Objection handling is when a prospect raises an objection or voices concern/s about the product or service, that is offered to him/her and the salesperson handles the objection/concern in a way that alleviates those objections/ concerns in a systematic way that facilitates the prospect’s decision making process positively.
Most Objections and Concerns raised by the prospect are regarding price, quality, sustainability, product need/want, competitor’s offers, and good old-fashioned brush offs.
You need not look at an Objection or a Concern as a road block. Being a salesperson you need to look at them as opportunities to add more value and clear the smoke screen that is in front of the prospect to enable closing of the same.
“SUM-UP” Technique for Objection Handling
SUMMARIZE: Smile genuinely and meanwhile buy this time to think how you can address this issue. Repeat the objection with a concern, about what he feels. Acknowledge the objection, and break it down to simple parts for your understanding and ask for validation if you have got it right. Appreciate him for the concern.
UNDERSTAND: Empathize with the prospect and his objection. Treat it as a genuine concern irrespective of the objection being genuine or not. The objection may be a reason to avoid purchase or he genuinely has not reached a the point to make a decision. This facilitates a feeling that he right and his objection is valid. Offer to explain further and
clarify on the objection raised by the prospect.
MOVE FORWARD: Address the concern by slowly drifting away from the objection and highlight the value preposition offered by your product/service in connection with the need/want of the prospect, proceed to close. The prospect may either move forward for making a decision/ raise another objection or repeat the same objection again.
1. In the above scenario, if he moves forward with making a decision, offer him a few value adds that assures his sign up/ purchase.
2. If in case he changes his objection repeat with summarizing, moving forward and un-box your value adds for this objection as well.
3. If your prospect sticks to his objection turn the objection around and use it as a reason for buying.
UN-BOX: One by one unveil the value adds that you can offer the prospect to increase the value of your offering. Make sure you don’t empty your cart yet. As you throw in your value adds, weigh, measure, observe and then close. This gives you the opportunity to keep closing in with every value add that you are offering.
PROCEED: Proceed to close depending on the buyer behavior as observed by you. Following the close, whip out your sales material, your order form and ask for details that need to be filled in the order form and finally ask for an approval/ autograph (avoid using words like sign & signature) on the form .
The Key to Mastering the SUM-UP Techniques is to know when to talk and when to shut up. Once you are done with your offer, just “Stay Mum”, let the prospect speak. The awkward silence makes the prospect uncomfortable and the chances of giving in are the highest.
Rule- the person who speaks first, surrenders.SUM-UP Technique , OBJECTION HANDLING – In Sales by The Sixth Element
ILLUSTRATION OF SUM -UP TECHNIQUE
Prospect: Well it all seems nice, but I can’t afford it since i have other commitments.
You: (Smile) So are you saying that you liked the washing machine model 3200, yet you feel that you can’t afford it at all or you liked it and you can’t afford it as of now?
Prospect: What I mean to say is that, it’s a good model but I can’t afford it at this point of time.
You: Oh okay, I understand your concern. Before we move further, let me tell you that you wont have to worry about the maintenance since we offer an extended warranty for 1 year for all the electronic and mechanical parts, that makes it 1+1=2 years warranty.
Prospect: “I will still have to think about it, since I have some other commitments.”
You: Oh yes, you mentioned this before. I understand we all do. Yet, I would want to make a special mention, for all those who wished to book this machine this week, we are offering an Annual Maintenance for a period of 3 years on site service absolutely free. All in all it is a one time investment which caters to your washer and dryer needs which is usually a time consuming task and that too at the lowest price that one can offer. This is one great offer you shouldn’t let go.
You: ——- Silence———- wait till the prospect speaks
Prospect: So, I won’t be paying extra for the extended warranty and 3 years of annual maintenance?
You: Yes, you are absolutely right. Assuming you will be booking this machine with the latest touch screen panel, I will arrange a demonstration post installation of the machine from my end just for you.
You: All you have to do is, give me an approval on this order form and choose your mode of payment that suits you the best.
Prospect: I need to think on the payment part.
You: Sure you do. Just FYI, we have ______ ______ finance options available with us that allow you to spread the payment across some months at xyz rate of interest which is the lowest across any other option. We even offer the same scheme for Credit Cards as well. It works up to a bare minimum of ____ more, which I’m sure is negligible considering the massive advantages you will draw from this product……. Silence
Prospect: That’s a good option.
You: Yes indeed, you just need to fill in the details on this order form and I will take an online approval immediately.
Prospect: Okay, here are the details.
You: Congratulations, you have just become a part of the _______ family and I’m sure you will have a great experience using this product.
“Practice means to perform, over and over again in the face of all obstacles, some act of vision, of faith, of desire. Practice is a means of inviting the perfection desired.” -Martha GrahamSUM-UP Technique , OBJECTION HANDLING – In Sales by The Sixth Element
Practice is the only way to improve efficiency. The more you practice, the faster you will gain a grip on any technique. The more focused you are, the more quickly you’ll learn and the faster you’ll excel. When it comes to learning new skills, we can often get discouraged with slow progress, but it’s important to realize that learning techniques & skills can take time – and that’s okay! The most important thing is that you keep practicing and keep progressing towards your goals.