Overcoming Recessionary Conditions-​Caused Sales Objections

BY Rachel Cagle
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There’s a sales objection that was common even before recessionary conditions became this year's new norm: “Now is not a good time.” Lately, you’ve probably been hearing that now more than ever from your prospects, right? It's what tends to happen during a recession. Don't be discouraged. Commit yourself to overcoming objections. The thing is, your prospects still have the same needs as before the pandemic hit; possibly even more needs and problems now than ever before. Now IS in fact a good time to buy. You just need to respond the right way to help your prospects realize that for themselves, says Leslie Ye, writing for HubSpot. How well do you handle objections in sales? Often, overcoming objections in sales can be as simple as asking the right questions. Here are a few common objections and questions to ask to keep the conversation going.

Common Sales Objections

Common Sales Objection 1: Hesitation

What’s causing your hesitation?”

Ye recommends asking your prospects this question because you will learn exactly what is causing your prospect to hesitate closing the sale and you'll be better at overcoming sales objections. “You'll be in a better position to address their hesitation and work to find some middle ground that suits both your business as well as the prospect,” says Ye. The prospect's sales objection may be lack of funds, concern for the return on investment of the product or service during a pandemic, or perhaps your competition is offering them a better deal. If their sales objection is caused by recessionary conditions, that information will come to light as well. No matter what their sales objection is, asking point blank what is halting the sale will give you a better chance to turn things around using that information when overcoming objections.

Common Sales Objection 2: Not a good time for change

Why is this not a good time for change?”

Your prospect is obviously meeting with you because they believe that your product or service can help them achieve one of their company’s goals. Hopefully you’ve used that goal during your sales pitch to list examples of how your product or service can help them achieve that goal, even during these new recession conditions. That goal should motivate your prospect to take action. 

By addressing the prospect’s sales objections with a direct tie between your product or service and the previously mentioned goal, you are pointing out that by not signing a sales contract, they’re likely putting this goal on hold. Is that really a good idea? Putting off solving their problem or achieving their goal could actually be costing their company more than your solution would, and they won't have made any progress. Too many companies are putting their goals on hold until the economy gets back to where it used to be. Let them know inaction could actually be damaging their company.

Common Sales Objection 3: Competitors

"Here's how we are different from our competitors."

It can be a huge challenge to unseat a competitor who is doing a good job for a client. But that doesn't mean you should give up. As the editorial team at Indeed​.com recommends, "Let the prospective buyer know what makes your service different from or better than what the competition is offering."

Common Sales Objection 4: Fear

"What's causing your fear?"

When you ask that question, your prospect might admit they fear making a mistake in choosing your solution. Nothing inspires confidence more than knowing the solution you’re offering worked wonders for someone else in the same position. That's why Ye recommends bringing up clients who you've aided in similar situations when overcoming objections. If you have previously helped a similar prospect or client, especially under recessionary conditions, even better! “After you've shown them evidence your solution works, they'll be eager to reap its benefits for themselves,” says Ye. 

Common Sales Objection 5: Trust

"Here's why you can trust me and my company."

Hopefully, you have taken steps to build credibility with your prospect. As C. Lee Smith, SalesFuel CEO, describes in his SalesCred book, your prospect may have been checking you out before you made first contact. You can grow your credibility by providing testimonials from satisfied clients. Be service oriented in your dealings with the prospect — answers calls and emails promptly. In your haste to close a deal, don't make promises you may have to back away from during negotiations. Every positive interaction between you and the prospect increases trust.

Are you doing enough to overcome sales objections? Review your answer to that question carefully. When you take methodical steps to address sales objections, even during recessionary conditions, you increase your chances of closing the deal.