Strategies For Overcoming Objections In Network Marketing – In this article, we’ll look at what objection handling and negotiation are (and what they aren’t). We’ll dive deep into 5 techniques to overcome objections and negotiate a sale, so you always walk away with a win.
Objection handling and negotiation may seem similar — like two different parts of the same sales process — but they have two different goals and should be approached differently.
Strategies For Overcoming Objections In Network Marketing
Converting someone from prospective to paying customer is not easy. You can make it difficult for yourself by not fully understanding the purpose behind each of these steps and by doing them out of order.
Objection Handling Tips You Need To Know
You break down barriers and bring the prospect closer to the point where they convince themselves of the sale because they can’t think of a reason.
Objection handling is often considered a part of the sales process, but in reality, it is at the heart of selling.
The most important thing to realize is that objections are not a bad thing. When your prospects raise objections, it can be a big sign that they want the sale.
Once the sale is made, negotiations are about crafting the terms of the contract to reach a mutually beneficial arrangement.
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Don’t haggle before the prospect is sold, and don’t go back to “selling” while you’re in negotiations. Once you’ve entered into negotiations, you should be selected as the vendor of choice.
If you keep trying to sell your client on your product, you may lose the sale because you are overzealous.
Negotiation is what most people think of when salespeople think of making a deal. Negotiations can take days to months and will determine how big a success your sale actually is.
Bottom line, dealing with resistance is about getting the sale. Discussions are about working out the details once the sale is done.
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Now that we know what the purpose of objection handling is, let’s look at 5 techniques you can use to overcome common sales objections and make the sale.
The first thing you should do before you ever get into sales is research. Don’t just research the customer, research yourself and your process.
But don’t stop there. Also review your losses and close calls – opportunities you won but almost didn’t.
Your goal here is to determine what made the difference and what changed your prospect’s mind and led them to the sale.
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Use these insights to create a “cheat sheet” of common objections in sales and draft 2-3 potential responses to each. Check them out and revisit often. This will give you valuable ammunition to overcome objections.
Often the stated opposition of the prospect is not the real problem. However, it points to an underlying concern. You can’t overcome an objection you don’t know about, so it’s important to understand what the real concern is.
You need to determine why the objection is a problem for them and why they are bringing it up now. Sometimes the timing of an objection reveals more than the objection itself.
This is no time for speculation. Guessing the prospect’s intent can jeopardize the entire transaction.
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It’s also important that you don’t act like their concerns aren’t genuine when trying to understand the real reason. Validate and acknowledge the prospect’s anxiety to eliminate their objections. Your goal here is to nurture the relationship.
Once they express their concern, try to uncover the underlying problem and the reasons behind it. Ask them why.
Never answer a question without understanding the context behind it! When in doubt, put the ball back in the prospect’s court. It is their job to clarify.
Often, you can be your own enemy during a sale. All prospects have a vision of their ideal solution. Your job is to help them realize that vision, not distort it. You distort the prospect’s vision by:
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It’s very easy for an overzealous salesperson to get in their own way. Find their ideal solution, help them visualize it, and then get out of the way.
Remember, “no” is not the end. (Don’t let the prospect know that.) Sometimes a control is a potential means of recovery. If you accept it and get up to leave the room, they may call you back to the table.
Just because you walk up to the door doesn’t mean you have to go through it…unless you want to.
By working out that the objection is a deal-breaker, you can examine its importance — and identify the prospect’s real concern.
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“No” is not an obvious objection to fight. Walking in the door can identify the real problem so you can deal with the objection head-on.
Don’t wait for the customer to make the first move. When a particular objection comes up repeatedly, bring it up before your prospect mentions it. Put it on the table early and seek a solution.
There is a direct relationship between pricing and persuasion (value). The lower the confidence that your product will solve their problem, the greater the pricing pressure.
If your customer is 100% sure your product will solve their problem, you’ve probably already made the sale – pricing is rarely an issue when they’re confident about value.
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When a prospect says the price is too high, figure out what they need to see to justify paying more, and show them you can deliver.
Let your prospects answer their objections. You may not need to overcome them all. Prove value and let them sell themselves on your product.
Once you’ve overcome your customer’s objections – you’ve convinced them to go with you as their vendor of choice – the sale has been made, and the negotiations can begin.
Our goal here is to finalize the terms of the sale to ensure that both parties get value for themselves.
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It doesn’t have to be you and an opposing party. You and a customer work together to find the best fit for both of you – you want it to feel like a win win. This requires careful planning and preparation. Here are 5 tips to make sure you and your customer walk away feeling like you won.
You should never start negotiations without a plan. You need to know exactly what you want from a negotiation, what you are willing to accept and what you are willing to concede.
When approaching your prospect, you should set a personal target date or deadline so you can better organize yourself. Have an idea of when to take each step, from first contact to follow-up to actually closing the deal.
Don’t rush to meet those deadlines, but try to stick to your scheduled plan. Flexibility can be great, but falling behind can be disastrous.
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Create a list of potential negotiables – setup fees, minimum commitments, etc. – Enter trading values for each of them. Contractual terms also have value.
Know your non-negotiables and stick to them. Your non-negotiable is non-negotiable for a reason. Never let them sit on the table. That puts you in a weak bargaining position.
Your prospects will have their own cover and negotiable items. Your non-negotiables, your customer, will define the boundaries of negotiation. Then it’s your job to get them to be closer to your best state than theirs.
As I mentioned above, it is important to know the real and perceived value your customer gets from your product.
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No matter what stage of the process you are at, you should always prepare as best you can before making a move and moving on to the next step.
The first thing you need to do is research your customers. You should know the details of their product or service and how their business works. This will allow you to adapt your sales presentation to focus on how your own product or service can meet their needs.
Once you know the factors and drivers that influence your prospect’s decisions and what value they expect from the deal, you can identify their most likely alternatives – a competitor, in-house development or doing nothing.
It tells you how much influence you have in the discussion and what approach you should take.
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If their primary problem is easily solved by a competitor, you have little leverage and instead need to focus on the unique benefits your product or service provides.
The second thing is to understand the market and industry standards. In addition to knowing what your customer wants, you need to learn about your competitors and what they have to offer. Have an idea of the average price of what you sell and know what the market needs and trends are.
This will give you a better idea of how much you can offer and help with the right negotiation strategy.
Negotiations are about getting roughly equal value for both parties. Always get something comparable or bigger when you make concessions.
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Offering free stuff lowers the perceived value of your solution (and company). Don’t do that. Always get something in return.
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