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Handling Objections in Sales | That’s Too Expensive
If you have ever received an objection from your client saying they cannot close the deal because of financial constraints, this article will benefit you.
We will provide you with a framework that you can use to beat any economic objections and close the deal.
We are going to focus on objections only in this piece. So, there are three types of objections:
Uncertainty-based objections (whatever your pitch says is the right thing and this is the right time)
Before facing any other issues, you must root out any uncertainty-based objection. With the help of a script, let’s see how important it is to deal with any uncertainty before proceeding.
For example, if you say the investment is just for $12k, you must stop after presenting the price. Refrain from giving discount offers or explaining any payment plans because this can create friction. If they respond by saying they don’t have enough money or they are facing financial constraints, your answer should be ‘no, problem.’
Then ask them if they are 100% sure that they are ready to invest but ‘ONLY’ the financial aspect is holding them back and nothing else. In this way, you will eradicate any uncertainty-based objections.
Once they confirm that they are sure that nothing else besides money is holding them back, you need to double tie it down and say something like, “Gotcha, so if I hear you correctly….money aside, you’re 100% in? This intense language usage can be beneficial in handling uncertainty.
After you have secured a double yes, you got to ask for permission about whether they are willing to explore payment plans. Once they ascertain their willingness, you should tell them that all the programs are customized based on their situation and needs. Ask them to converse with you regarding their financial resources and position so you can help them in the most suitable way possible.
Next, you need to start inquiring about their liquidity position. You need to ask the questions by being comfortable because if you are uneasy addressing this, they will be uneasy answering it.
If people resist answering this part or hesitate to give you an exact number, the objection might be beyond finance and a smoke screen for uncertainty. To this, you may respond by saying that you are not asking them how much they can spend right now but how much they have available.
After that, you may go into the process details, what you can say is that you don’t want them to spend all their savings (12k) and go into credit card debts, but you don’t want them to do anything too. This way, you can convey that you are holding your prospect’s best interest at heart.
Then you may offer them the plan which will suit them the best. You need to explain to them the upside and downsides of both of the methods to give them clarity and a sense of honesty. Again, ask for their willingness; if they say yes, go ahead and ask for their billing address and close the deal.