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This episode is a business coaching course that explains the benefits from objections.

Results-Focused Training, Tools, and Workshops from Expert Business Coaches.

Featured Coaching Excerpt - Notes & Transcript, Part 1
  • Lesson Nugget: Any customer with a functional mind is going to have questions or concerns. It is vital that you are prepared to handle them.
  • Lesson Nugget: The value you are offering must exceed the price that you are charging, or you will be poor.
  • Lesson Nugget: People will not be candid with people that they don't trust and like.
  • Lesson Nugget: To avoid certain poverty, don't insult people's intelligence when selling.

[MUSIC PLAYING]

-Going to buy?

-Oh, whoa, whoa, whoa. We are not there yet. We are not--

-Oh, come on. I just need to confirm--

-Absolutely not.

-That you're going to buy.

-Whoa, whoa.

-I'm resisting your forwardness here.

-Yeah, but why?

-I don't even know what you're talking about. I don't know what I'd be buying.

-Look, it's only $20,000.

-I have no need. I have no need for what you're selling.

-Yeah.

[LAUGHTER]

-OK, let's assume that I can find your need. Then will you buy?

-No, nope. Not for $20,000. No way.

-So it's price?

-Yeah, price is the big one.

-OK, is price the only problem?

-Yeah, that's probably the main thing right there.

-Yeah? So if we can reduce the price, how much do we need to reduce it to get you to say yes.

-Probably like $19,900.

-OK, that's too much. So let's-- I understand how you feel.

-Yeah.

-There's a--

[LAUGHTER]

-This is it.

-Does this look familiar or sound familiar to you? Yeah.

-Sales. Sales with Mr. Jim Cathcart. We are now on Move Number Nine, OK? And we're talking about resistance here. Objections are feedback. Now in that instance, I gave an objection and it probably wasn't very helpful because we didn't really know what--

-Yeah, you didn't even know what I was talking about, did you?

-But when you say objections are just looking for feedback here, what are you talking about?

-Well, I'm talking about the way-- I'm sorry folks, but every time, I'm going to come back to mindset.

-That's good.

-Every single time. The way you think about a customer's reasons, excuses, resistance, whatever to buy absolutely colors the way you respond to it and the way that feels to them.

So if I say, all right, you're my sales manager. Caleb, I want you to teach me how to handle objections, because I want to be killer good at handling objections.

All right, Jim, there's 15 routines that you do for handling objections. There's a power close, and there's a sharp angle close, and there a that's the very reason you should buy, call that the boomerang close. Throw a boomerang, comes right back to you. That's the reason you ought to go ahead. That's the you don't know enough, you stupid jerk close. And then there's the--

-I already feel better. My mind--

-Everything about it is just put down, put down, insult, you know?

-Yeah.

-And it's all about, it's like a tennis match, back and forth, back and forth, back and forth. And it's a battle. Somebody's going to win and somebody's going to lose. So it's who's got more? You got more objections or I have more responses to overcome objections. Stop the game. It's not a game, it's about serving people.

OK, so I'm presenting something to you. I say this is a book, it sells for $24.95. It's about a concept of selling that's unique in the marketplace.

-Right.

-And da, da, da, da, da. I give you details on it. And I say, would you like to buy it? OK? And you say, well, $24.95 is a lot of money. And I say, yes. And what you've told me-- you haven't objected to buying. You've just said, $24.95 sounds like a lot of money to you.

-Right.

-OK. So I deal with your concern by showing more than $24.95 of value. And way more, so that it justifies not only your expenditure, but your time to read the book.

-Let me ask you this, I can tell what you're touching on is huge right now. Can you try to put into perspective for the Thriver watching right now who's wanting to improving in sales, if this issue is not something they know, what that would mean for them? And if they grasp this what that could potentially mean?

-Yeah, yeah. If you don't know what to do to confirm a sale without it becoming a battle, then you will dread making sales calls. Your customers will dread seeing you or being in that conversation with you, and they will lie to you.

Why will they lie to you? Because they don't trust you. You know, there's the old line, I remember hearing this from a sales coach somewhere years ago. How do you know a customer's lying? Lips are moving.

[LAUGHTER]

-What a stupid condescending attitude. Yeah.

-That's terrible. I love it. This is going to be huge for you. I will let you take the stage.

-OK, thank you.

-Tell us how to deal with this feedback here.

-Why would anybody lie? Because they didn't like the consequences of telling the truth. Think about that, seriously. If a customer doesn't trust you, they're not going to tell you the truth. Or they'll tell you only a portion of it, whatever they think they can get away with, right?

