By: Ciarra Wagner on February 25th, 2020
Two Keys to Overcoming a Financial Objection in the Sales Process
Selling is an art form – a skill set where you are able to simultaneously establish trust, offer a recommendation, and close the sale. In the early stages, as the technology solution provider, your objective is to identify the pain points and areas of opportunity when it comes to the prospect who’s either come to you or you’ve identified yourself. By the time you reach the stage of closing, the last thing you want is reluctance to proceed.
Objections can come up at any stage of the sales process, and should be welcomed as they are an opportunity to gain specific insight into your prospect's business and provide even further information about your solution. When an objection comes up, it is your responsibility to respond with probing questions in an effort to fully understand where the prospect is coming from and why. This will not only prolong the prospect’s engagement and increase the odds of overcoming the resistance, but this will build trust between you and your prospect. As Alex Rogers of CharTec says repeatedly during Sales Simplicity Seminar trainings, “Hope is not a strategy.” You cannot hope to overcome that which you do not understand.
A common objection received in a managed service proposal lies around the cost.
You may hear:
- “That is more than I am currently spending today.”
- “We can’t afford that.”
- “That seems like a lot of money.”
The Two Keys
When it comes to the cost objection, the key to successfully navigating price objections is two-fold. The obvious solution is to justify the cost with value. The better solution is to commit to a thorough Discovery phase – otherwise, you risk your perceived “value” offering being virtually worthless to the prospect by not understanding their needs and specific challenges.
Value Justifies Cost
You must have the ability to prove that this solution is not about money. It is about the efficiency and productivity gain, along with the relief of the areas of pain you learned about during the discovery phase.
Strong Discovery Phase
During this time, gather as much information as you can. From annual revenue, to where the most time is wasted and what causes it, to how frequently issues emerge, this background will lay the foundation for you to present a well-thought-out solution with a full understanding of the value being offered.
The Ultimate Key: Sales Simplicity Seminar
Handling objections is one thing. Proactively getting in front of them before they even come up is another. In our two-day Managed IT sales training event, you’ll learn how to:
- Fill your pipeline with qualified prospects;
- Overcome objections with proven talk tracks; and
- Propose and close with confidence.
Learn more about this exclusive sales training and reserve your seat at the upcoming March session HERE.
Ciarra is the Content Marketing Specialist in our Unified Communication & IT Group with GreatAmerica Financial Services, where she assists in generating creative content and provides marketing support. Ciarra joined us in 2016 after attaining her Bachelor of Business Administration at the University of Dubuque. She enjoys writing a personal blog as another creative outlet in her free time.