Learn to love the 4 most common sales objections and close every sale!
You gently guide the customer around the car he is interested in. You highlight its great features and benefits he will get from being the proud owner of this superb vehicle. You took him for a test drive. He loves the car!
Back at the office, comfortably seated down, you go for the close. (For the details on how to close every sale in 7 steps, please read How to sell ice to an Eskimo in 7 steps) Then you hear the dreaded words, “I need to think about it.” Your heart sinks!
For salespersons, especially new ones, sales objections can kill their enthusiasm faster than a speeding train.
That can change! You must learn to accept objections as expected. In fact, you need to learn to love sales objections. This is because objections are actually opportunities to close sales! The customer is still having a concern that is not yet resolved. You just need to understand his concern and then offer a solution. So prepare yourself to overcome the objections.
I will discuss the objections raised with regard to a car purchase, but the principles can be used whether you are selling a laptop, a Photostat machine, a holiday package, or even insurance. You just need to customize the scripts.
You are very familiar with these 4 common sales objections:
“I need to think about it.”
“I want to ask my wife (spouse) first.”
“I want to shop around.”
“I can’t afford to pay the monthly installment.”
Before I share with you some time-tested scripts to overcome these objections, you must shed these 2 sales myths:
- Myth No. 1: What is the chance of a person who walks into a showroom to view a car and then makes a booking?
- A. 50% B. 60% C. 70%. D. 80%
If you choose any of the above as your answer, I’m sorry, you’re dead wrong! The answer is, of course, 100%! This is because the prospect will buy a car. He may buy from you if he likes and trusts you, otherwise he will leave and buy from another salesperson. Or he may buy your brand if you can convince him that your product meets his needs. Otherwise, he will leave and buy from your competitor. Either way, there is a 100% chance he will buy a car!
- That leads us to Myth No. 2. It is often not possible to sign a deal “on the spot” when you meet a customer for the first time.
- A. True B. False
The obvious answer is B. All top salespersons believe that you can ‘sign on the spot’ 100% of the time. OK, that’s not literally possible. But the fact that they BELIEVE AND WANT to close every sale ‘on the spot’, accounts for a high success rate of closing. (Read and understand the Law of Diminishing Return at How to sell ice to an Eskimo – the 4 Rules)
So a quick summary: You must want and believe that you can close every sale even if it’s the first time you meet a customer.
Next, let’s see what persuasive words we can use to answer the 4 common killer objections.
1. “I need to think about it.”
Is this a valid reason for not buying today? No. However, he is still not convinced to put down a deposit. Perhaps he is holding out for a better price, more discount, and more freebies or there are other issues he is not sharing.
I have posed this objection to many new salespersons and this is their general answer, “OK. So Mr customer, when can I call you again.” The customer can say, tomorrow, 2 days later or whatever. The sad fact is, once the salesperson calls back, he will discover the customer is still thinking about it or the call goes unanswered. This is because of the Law of Diminishing Return (Read about this important success factor at How to sell ice to an Eskimo – the 4 Rules)
So the better way to handle this objection is to find out what the customer is thinking. And do it with finesse. Smile and say, “I understand.” These are powerful words. It tells your customer you hear him and can relate to what he says.
Next, remember this script, “Other than thinking about it, what other concern do you have?” So by asking a question, you get the customer to talk. And when he talks, you still have a chance to close the deal. Keep on asking until you understand his real concern.
Usually, his concern is about the price, perhaps he is not satisfied with the discount offered or he wants a higher trade-in price for his used car. And once you are able to get him to agree on the issue of price, he will put up another objection! “I want to shop around.”
2. “I want to shop around.”
Well, if your product knowledge is poor or your knowledge about competitors’ product is weak, you will be defeated. This objection kills the deal instantly. There is only one way around this objection. You MUST KNOW how your car can satisfy the customer’s needs BETTER than the competitor. (Read why Knowledge is Power at How to sell ice to an Eskimo – the 4 Rules)
You need a ready comparison in your handphone, or even better, on your tablet.
