospect that you get what you pay for. Ask the prospect to recall a purchase based on a low price that he or she has regretted.

- Compare your product directly to a more expensive product. Show how your lower-priced product offers features found only in much more expensive products. This will make your price seems lower, as well as build perceived value.

- Compare results, not just price. Remind the prospect that what really matters are the results a product delivers, not just what he pays for it.

- Make the terms of payment as easy as possible. Use low down payments, installment plans, leasing, etc.

- Call attention to the hidden benefits of dealing with you and your company. Explain to the prospect that the price you quote is a reflection of the total value received, including other benefits, like dependable service.

- Challenge the prospect to make sure he is comparing exact specifications. Mention features that may be different. Ask him to compare quality and workmanship. Many products look alike and may seem "just as good", but in reality are quite different (as I'm sure you'll point out).

- Discuss the drawbacks of purchasing cheaper goods. Point to limitations in use, expandability, lower resale value, quality, and features.

Having The Responses You Need

- "Are you more concerned with price than value?"

- "Of course our prices are higher. Considering the quality of our produdts, the difference should be much greater. You know you get what you pay for."

- "Our price only appears high. Have you factored in every aspect such as quality, service, workmanship, and guarantees? If you consider these factors, I think you'll actually find us less expensive."

- "You can always buy it for less, but will you be getting the quality you want? I doubt it."

- "I am very surprised that our price is higher. I would like to be certain that we're comparing the samne productg, features, and service."

More Compelling Martinisms For Overcoming Objections

- "I'm sure you are aware that there is not a product that can't be purchased for less money. But will you be receiving the same quality?"

- "Prices are not the same because quality and service are not the same."

- "You must have certainly regretted purchases based soley on the lowest price?

- "Does our product cost too much, or is it more than you want to spend? Let me explain our attractive terms."

At this point, I finally stopped the irrepressible Martin, who assured me he had another 20 responses at his fingertips. And what's more, he has at least as many for each of the other 20 major objections!

Learning To Use Objections To Make Your Sale

But while objections themselves are helpful. Overcoming them is crucial. Which is why I have no trouble at all recommending Joel Martin's superb, inexpensive booklet CLOSING THE SALE and urging you to carry it with you to every sales call.