There’s a sales objection that was common even before recession 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. 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.
“What’s holding you back?”
Ye recommends asking your prospects this question because you will learn exactly what is causing your prospect to hesitate closing the sale. “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 issue 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 hesitation is caused by recession conditions, that information will be exposed 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.
“What about [previously mentioned] goal?”
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 can be the motivation the prospect needs to overcome their worries that happen during a recession and 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 the prospect's 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 that this could actually be damaging their company.
“I understand. Another customer was in a situation similar to yours. They ultimately decided to purchase because of [trigger event, challenge, opportunity] and [product's ROI]. In the past [X amount of time], they've seen [Y results], even with the new recession conditions."
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 these new recession conditions that have everyone confused, even better! “After you've shown them evidence your solution works, they'll be eager to reap its benefits for themselves,” says Ye.
How do you handle objections in sales? Review your answer to that question carefully. When you take methodical steps to address objections, you increase your chances of closing the deal.