So, when he says, “I want to see X brand also”, you smile and say, “I understand. customer likes to compare.”, then adds, “I have some information about brand X, may I show that to you?” I’ll guarantee he’ll say ‘Yes’. Then take out your tablet where you have pre-loaded the comparison between your car and brand X, which of course is presented highlighting YOUR car great features and better benefits! He has no need to shop anywhere but with you. Now go for the close.
But wait, he says, “But I want to ask my wife first.” There is no need to tear your hair out, after all, you have expected this.
3. “I want to ask my wife (or husband) first.”
This is a tough objection because on the surface it seems like a valid reason. But there’s a high chance he’s trying to wiggle out of making a decision.
You smile because you have expected this and say, “Of course, I understand because purchasing a car is a big investment.”
Probe further, “Have you talk to your wife about buying a car?” If the answer is yes, ask, “Does she know you’re looking at one right now?” If the answer is again ‘Yes’ – Bingo! – you can surely close this deal.
Now let’s take the scenario, where the answer is ‘No’, he has not yet discussed with his wife on buying a car. Continue to focus on ‘signing on the spot’. Well, there are several questions you may ask to continue the discussion. As long as the customer is talking, he’s buying.
You may casually ask:
“Do you think she’ll prefer metallic or white?”
Or “What are her 3 favorite colors?”
Or “Since the test drive car is available, let’s make a quick run to your house so that she can experience the fantastic handling for herself.”
Or “Let’s give her a call, and let her have the pleasure of choosing the color she likes.”
If he insists he wants to go home and talk to the wife, go for a win-win close. You may say, “I understand. I’ll like to propose a win-win deal for you. This great offer may not be available after today. Let’s lock in this promotion today with a small deposit. And if ever you change your mind, I’ll refund you in FULL in x number of days. Either way, you win!”
If he still insists he wants to wait, tell a story. “Please don’t go through what my own friend Mr so-and-so experience. He was exactly at this point of discussion, and I begged him to put down a small deposit to lock in the offer but he insisted to wait. He called me a few days later to confirm the deal but unfortunately, the offer was no longer available. So I’m begging you to accept this win-win deal. Book now and I can guarantee the offer. If you change your mind, you’ll get a full refund. You’ve nothing to lose.”
Of course, you need to be sure your company has a refund policy!
The fourth objection:
4. “I can’t afford to pay the monthly installment.”
You may recommend a lower-priced variant to fit his budget. But sometimes because you have done such a great presentation, the customer wants this particular variant. Use this technique that is almost always 100% successful – Reduce to the Ridiculous close.
Recounting an actual case. A prospect said he can’t afford a $1,100 car monthly installment. He said, “I’m sorry, $1,100 is too much for me to pay every month.” Staying calm and without flinching, I said, “I see, well, how much do you budget for the monthly installment?”
He said, “$800”
Very gently I said, “So, there’s a difference of $300.” He nodded in agreement.
At this point, you can see where this technique is going. I have just reduced the problem from $1,100 to just $300!
‘Well, just think”, I reasoned, “just add $300 you can own this great car model X with the safety benefits that you want for your family. Imagine this beautiful car sitting in your driveway!”
The customer put his hand to his chin.
“In fact,” I continued to persuade, “divide $300 by 30 days, it’s only $10 a day. For $10 a day extra you get to drive this brand new car!” Now the objection has been reduced to just $10!
The prospect thought for a while and said, “Well, I guess I can manage $10 extra a day.” Deal closed! (For more info please read Where can you find free books by Joe Girard, the world’s greatest salesman)
Here’s a possible final hurdle. Sometimes after trying all the above and the customer still refuses to sign on the order form, try this, you’ve got nothing to lose.
“Mr customer, can we be totally open?” He will say yes because everyone likes to think they are open-minded and reasonable. Maintain eye contact, and very firmly and slowly say, “Please tell me what I can do to get your business right now.” He could say, the price is still an issue or some other things, and this will ‘force’ him to go through the whole sales negotiation again! Good luck!
Hi, my name is Song. Thanks for visiting hard-knocked-life-coach.com. Please come again!
Please share your most challenging objection and how you handle it in the comment below!