Top 5 Most Common Sales Objections and how to Overcome them
Updated: Jun 3, 2020
One of the most challenging aspects of any Sale will be overcoming objections. You may offer a top-quality product, with incredible value, at an unbeatable price and your customer might still have an objection to buy! Your goal, first of all, is ensuring that those objections are discovered before they even come up. They must be addressed and neutralized throughout your presentation so that in the end the only objection to resolve will be the affordability ( money).
Unfortunately, many times the customer blindsides us with an objection at the end of our presentation and we find ourselves in the difficult position of either finding an appropriate rebuttal or risk losing the sale.
We've gathered for you the most common sales objections and some strategies to overcome them:
What is an Objection?
We can define a Sales objection as an explicit expression by a buyer that a barrier exists between the current situation and what needs to be satisfied before buying from you. There are thousands of different objections as clients become more knowledgeable (and creative). A master closer has to be able to tell the difference between a "real Objection" (and deal with it) and an "Excuse" (which would be dismissed or questioned until the real objection is flushed out).
For the purpose of this post, we´ll divide Objections into 5 major categories and what triggers them:
Money: affordability of the product or comparing the product to a cheaper option from your competition.
Authority: needs someone else´s input to make a decision (accountant, wife, kids, business partner)
Need: the product doesn’t solve a problem or the problem hasn’t been presented in a way to trigger a buying response. (No one needs medicine if they´re not sick)
Urgency: same as need, the problem hasn’t been presented in a way that drives the client has to take action now.
Trust: a lack of trust in the salesperson or company will kill the sale even if the value has been demonstrated. A client will rather take No action than to take the Wrong action and regret it later if trust hasn´t been established.
1. Money Objection or “It’s Too Expensive”
Pricing concerns are probably the most common objections you’ll encounter. And in this case, you’ll first have to identify why they’re concerned about the cost. Is it because the product is really out of their budget or are they having trouble seeing the value of the item? Is it because they think they can purchase it for less elsewhere? Whatever the case may be, figure it out prior to launching your sales pitch. Let them voice their concerns (and truly listen to what they’re saying), and then ask any follow-up questions that help summarize their objection. Talk through it with them. Emphasize the product’s value and the price won´t be the issue.
If Customer feels that the product is out of their budget, you may have forgotten to address how the product will save them money in the short or long run. You have to show them how it will pay for itself while improving the client´s quality of life and finances.
2. Authority Objection or “I need to consult with (third party) first”
Needing someone else´s approval to purchase is usually a defense mechanism customers use because of one of these 2 reasons: its either a legitimate concern and they are not the decision-makers (you might be talking to the husband without the wife present), or its smoke screen use to mask another Objection (trust, money, etc).
If the client needs the approval of their significant other, parent, boss, or financial adviser, we have an objection that must be addressed and neutralized before asking for the purchase. You could´ve tried to encourage the customer to bring their partner/parent/boss along to the salesroom, so you can speak to them directly, determine their concerns, and close the sale. In some cases, trying to get the other person on the phone may help, but doing so might make you come across as being pushy or that you’re rushing the customer.
An easy way of dealing with this objection is to flush out the real reason why they need a third party. For example asking: “what concerns or objections do you think your (wife, husband, kids, etc.) might have regarding the purchase?” Most of the time the answer will the present customer´s concerns (not really the spouse´s) and the objections could be addressed and closed right there!
Again, the best way to deal with such objections is to ask questions, assess that situation (i.e. do they really need to consult with someone else or are they just using the authority figure as an excuse?), and react accordingly.
3. Need Objection or “I don’t see the value”
If a prospect tells you that they don’t need your product, the only way to overcome the sales objection is by showing your prospect how much value you can add to their business.
This concern will most likely sound like this:
“I don’t need this solution”
“My current supplier does what I need”
“This is not a priority”
These responses will be common if, either you are not playing towards their pain points and priorities, or you haven’t yet uncovered their real concerns and challenges.
Your prospect must view your product as a priority. When a customer’s needs move from “nice to have” to “must-have,” their priority to purchase changes.
The way to get your prospect to fluctuate into the “must-have” field is by helping them understand the impact your product will have on their pain point, at the right time.
You must understand your prospect’s situation and keep in contact with them about how your product can solve their problems. Ask them questions like: "how long have you been struggling with (problem)?", or "If you could change something to improve your current status, for example (problem) would you?"
Always instill a sense of urgency that their problem really does need to be fixed (pushing the priority focus) and your product is the best way to do help them do just that.
4. Urgency Objection or “Let me think about it"
This objection is the result of two different reactions in the customers mind:
a) They are not sold on the product (or you), and a kind way of saying NO is saying "I am interested, but not at this time". You might have to dig in to find out whether or not this is a true objection or the prospect is simply trying to be rid of you. The best way to find out if the prospect actually wants to do business is whether they are willing to provide a timeline and a reason for not moving forward today. If they can't provide either, its usually a sign that they are stalling you and won't buy.
b) You might have given the customer all the arguments to understand that he "needs" the product but left out something crucial: why he needs it NOW. The way to overcome this objection is to build a sense of urgency for the prospect. You can do this by explaining that the current offer won’t be available in the future, or by highlighting the immediate benefits that the prospect will miss out on by not moving forward immediately.
Remember that you must not confuse Urgency with pressure. Pressure is an external force.
It´s the tactic used by the sleazy salespeople who lack the talent to charm and guide the customer and instead wants to bully him into buying. Urgency comes from within, the client has to feel the urge that he is missing on a great offer and that not moving forward with the deal will cost him even more.
5. Trust Objection: “I've had a bad experience before” or "I don't know your company"
Sales objections around trust will be handed to you in different ways, from skepticism about how long you’ve been in business to your company’s reputation.
Your prospect might be concerned simply by the fact that the offer is coming from your company for a few different reasons.
Most of the time, the customer won´t just say: "I don´t trust you". The objection will look something like this:
“I don’t know if I’m prepared to commit to an investment with your company just yet”
“I’ve had a bad experience with another company before”
“Your company is much smaller than [competitor]”
“I’ve never heard of your company”
This is the time where your sales pitch must include Brand positioning (who you are and how do you rank in your industry) to show your company in a positive light. After all, around nine in 10 adults prefer to buy from an established brand when purchasing financial services, medical care, or consumer electronics:
Empathize with the customer instead of being on the defensive immediately. If the lack of trust comes from a previous buying experience, find out what the problem was. Address their concerns by showing the differences between the previous company and yours.
Finally, demonstrate that their issues have indeed been addressed, and show them any guarantees you might have to further alleviate their concerns.