When was the last time you walked away from a client meeting with no deal? Losing a deal to a competitor is not always a negative situation, but seldom is it the desired outcome.
If you could give one reason why your customer did not choose your service or product, what would it be? In most cases the answer will be rooted in one issue: The failure to overcome your prospect’s objections.
Know this: There are no magic formulas. Nothing can replace an intelligent, well-trained entrepreneur, who can overcome objections in sales or negotiations.
Objections in sales, relationships, business negotiations or other areas are imminent. It’s not a matter of whether an objection will arise but rather a question of when it will occur.
There are no special powers, and this is not rocket science. Simply put, if you want to earn more and close more sales, you need to do the following:
- Get in front of more prospects than your competitors.
- Know how to close the deal by overcoming objections.
- Deliver your message in a clear, straightforward manner.
Of course, there are some other steps between points one and three but for simplicity’s sake, let’s focus on these.
1. Be an active listener.
Listening is one of the most underutilized skills. Active listening means we are mentally noting the objections, agreements and compromises while we continue acknowledging the person speaking.
Be genuine, and invest in learning to listen more efficiently. If we learn and master the skill of active listening, we will experience greater success in sales and in life.
2. Be an effective communicator.
During your next conversation, pay particular attention to see if the other person you are talking with gives you an opportunity to respond to their statement. If you deliver your pitch without giving the other person a chance to respond to you, you are cheating yourself out of an opportunity to answer objections early on in the process.
3. Be flexible.
This applies to you only if you have the freedom to make decisions. If you are restricted from offering price concessions or customizing packages, your freedom to be flexible may be significantly hindered. But, if you do have the ability to make decisions, find a way to do it. In many cases, it is better to bend in a deal than break the whole deal down and lose it altogether.