Searching for potential customers, clients, or buyers is essential to acquire revenue that will keep your business operations up and running. For a prospect to become an actual customer, a sales representative needs to have the proper skills, effective strategy, and dedication to nurture potential clients until they’re convinced to buy your product or service.
Unfortunately, in order to gain customers, a salesperson would need to overcome some hurdles along the way. Whether you’re a veteran or a newbie, rejection and objection are two of the most powerful words you can’t avoid in the industry.
They’re both challenges but there’s a massive difference between an object and a rejection, and not knowing the difference could cost you some major sales opportunities because you decided to give up too early.
Once you hear the prospect say no, there won’t be a way to change their minds. Thus, many see rejection as a terrifying aspect of sales. No one wants to spend time and effort working on their sales process only to hear the word “no” in the end. It’s easy to feel like a failure in sales. A lot of people take it personally and as a result, become scared of sales.
The advantage of rejection is that it is straight to the point. “No” simply means no. It allows you to move on to the next prospect.
That being said, you can’t just simply move on with your life and forget about the rejection. Even if you’ve been in the sales game for a long time, there’s always something you can learn and improve upon. You can use feedbacks from your rejections for professional improvement which you can use in your next sale.
Unlike rejection, the beauty of objection is that it’s not as permanent. It’s more of an excuse for a prospect to disengage with a salesperson. You can read it as a prospect considering business with the salesperson, but they either didn’t get enough information or that they have false assumptions about the offering. As a salesperson, you can work around a sales objection based on your strategy to overcome it.
There are three common types of sales objections you can expect to face during the sales process.
1. No money
The price is often the most common objection. Prospects might see your product or service too expensive or that their budget is not enough for your solution. Once this objection comes up, you shouldn’t accept the comment at face value but instead, show them the reason why your product is worth the price you charge.
2. No need
Prospects don’t see how your products or services could help them overcome their current issues as they might think they don’t need your solution at the moment. An experienced sales representative would use this as an opportunity to push the prospect further.
To convince your prospect that your solution could help them, gather information to understand their needs. Ask them how they deal with their problem, and you’ll be able to reason why your solution is more suitable.
3. No hurry
The timing-based objection can be one of the most challenging objections to overcome. You’ll find it tricky to determine if the prospect is just putting you off or if the timing is really not right for them at the moment.
When you find the real reason behind the objection, you can start trying to reason with the prospect as to how procrastinating on solving their problem could hurt their business more than buying right now. This strategy is about putting things into perspective. Help your prospects realise that not resolving their issues now could make matters worse in the long run.
However, sometimes the timing objection cannot be overcome, you merely have to accept it and wait until the next month to follow up.
Knowing the difference between objection and rejection can make or break your sales success. Having a true understanding of the nuances between the two will enable to create better strategies and tactics that should ultimately help you close more sales.
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