6.)List and explain the earning commitment techniques that enhance secure commitment andclosing.Many techniques can be used to earn commitment. Most are gimmicky in nature andreinforce the notion of traditional selling. Successful relationship-building techniquesinclude the summary commitment, the success story commitment, and the directcommitment or ask for the order.VocabAlternative/Legitimate Choice:A selling technique in which the salesperson asks the prospect to selectfrom two or more choices during a sales presentation.Assumptive Close:A sales closing technique in which the salesperson assumes that an agreement hasbeen reached and places the order form in front of the buyer and hands him or her a pen.Commitment Signals:Favorable statements a buyer makes during a sales presentation that signal buyercommitment.Company or Source Objection:Resistance to a product/service that results when a buyer has neverheard of or is not familiar with the product’s company.Compensation:A response to buyer objections in which the salesperson counterbalances the objectionwith an offsetting benefit.Continuous Yes Close:A sales closing technique that uses the principle that saying yes gets to be a habit;the salesperson asks a number of questions formulated so that the prospect answers yes.Direct Commitment:A selling technique in which the salesperson asks the customer directly to buy.Direct Denial:A response to buyer objections in which the salesperson tells the customer that he or sheis wrong.Fear or Emotional Close:A sales closing technique in which the salesperson tells a story of somethingunfavorable if the purchase is not made.Forestalling:A response to buyer objections in which the salesperson answers the objection during thepresentation before the buyer has a chance to ask it.Indirect Denial:A response to buyer objections in which the salesperson takes a softer more tactfulapproach when correcting a prospect or customer’s information.LAARC:An acronym for listen, acknowledge, assess, respond, and confirm that describes an effectiveprocess for salespeople to follow to overcome sales resistance.Minor-Points Close:A sales closing technique in which the salesperson seeks agreement on relativelyminor issues associated with the full order.Need Objection:Resistance to a product/service in which a buyer says that he or she does not need theproduct/service. The word "no" can be a tough pill to swallow. Show
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. The Most Common Sales ObjectionsSales objections often signal that you haven’t made the value proposition case to the buyer as powerfully as possible. Typically, sales objections fall into one of the following categories:
Sound familiar? While these common sales objections might seem like steep hills to overcome, don’t despair: an objection indicates that the buyer is engaged, which sure beats apathy. But you still have work to do. A 4-Step Approach to Overcoming Sales ObjectionsWhen a buyer indicates that they’re not ready to buy, don't get discouraged. Use the following four steps to overcome sales objections and move closer to the sale.
1. Listen Fully to the ObjectionYour first reaction when you hear an objection may be to jump right in and respond immediately. Resist this temptation. When you react too quickly, you risk making assumptions about the objection. Instead:
2. Understand the Objection CompletelyMany objections hide underlying issues that the buyer can't or isn't ready to articulate. Often the true issue isn't what the buyer first tells you. It's your job to get to the heart of the objection—to fully understand it and its true source. To do this, ask permission from the buyer to understand and explore the issue. From there, restate the concern as you understand it. Sometimes when you restate the objection, the buyer sees the issue more fully, and you get closer to the true source of the objection as a result. Even after the buyer confirms you understand perfectly, ask "What else?" and "Why" questions for clarification. Often, it’s the answer to that last "What else?" that contains the biggest objection you need to overcome to move the sale forward. 3. Respond ProperlyAfter you're confident you've uncovered all objections, address the most important objection first. Once you work through the greatest barrier to moving forward, other concerns may no longer matter as much to the buyer. You should do your best to resolve their issue right away if possible. The more effectively you can resolve issues in real time, the greater chance you have of moving the sale forward. If you need more information to resolve a specific concern, you may have to look something up or investigate further. Don't wing it—when buyers sense a seller is ad libbing, it creates distrust. Long-winded responses can seem insincere, too, so keep your responses clear and to the point. 4. Confirm You've Satisfied the ObjectionOnce you've responded to the buyer's objections, check if you've satisfied all of their concerns. Just because they nodded during your response doesn't mean they agreed with everything you said. Ask if the buyer is happy with your solution and explain your solution further if necessary. Sometimes you need to go through a process to overcome sales objections, rather than a quick answer or a-ha moment. If the buyer isn't ready, don't try to force a commitment. Be sure not to accept a lukewarm "yes" for an answer though, either. Many buyers will accept a solution in the moment, but once you're out of sight or off the phone, the objection still remains.
A Few Things to Keep in Mind When Dealing with Money Objections in SalesThe four-step approach outlined above applies to all kinds of sales objections. However, let’s focus on one of the trickiest, most common objections: money. Strategies for Responding to Money ObjectionsTo overcome money objections without lowering your margins, keep the following guidelines in mind:
6 Types of Money ObjectionsMoney objections come in many different flavors and they often mean something entirely different. Work to get to the heart of the objection. Here are 6 common money objections, what they sound like, and what they mean:
It’s important to follow the strategies outlined above for dealing with each of these types of money objections. Overcoming Sales Objections Is about Keeping Your Eyes on the PrizeWhen faced with sales objections, don't lose sight of your end goal: overcome the sales objection and make advances towards gaining commitment from the buyer. In a transactional sale, sellers are taught to overcome objections at all costs. This doesn't work for more complex sales. If you just plow through the objection without addressing it fully, the underlying reason for the objection will usually come back to haunt you. Remember, you have to work with these people once you're done selling to them! We also like to remind salespeople that objections have merit: they're often a sign that something else is going on. Your purpose is to understand the objection fully, isolate it, and respond to it appropriately—not necessarily rebut, counter, and argue. You may need to build a case for overcoming an objection instead of answering quickly on the fly. Use the four steps to Listen, Understand, Respond and Confirm, and you’ll strengthen your relationships with buyers, overcome obstacles in the buying process, and move closer to the sale. For more tips on overcoming sales objections, download our complimentary white paper, How to Handle Sales Objections. |