B2B Sales Objection & Ideal Responses

A sales objection is the excuse a sales prospect uses when refusing to buy your product or service. This post discusses how to handle 4 of the most common sales objections. Examples of common sales objections include the following. 

• "We do not need your product." 
• "Our budget can not support your product." 
• "I'll get back to you. I need to think about it."
• [Subtly communicated objections may suggest concerns that are awkward to say directly, like a lack of trust in your company.] 'Why can't I find more details about your management team? Why am I always directed off your site?"

HERE ARE APPROPRIATE RESPONSES TO COMMON SALES OBJECTIONS 

Objection 1: We do not need your product / service.

Your Response: Offer a 3-point response as follows. 

1. Acknowledge their right to feel as they do. Example: I see what you mean.
2. Empathize and relate with their objection. Example: I would have responded in the same way if I were in your position. I also used to ......... / Many people in your position also initially feel this way ....  
3. Your finding (ie the alternate of that sales objection). However, I have found that ........... / I noticed that .......... / The other persons in your similar position ........... Now, I / those other persons like you are resolving pain point X and even send many referrals. 

Objection 2: The price is too high.

Your Response: Focus on your (unique) value proposition, especially as it relates to 1) resolving the customer's pain point(s), like discussing how your service will reduce their business' customer acquisition costs or that an acne treatment has superior ability to unplug the blocked pores of their consuming customers and 2) focusing on your particular's perceptions of value. For instance, if your target perceives value in product ingredients, discuss the ingredients as a justification for your premium price. Alternatively, if they perceive value in environmentally friendly initiatives, mention those and so on.

• Example: "Why did you select us? We are good at what we do and charge accordingly?"

• Example: "Mr Prospect, are you looking for cheap price or value?" "... well, your price is high. That is my current issue." "Mr Prospect, you mentioned that you wanted to double your sales within one month. If we doubled your sales, would it matter if we charged you this price?"

Objection 3a: I will get back to you.

This is often an indirect, polite way of declining your offer. 

Your Response: Do not waste time asking if you can call again. That looks desperate. Be direct. Most times, the issue is money.

• In my experience, people who say usually never call back. In that case, please tell me what it will take to make the difference for you to do business with me today. It is completely fine if your answer is 'no'. There will be no hard feelings. Are you being polite? Is it a matter of the terms (like the price, etc)? Assuming we are not going to close the deal, tell me what you did not like about the offer. Is it the money? ... Oh ok, so, since the cost exceeds your budget, would it help if you could pay in installments?

Objection 3b: I need to think about it.

This objection may really mean the same thing as the previous one. 

Your Response: Ask an open-ended question that might give you better insight.

• Can you please advise the types of matters that you need to consider?  

Objection 4: [I am unsure whether I trust you].

Trust is earned! 

Your response: Be prepared to illustrate that your competency and efficiency. For instance, 

• Before making contact, memorize a very professional 15-second introduction of who you are. Example: I am ___ from ABC company. We specialize in partnering with _____ companies like yours to [value proposition: raise revenue. See how to introduce yourself as a high value and trustworthy individual]. Present yourself as being more of a consultant than a seller. You want to appear a partner (not opposition) eager to partner with them in a common goal of resolving their problem.   
• Demonstrate that you have completely planned out all the processes involved in completing the sale successfully.
• Provide the answers to all of the (tacit) questions for all stages of the purchase decision-making process. This may also include demonstrating your expertise and insight. This may involve showing understanding of their industry, trends and so on. Also, this involves including all the key persons (typically up to 7 people) in the decision-making process. (See the stages of the buying decision process below)
• Have a clear 'next step' like a scheduled meeting with key contacts (ie versus saying, 'get back to me'.). Whenever possible, have a long term plan.
• Steer clear of behavior that can potentially appear disingenuous. For instance, asking the purchasing person how they are today and other ostensibly friendly gestures can rub many people the wrong way. Besides, this type of question gives the buyer the opportunity to exit the conversation if they choose to say they do not feel happy in the moment.

DOs & DON'Ts

• Rehearse your responses for likely sales objections.
• Be clear on your (unique) value proposition. If need be, rehearse it. For instance, customers, especially business buyers are always seeking to know how specifically you will add value to them in one or several ways that relate mostly to reducing their costs, increasing revenues and efficiency. Stress how your product or service will meet their needs.
• Focus on resolving your customer's challenges and pain points NOT selling features.
• Do face to face meetings for high cost sales.
• Be proud of your premium price. Focus instead on the high value of your product. The businesses you attract with higher prices are likely to better value your product.
• Present multiple product price options, like 3 options, even if you already think you know what the customer is likely to buy. Specifically, offer the very high value premium product, the mid range and lower range product. (See how to establish wholesale prices.)
• Before attempting to sell to your prospect, find out the purchase decision-making process and people involved.(The buying decision process is used by buyers regarding the market transactions before, during, and after the purchase of a good or service. It can be seen as a particular form of a cost–benefit analysis in the presence of multiple alternatives and requires buyers to identify the problem / pain point, determine specific needs, evaluate options among suppliers, evaluate the performance of the product and seller).

CONTENT RELATED TO OVERCOME SALES OBJECTIONS

• Prepare your sales pipeline to respond to any customer response.
• Buyer's decision process
• See how to calculate wholesale prices appropriately.
• Have good customer relationship management for your wholesale customers.
• See the basis on which you can respond appropriately to price objections when you raise prices for product decommoditization. 
• Use persuasion psychology to improve your ability to deal with sales objections.