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5 Most Common Sales Objections and How to Overcome Them

5 Most Common Sales Objections and How to Overcome Them

July 9, 2020

Sales objections are major challenges experienced by most sales representatives and marketing executives. Many a times, these sales objections from prospects are meant to put you off from closing a deal, whether directly or indirectly. It can be more frustrating, when you experience these sales objections at the prospecting stage.

Nevertheless, as a medical sales rep, you do not have to be afraid or discouraged about the effect of sales objections on your sales target or quotas. I will be explaining some simple and effective ways that can guide you in overcoming the five most common sales objections. 

Sales objections are verbal or non-verbal expressions made by prospects that tend to prevent you from closing a deal successfully with them. They are reasons why prospects don’t think either you or your product is worth it.  Sales objections are meant to put you off but don’t worry, you can change them to opportunities of turning a prospect into a buyer, if you have the right responses and strategies for objection handling.

Here are the five most common sales objections and how to overcome them

1. How much does this cost? Am not sure I have a budget to cover this.

This sales objection simply means “if your price is high, don’t bother telling me about your product”.

Asking about the price of a product is one of the common sales objections faced by sales reps from prospects. This kind of objection occurs most times at the start of your conversation or negotiation time. If the cost of your product is actually high, this sales objection about pricing and budget can really put you off. There is a tendency that you might not want to go further in your conversation with your prospect because of the notion your prospect has given you that “if your product comes with a high price, don’t bother to talk about it with me, because, I am not ready for anything that does not fit into my budget.”

How to overcome it:

Ask your potential buyer if he can schedule a meeting with you in which you can explain about the benefits of your product to him. You can ask if he can share 30 seconds of his time with you where you give brief and concise information about the benefits the product stands to provide to him. Make sure you do not talk to him about pricing, instead, about how unique your product is and the essential features. Then, at the end of your conversation, asking a question such as, “would you allow pricing to stop you from having the solution to your problem?’ or “wouldn’t you be willing to give the world to have what you need?” A question like this will stir up the heart of your prospect and get him to finalize a deal with you without thinking about the price.

2. Your product is good but am afraid of making a purchase, as I am not sure whether or not it will work as expected.

This kind of objection always occurs at the end of your negotiation. Don’t worry, even when you think you have provided your prospect with enough information to convince him about your product. This is just to show that your prospect still has some insecurity about the efficiency of your product.

How to overcome it:

You should try to speak confidently about your product. You can also share with your prospect some customer reviews about your product. Provide detailed information on product warranty and money back features incase your prospect is not satisfied with the product.

3. I am busy now; you can check back some other time.

This sales objection usually appears during prospecting stage. It’s a sign that your prospect does not have interest in what you have to offer at that time although that may not be his final decision. Don’t let this put you off totally. Instead, see it as an opportunity to schedule a more convenient time when your prospective buyer will be available and willing to listen to you.

How to overcome this:

Politely ask for a more convenient time you can schedule a meeting or a telephone conversation with your prospect. Make a promise not to take up much of your prospect’s time. Before you take your leave, use your last 10 seconds to briefly inform your prospect on the most important feature of your product and how it can be beneficial to your prospect and promise to provide detailed information at your next meeting. This will keep your prospect anticipating your next meeting and can help him make a positive decision about purchasing your product.

4. I already have a product like this from X(competitor) and am good with it.

You will always come across a prospective buyer who already has a deal with a competitor. Such a prospect is likely to be willing to share their experience with you. If you are lucky to meet a prospect who is satisfied with the product from your competitor, he might raise this kind of objection to let you know he does not need a product from another company. Don’t just walk away when this happens to you. Here is the solution

How to overcome it:

Briefly let your prospect know some important and unique features of your product. Use your product knowledge to provide all necessary information about your product.  Let him know how your product can make things much easier for him and provide an increase in revenue. Don’t spill it out that your product is better and that he should make a purchase, let him make the decision.

5. Your product looks complicated. I think I need something easy and simple.

Nobody wants to get involved in something that is complicated. We all want it easy and simple. So, when a prospect tells you that your product looks complicated, don’t get upset.

How to overcome it:

Making a simple demonstration of how to use the product can solve the whole problem. You can also let your prospect know that a demo is available which will guide him on how to make use of the product with ease. Let your prospect know that your product is not only easy to use but also saves him his time and increases his productivity.