How to handle objections when selling your new product or service

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Credit: Wikimedia Commons
Credit: Wikimedia Commons

You’ve come up with a new product or service that you’ve spent months developing and testing and you approach your first customers. Don’t be surprised when you encounter your first objections. You can’t expect a prospective customer to just say yes to your product and hand over their money. It may happen with low value items but the higher the purchase price, the more hard work you need to put into the sale.

In your qualifying stage of the sales process, your prospect should at least have an interest in acquiring your product or service and be in a position to afford it.

After you’ve asked your prospective customer questions to find out their buying motivation and presented what you believe will benefit your prospect and convinced them to buy, expect customers to have questions and concerns.

Think about it. When you buy a product or service don’t you want to find out more how the product or service will benefit you? Aren’t you concerned about the cost, guarantees and after-sales service? You may even hold a major objection that you’ve kept silent about or you don’t feel confident that salesperson is looking after your best interests.

Before you begin to sell your product or service compile a list of objections or concerns that prospects may have. I know this could be difficult for some start-up owners and entrepreneurs who may think that their product or service is unparalleled and without flaw. But at very least note the feedback that you received from prospective customers in your test phase. What concerns and issues did prospects raise?

Customer objections can be numerous and varied but you can usually identify about 6 to 8 main concerns. These may include:

“Your price is too high.”
“I am not interested.”
“I don’t have any money for this.”
“We are satisfied with what we have now.”
“I like your competitor’s product.”
“I’ll think it over.” “I have to think about it.”
“Is this your best price?”
“Your track record isn’t strong enough.”
“What makes you different?”
“I’ve never heard of your company.”

List the potential objections your prospects will raise and write down answers to each.

When meeting with customers, listen to their objections. In fact, ask them, “Do you have any objections?”

Prospects who buy have over 50% more objections than those who don’t buy. Listen actively. Address their concerns. Then ask, “Do you have any more questions that may keep you from going ahead today?”

After you’ve answered their objections ask again, “Is there anything else that might keep you from going ahead today?”

That is your trial close. Or it could be your close. Shut up. Listen. If there are no further objections, write up the sale.

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