I was selling in a highly competitive market and customers frequently objected - "Your Product is Expensive."
I made every effort to convince customers with reasons...
- It has more features than any other product.
- We offer quality solution & service.
It never worked and winning sales against cheaper competition became extremely difficult.
To come out of it, I started researching online, reading book, watching videos and I realised, objections are not rejections from Customers. They are actually question and genuine concerns from him.
So, when customers said
- "Your product is expensive."
He actually meant,
- "You didn't give me a stronger reason to invest more money in your product."
Key to success lied in disrupting his thought process with convincing responses. This needed a 4 Step framework called ABCD.
A for Acknowledgement and Authenticity. Acknowledge the Concern and Be Authentic in your Responses.
B for Benefits. Discuss what the customer gets to overcome the objections, NOT what the product does.
C for Clarity. If you’re faced with a difficult question or tough objection, it’s important to clarify.
D for Differentiation. Many Objections are faced due to a cheaper competition. You also need to know the turf of the cheaper competition and your differentiation.
So, I changed my response to -
"Yes, it's expensive compared to any cheaper product. But can those product -
- Increase your revenue by X%
- Reduce your Project TAT by X%
And, voila, now customer saw my point, accepted it & believed in it.
As a result,
- My sales conversion increased exponentially upto 70%.
Good News, I have compiled top 30 Sales Objections & Reasons such as -
- Its Expensive
- We already have a solution
- We are not interested
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List of Wrong Questions to Ask in Sales Meetings
List of Negative Words to avoid in Sales Meetings
List of Spam Words for Email Marketing
Linkedin Most Popular Hashtags
Sales Meeting Preparation Tips & more...
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