By: GreatAmerica 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 has said 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.
GreatAmerica is the largest independent, family-owned national commercial equipment finance company in the U.S. and is dedicated to helping manufacturers, vendors, and dealers be more successful and keep their customers for a lifetime. GreatAmerica was established in Cedar Rapids, Iowa in 1992 and now has offices in Iowa, Georgia, Minnesota, and Illinois. In addition to financing, GreatAmerica offers innovative non-financial services to help our customers grow.