Well, then you can't prescribe the right solution because you don't understand them fully enough, and you end up not getting the sale. Why did you not get the sale? Well, I've got to be stronger at closing. No, you don't.

What you need to do is just understand how to overcome the concerns by dealing with them and resolving them, not overwhelming. Overcoming objections is mostly about I win, you lose. It is.

You say, well, that costs too much. Well, that's the very reason you should go ahead and buy today, Jim. You've just been skimping for too long. You ought to step up and finally be a man and take action and spend what you have to spend to get this problem solved. What an insulting way to sell something.

[MUSIC PLAYING]

Featured Coaching Excerpt - Notes & Transcript, Part 2
  • Action Step: Address the customer's concerns before you ask them to buy.
  • Lesson Nugget: Address concerns as soon as they arrive with your customers and your spouse. You will sell more stuff and stay married longer.
  • Jargonization Translation: Boomerang Response - A response where a sales individual presents the customer's concern as the very reason they should agree to purchase the product or service.
  • Lesson Nugget: Tip the scales. You must show the customer more value than price or you will live in a van down by the river.

-Now, granted, there are structures you can use to deal with concerns that position the information nicely in the minds of the buyer, the listener. But using them with the wrong attitude makes them come across just like that jerk behavior that I was just illustrating for you.

If it's an objection, then that means the customer literally objects to doing business with you at this point. They object. Well, if someone objects to doing business with you, it's already gone way too far.

What could have happened instead is you could have, early in the sales dialog, identified what their concerns were. You could talk about their price range that they had in mind for resolving this problem. You could talk about the value of your product as it compares to price, and be specific as to how the product or service more than justifies that expenditure.

You could address their concerns about quality, if they had any, by showing them documentation and whatever proves that you have the quality you need. You could give them testimonials and referrals that increase their willingness to trust you and listen to what you say without skepticism.

There's so many things you could do. You could structure the thought process about looking at your product or service in such a way that it presents the main concern, proof that you can address that, and then main concern, proof that you can address that, and so forth. And all along the way, you're asking them to acknowledge that they get it, that that solved that problem.

And that way, you know when you get to the end and you're asking them to go ahead and purchase today, they don't have any lingering concerns. People say, well, that's addressing objections in advance. No. Forget objections. If they object, you're already adversaries.

What you want is to address their concerns. Everybody is concerned about price. Everybody is concerned about quality. Everybody is concerned about reliability. Everybody is concerned about how fully this is going to resolve their problem and the value it's going to provide after things are over.

Your job is to address the concerns as they are concerns and never let them build up into an objection. Now, some customers are going to be skeptical of all salespeople for all eternity. There's just nothing we can do about that. Occasionally, we get those kind of people.

And they're going to keep everything close to their vest. And they're going to say, well, I can get this for much less down the road. I've got a friend in the business who can get me a better deal. I don't know. That's too much. I think I'll just buy it at wholesale and install it myself, whatever the objection happens to be that they call objections, those kind of things.

These are people that are more playing a sales game than they are genuinely considering buying. And with relationship selling, you do a loop around that traffic, and you never get caught up in all that mess. So when you get a concern stated, yes, you can use structured responses to deal with the concern.

For example, one common one is what is known as the boomerang response. And that is, you present their concern as the very reason that you go ahead. The person says, well, I haven't heard anything about your company. I say, well, that's one of the reasons you ought to take a very close look at our company.

Because we haven't advertised much in this area, and the people in this area don't know us nearly as well as the people in our home base town. And so you ought to take a close look at us, because you probably wouldn't have seen as much of our advertising and talked to as many of our customers as you would our competitors', and the competitors can't do what we do.

Oh, OK. Tell me more. Or the person says, well, that's too much money. You say, I understand your concern, because money is vitally important here. And the reason money is important is because money is always relative to value. Let's look at the value this brings to you and see if it justifies the price for the product. And so then you put it in context, and you compare the numbers and show them the value.

Or they say, the thing that's causing me to hesitate, Jim, is price. Say, well, is price or value more concern to you? Well, price, of course. Well, what I meant to say was not value. Is price or cost more of a concern to you? And they say, well, what's the difference?

Price is the expenditure to acquire the product. Cost is the financial impact it has on you by making that purchase. If you buy the product and you get more value than the price, then your cost is very low.

So address the concerns as concerns. Don't let them snowball into objections. And what you'll find is that resistance goes down, because trust has gone up.

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