Thank you for listening to The Champion Forum Podcast! No matter how much you love and believe in what you do, you won't get customers if you can't talk about money. I have had the opportunity to lead hundreds of salespeople throughout my career, and now as a consultant, I get the chance to help companies build sales cultures. Today on the Champion Forum podcast, we discuss one of the biggest obstacles salespeople face when closing a sale.
The most common reason why new salespeople are ineffective:
Many new salespeople lack the confidence to talk about money. They shy away from the tension caused by talking about money and see objections as an insurmountable obstacle. The truth is that all salespeople should expect objections! The best way to help your prospect gain the proper mindset is to anticipate the expectation and be prepared and confident in navigating it. An objection is the beginning of the conversation, not the end.
Q: How do you develop confidence? Where have you seen the most significant growth in your confidence? What difference has it made in your relationships? Career?
How to talk about price when closing a sale:
State your price, then be quiet.
Remember that silence is not an objection.
If they do object, don't make their objection bigger than it is. Ask questions to understand better. Their objection to the price may actually be an objection to something else.
See if their objection is something you can work with, like setting up a customized payment plan.
Make sure they feel understood. Ask if you've correctly understood the outcome they want and ask how badly they crave it. It's possible you didn't get to that deeper desire, and this is your last opportunity to do it.
Remind your prospect that there is a cost to not fixing their pain and a price to staying in their current pain.
Stand firm in your price.
Q: How do you feel when talking about money? How has your comfort level changed over time? Describe a time when you overcame an objection and closed a sale. How did it feel? What was the hardest part? What was the easiest part?
Preparing ahead of time:
The best way to handle an objection is with an excellent presentation.
Evaluate your presentation to ensure you are hitting all the steps in the sales process.
Utilize trial closing to get buy-in throughout the process.
Ensure that you are exposing pre-existing pain and presenting a solution.
Q: How do you prepare for a sales call? What research do you do before a sales call? What was the best piece of information you uncovered that helped you prepare for a sale? Why?
Brainstorm possible objections your customers may have and devise a rebuttal for each of them. Start by using the objections you have already heard and then come up with some of your own. Preparing your responses will help you feel more confident when facing an objection during a sales call.
Ask your current customers about the objections they had when they were buying your product and why they are satisfied now. Build their feedback into your presentation and your response to prospects' objections. Using real-life examples can help you build empathy and trust with your prospect.
Practice closing sales with a co-worker, leader, or other trusted person. Ask them to listen to your presentation and come up with at least three objections based on the information you presented (or failed to present). Hearing objections from people you trust will help you build confidence to go into real sales scenarios.