A Previous Incarnation
"I had a bad experience with your company a few years back."
This is one of the most challenging objections you will ever receive from a prospect. It doesn't matter whether the bad impression is warranted or not.
A new sale cannot take place until and unless the objection is neutralized. Tactful questioning and expert listening are essential in meeting this challenge.
Be sympathetic, but never criticize your company, product, or service. Radiate a sincere desire to correct the situation, and explain the changes that have taken place to eliminate the reoccurrence of this situation.
Remember, the customer provides the information on which Financial Service products are based.
With Check Guarantee, if Mr. Merchant said that his check volume was $10,000 and his rate was based on this, but in fact approves only $2,000 per month, his loss ratio probably went through the roof. And, the rate was sure to be adjusted, much to his dismay!
If Mr. Merchant's bankcard rate was based on approval at the time of the transaction, but history proved that 60% of his business was off-line flea-market sales, the subsequent rate increase could have been the "bad experience."
Emphasize your willingness to rectify any problems that still exist and prevent any new ones from evolving.
