Sean Murray from Xactly recently shared some great insights for Selling Power about a process to handle sales objections. Search for objective handling on the www.SellingPowerUniversity.com site to see the video, which I summarize here, using the common objection of price ("it’s too expensive"):
The high-level flow of handling objections:
1. Empathize with the customer
Example: “I can see how price can curb you from buying today”. However, do not agree with the buyer at this time, instead, move on to confirm and listen…
2. Confirm what you heard and listen closely
Example: “I can see how pricing would get in the way of purchasing from me today. Let me make sure I’m hearing you correctly. The only reason you would not purchase from me today is because of price. Did I hear you correctly?”
3. Isolate the objection
Example: “Other than price, what other hurdles would keep you from buying from me today?” Let’s assume they say their IT department has too many other priorities right now. So, move to quid pro quo…
4. Quid pro quo
Example: “If I can show you how other customers have worked with their IT departments and found our solution beneficial, would that be a useful way to spend the next few minutes?”
5. Deal with it
Example: Complete the quid pro quo discussion by determining if price is really the problem or if the IT issue is the real challenge to address.
6. Confirm the resolution
Example: Keep track of the objections and resolutions during the sales process so you end up helping the prospect buy the solution (versus being sold to).