The word "no" can be a tough pill to swallow. In selling, when you're trying to meet a quota, squeeze in an extra deal before the end of the quarter, or get your bonus, the word "no" is too often interpreted as a sign to run for the hills. Worse, some salespeople see most objections as a call to battle. With this attitude, it’s no wonder they handle sales objections poorly. However, when we break it down, you can see that objections can actually be a good thing.
In my Twitter activities I came across an excellent post about price objections on Tom Searcy's Hunting Big Sales blog, Price is No Object. In this post Tom writes, "A lot of the time, however, price is not the only issue and it's merely being used as a smoke screen." I couldn't agree more. Price often is not the heart of the issue but an indicator that something else is going on. Clients will use the price objection because it's a convenient excuse.
How many of us have heard from prospects, "Your fees are too high," "Someone else will do it for less," or "I don't see why I have to pay all that money just to have you do an audit, write a brief, create a marketing plan, etc.?" And, more important, how many resist the urge to simply lower our fees to get the work?
Prospecting and setting appointments via cold call is not easy. But learn to overcome these objections, and you'll instantly find more success in it. A recent business-to-business client of ours closed a mid-six figure deal that started with a cold call. But it started out rocky. Indeed, about 20 seconds in to the cold call it almost fell apart.
"Your fees are too high; can you do it for less?" In the highly competitive marketplace we hear dreaded phrases like this all of the time. The easy thing to do is to offer a discount, but that cuts into your profit margins and sets a precedent for the future. You don’t want to become a victim of discounting gone wrong. So what do you do when clients push back on your fees?