If you are getting tired of hearing no on your sales pitches, you aren’t alone. Let’s face it, it can be both frustrating and discouraging. Don’t let those moments ruin your momentum, instead treat them as a learning tool. In an article by WebStrategiesInc., “When buyers have a few objections and you can satisfy them, your success rate is 64%.” We take a look at some common objections resellers face and the best ways to overcome them.
Are you tired of hearing it’s too expensive? According to research by HubSpot, “Fifty-eight percent of buyers want to talk about pricing first.” As a reseller, justifying the cost and the benefit of your product and services is the perfect way to overcome this. What makes your product and services unique? Don’t be afraid to break down the value to them in a way they can understand. If it’s important to them, then they will find the money and resources to make it happen.
Bells and Whistles
When describing your product and services, a common objection is that they want different features, or can it do x, y, and z? This is both bad and good. You don’t want to get into a lengthy discussion on the specifications of what you can offer, but it does show that the merchant is interested in what you are selling. Use this to your advantage to set up a future call and allow yourself to find more detailed answers to their questions.
Fear of Change/ Prior Bad Experiences
If it isn’t broke, don’t fix it. The old adage may hold true for some, and it’s an objection you should be prepared to hear. When looking for new business, potential clients may already use a payment processor that is working for them, or conversely, have had bad experiences prior. This goes back to value. If you can prove to them why you are different than the competition, you can overcome the objection and sway their opinion. Building trust is a key factor in keeping and maintaining that relationship.
“We aren’t ready to decide yet” … “Just leave me some information” … “It is bad timing”… You’ve heard them all. This comes down to timing and indecisiveness. You don’t want to just leave them with information and the conversation at a standstill. Set up a time to follow up, allowing them the space they need to think it through, but also letting them know you genuinely care about their business.
No matter what the objection, your response makes all the difference between a satisfied and unsatisfied merchant. Whatever the issue is, the following key principles should be used at all times:
Listen- A common complaint is that the salesperson talks way too much. WebStrategiesInc. says, “Seventy-four percent of buyers said they were much more likely to buy if that salesperson would simply listen to them.” Take a step back and take a vested interest in what they are saying and how you can help.
Ask Questions- Part of being interested is asking questions. What would make them satisfied? If something isn’t right, what else can you do to fix the problem? Find the why behind the issue. Ask open ended questions and make them feel a part of the process. According to Gong's analysis of 519,000 discovery calls, “There's a clear relationship between the number of questions a rep asks and their chances of success.” It is important to understand the objection, their pain points and to be able to respond properly.
Responding and Resolving the Objection- The end game is to make the customer happy. By responding in a way that clears up or resolves the initial or subsequent objections will help build trust. It’s also important to be timely in your response. Nobody likes to wait, especially if they already have cause for concern. Making sure they are satisfied and that satisfaction is met swiftly is key.
Objections are inevitable. A study by Gong found, “The most effective discovery calls uncover between three and four business problems. At the end of the day, preparing yourself ahead of time, and arming yourself with ways to overcome those objections, can help turn those no’s into yes’s and increase your business.”