The Right Sales Training — Handling Objections

We continue this month with our “wrong sales training” series by addressing the concept of objections. Again, we would like to start with an exaggeration because even exaggerations have some semblance of truth. For example, instead of spending so much time focusing upon overcoming objections, perhaps we should spend more time dealing with prospects that have objections! More on that topic in the future.

Dealing with objections may seem to be quite difficult, yet receiving objections means that you are progressing within the sales process. Those who are not selling will be the recipient of no objections. Those who are selling will be the recipient of many objections.

For example, let us take a closer look at a possible objection:

“My neighbor is a loan officer part-time and I promised that I would call them for the mortgage.”

Those of us who hear this statement are hearing a response to one of several important questions such as: What more do you need to know before you proceed with the application?

No matter what the variation, the point is that the loan officer asked for the business and the objection was a direct result of a positive action. If the question was never asked, then the objection would never have been voiced.

Not all objections can be answered. Good salespeople recognize when to let go. Not overcoming an objection is a sign of effectiveness, not a sign of weakness. Many waste their most significant resource — time — and ruin relationships by pressing the issue when there is little or no hope of a solution.

For example, let us turn back to the previous example and change the parameters:

“My son is a top producing loan officer. I am going with him.”

This situation is a little more difficult to overcome than a neighbor who dabbles in mortgages, wouldn’t you say? There is probably little that you could say to dissuade this potential client. Yet, it is good to keep the door open:

“Let’s keep in touch just in case things don’t work out to your satisfaction or I can help your son in some way.”

Bottom line, it is wrong to continue to press the issue when there is little hope of coming out on top. The time you invest with little chance of reward could be better spent marketing sources that have a better potential of return in your favor. As a matter of fact, you could contact the son as he may be a potential reciprocal referral source as not every loan officer can do every deal.

Many times you will never hear the right objection.

That is right. People sometimes do not tell the truth! For example, people do business with people they like. We all know that. Yet, how many times will a prospect say to you, “I like someone else better than you.” Or, more likely, “I found someone who has a better rate than you, and I am going with them.”

This concept is especially true with regard to prejudice. If someone is prejudiced against you because of age, race, gender, or ethnicity, they are not likely to let you know. They are likely to come up with another “objection” and the problem is — you will never hear the right objection.

Never disagree with the prospect.

People’s perceptions are just that — perceptions. They are neither right nor wrong. The first time you put yourself in the position of challenging their perception, you will lose credibility.

For example, if someone says, “I would like to do business with a larger firm that I am more comfortable with.”

The wrong response is: “You will not get better service with a larger company; you will just be a little fish lost in a big pond.”

You must first seek to understand the importance of the objection; to do this, you must listen and understand. After all, isn’t listening the key to sales?

“I agree that service is very important. Why do you believe that a larger company will deliver better service?”

You have empathized with their position. Now you seek to understand the basis for their conclusion. Their answer will give you a better foundation for answering the objection and uncovering other significant factors:

“If I can show you how I can deliver first-in-class service will you consider going with me?”

If the answer is no — because my son is a top producer at a large firm — then you know that you have met your match. And you know the right objection.

Next month we will look at the basic types of objections and some suggested responses to these objections.