Objection Responses Part 1
Listen to objections.
Ask probing questions to help clarify objections.
Show empathy with prospect's point of view. However, be careful to avoid agreeing with prospect.
Restate the objection; translate it into a question.
Confirm the objection has been handled.
Minimize any weaknesses by maximizing strengths. Avoid any shortcomings in your program by reminding the prospect of all of strengths of the service.
When the prospect gives you an invalid objection, you must probe for the real objection. When you are probing, you want your prospect to do the talking, so you can listen and analyze what he/she is saying. So when a prospect gives you an objection, ask why he/she feels that way.
This shows you are interested in listening, and helps you both discover what the real objection is. Often, the real objection isn't substantial enough to block the sale.
Most objections are not unique and rebuttals can be planned. Here are some strategies for dealing with the most common buying objections you will encounter in the field.
A.) Not interested
1) Why, Mr. Prospect, I am sure you will agree nothing is better than cash, but I am sure you will also agree we live in an alternative method society. As an alternative, records show that only 50% of legal age population owns a credit card while virtually everyone has a checking account. You want to be able to service the majority of the people, right?
2) What is it you are not interested in? Is it increasing your sales, increasing your profit, or eliminating bad checks? I will leave you with our brochure giving you an overview of how Check Guarantee will increase your profitability. After you have had a chance to review the material, I will check back with you.
3) Many people do not carry cash, or they run out by the weekend, so they must wait until the banks are open on Monday. By then, they will probably change their minds about the purchase.
4) Check Guarantee Increases impulse spending.
5) Mr. Prospect, if John Doe walks in here with $6 in cash and a checkbook and you don't take checks, the most you'll get is his $6. If you accept checks, you have access to his entire bank account.
6) Checks are better than cash for many reasons. In case of robbery for example, or should there be a fire, checks can be replaced. Cash cannot. Most adults have checking accounts, these people are potential customers because they do not like to carry cash, and they like to do business with people who accept checks.
7) Then you are not interested in making money.
8) I'm sorry, can I ask you one question? What would it take to get you to accept an increase in business and profit?
9) I can appreciate that, just give me two minutes to show you how to increase your business.
10) Would you be interested in increasing your sales while at the same time having us approve your checks for you?
11) I have not explained it to you properly.
12) Let me have a moment of your time and you will be interested.
13) Are you interested in profit?
14) If you are not interested in more business, why do you take Visa/MasterCard?
B.) Your rate is too high.
1) The rate I quoted you was based on CrossCheck's superior Check Guarantee services such as, Stop Payment coverage, COD coverage, and Bank Fee/Interest Reimbursement and 50% fewer declines. I can Guarantee you a rate 10% Lower than your current provider AND Guarantee that CrossCheck will Approve 50% more of your checks.
2) The $35 per month that we charge will bring in at least $1,000 per month in extra business, more than covering the charge.
3) Too high? (Wait for response)
4) It only takes one uncollectible check or one lost sale, which surely would cost you much more than my service.
5) Compared to whom?
6) If you approve just one $200 check that bounces wouldn't our service be worth it?
7) Show me a company with a lower rate, and I will go to work for them.
8) We have the most cost effective package today.
9) How much does it cost you to collect a check?
10) You take MasterCard and Visa, don't you?
11) Who do you know that's less....(compare).
12) CrossCheck is one of the largest providers of Check Guarantee services, and the ONLY Check Guarantee company whose sole business is Check Approval. We guarantee to lower your rate by 10% while increasing your approvals by 50%. We can also guarantee that our superior claims payment ratio and premier Customer Service will increase your sales.
There are only two things you will want to hear when you give a presentation. "Yes, I'll buy" or an objection. An objection is a reason your prospect is not buying your service. The Sales Professional welcomes objections, as it allows him/her more time to convince the prospect of the value of the service.
The sales pro speaks of "smoke" objections with amusement. All you need to handle these are poise, patience, and alertness. Remember, smoke objections are used to screen you from the prospect's real reason for not saying "Yes." Valid objections stem from imaginary problems, misunderstandings, or misconceptions based on false assumptions that can be easily handled. Some of these misconceptions have been planted by your competitors, prospect's friends, or associates. Listening to the objection is very important. It gives you time to collect your thoughts and put the objection to rest. Use cold, hard facts and solid information.
Good Selling!
SM
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