Chapter 11 Handling Objections: The Power of Learning from Opportunities

1. Chapter 11 Handling Objections: The Power of Learning from Opportunities

2. Video Ride-Along • The video Handling Objections features Paul Blake, Vice President of Sales, Greater Media Philadelphia • Paul Blake gives his tips about handling objections • He shares his advice about how to make handling objections the most productive part of the selling process • To view the video, click here • http://www.youtube.com/watch?v=zo4BFaXhFz0

3. Chapter Objectives • Understand what a sales objection is. • Learn how overcoming objections can strengthen a relationship. • Understand when and why prospects raise objections. • Learn strategies to handle objections.

4. What are Objections? • Sales objections: Prospect questions or hesitancies about either the product or company • Signals your prospect’s level of interest • Alerts you to what actions need to be taken to bring the sale to a close • Helps you build your relationship • Helps in finding the true reason for resistance

5. Objections as Opportunities • Objections should be considered as an extension of the selling process • To understand better what your prospect wants and needs - don’t avoid objections; encourage them

6. Consider Objections Before they Occur • Strategies for preparing for the objections that will build your relationship with the customer: • Understand your prospect and believe in your partnership • Do not lose sight of your prospect’s buying motivations • Understand your prospects risk factors • Think about every possible objection the prospect might express • Be proactive and prepared to raise objections first

7. Why Prospects Object • No or not enough money • No perceived need • No sense of urgency • No trust

8. How to Handle Objections • Consider the objection as a question • Respond to the objection with a question • Restate the objection before answering the objection • Take a pause before responding • Use testimonials and past experiences • Never argue with the prospect

9. Types of Objections • Product objection: A concern voiced by the prospect relating directly to the product • Source objection: A barrier presented by the prospect relating to your company or to you • Price objection: A concern voiced by the prospect about the perceived value of a product or service • Money objection: A concern voiced by the prospect that relates to the budget or financial ability to make the purchase

10. Types of Objections • “I’m already satisfied” objection: A barrier presented by the prospect that indicates that there is no need for the product or service • Hidden objection: An objection that is not openly stated by the prospect but is an obstacle in the way of making the sale • “I have to think about it” objection: An objection that is actually a stall

11. Handling the Price Objection • The video Price Too High features best-selling author and sales expert Jeffrey Gitomer • Jeffrey Gitomer discusses how to handle the price objection • To view the video, click view • http://www.youtube.com/watch?v=xrG_SFgcCHc

12. Is Being Satisfied Good Enough? • The video Engage the Prospect features best-selling author and sales expert Jeffrey Gitomer • Jeffrey Gitomer explains how you can engage your prospect by taking away the objection before they have a choice to raise it • To view the video, click here • http://www.youtube.com/watch?v=OCecpcnhqLQ&feature=related

13. Ultimate Stall • The video I'd like to think about it - and other sales stalls features Best-Selling Author and Sales Expert Jeffrey Gitomer • Jeffrey Gitomer refers to the “I'd like to think about it” statement as a stall and not as an objection • To view the video, click here • http://www.youtube.com/watch?v=cCyf8af78A8&feature=related

14. Selling U: How to Overcome Objections In a Job Interview

15. Common Interview “Objections” • You don’t have enough experience • I’m not sure you will fit in with the team • The position doesn’t pay as much as you are looking for • You’re too experienced for this position

16. Hidden Objections during Job Interviews • Hidden objections occur because: • Prospective employers interview all the candidates, and then make their hiring decision • Prospective employers respond in a neutral way during an interview

17. Follow Up after Job Interviews: Set Yourself Apart • Sending a thank-you e-mail after a job interview to the prospective employer • Writing a handwritten thank-you note to the prospective employer

18. Sample Thank-You E-mail Click below to view full-size

19. Figure 11.7 - Sample Handwritten Thank-You Note Click below to view full-size

20. Thank-You Note • The video Job Interviews & Offers : How to Compose a Thank You Letter After a Job Interview • The speaker explains the different elements of a thank you letter and how each should be taken care of • To view the video, click here

21. What If You Don’t Hear Back? • It is recommended that you call and follow up when you don’t hear back from the employer or recruiter within the specified time frame • Continue to do research on the company – When you follow up you can discuss it

22. Summary • Objectionshelp build relationships – Gives you the opportunity to clarify communication and revisit your relationship with the prospect • Major types of objections: product, source, price, money, “I'm already satisfied”, hidden and thinking about it • A job interview includes hidden objections • Follow up after a job interview – powerful way to make yourself memorable post interview