Question

Play point-counterpoint. You will choose or make up an organization and a product. Write out the name of your organization and the product you are selling. Then, take the 6 types of objections (Product objection, Source objection, Price objection, Money objection, “I’m already satisfied” objection and “I have to think about it” objection) and write up an example of each in the way the customer would phrase it. After writing the phrased objection, write up your counter to that objection.

Answer 1

I am assuming that mine is a Desktop (Computer) manufacturing company "Hell Computers" and i am in a conversation with a B to B (Business to Business) customer:

Product Objection:

1. "I can get a cheaper version of your product somewhere else."

Find out what you're dealing with here. Are you in a competitive situation, and the prospect is playing you against a competitor to drive up discounts? Or is your prospect under the impression that a similar, cheaper product can do everything they need?

If it's the former, lay out your deepest discount and emphasize the features that make your product superior. Walk away if they ask you to go lower. In the second scenario, take advantage of the comparison. What are the points of differentiation that provide your prospect the most value? Play them up and emphasize overall worth, not cost.

2. "I don't see what your product could do for me."

Another request for information packaged as an objection. Reconfirm the goals or challenges you've discussed and explain how your product can solve specific problems.

3. "I don't understand your product."

Don't give up immediately, though. Ask your prospect what aspects of your product they're unclear on, then try explaining it in a different way. Alternatively, bring in a technician or product engineer to answer questions out of your depth.

4."Competitor X claims that you product is not durable."

Say "That's not true," then pause.

90% of the time this reply will satisfy the buyer and they'll move on. You'll seem confident and collected.

If your prospect is still unsure, they'll ask another question. At that point, you can provide more background, like so:

"We manufacture our products in Canada, not Thailand. I have a map of our factories and distribution routes if you'd like to see it."

Source Objection:

1. Your company hasn’t been around for very long. How can I trust that your company will be here in three years to support the warranty?

I’m glad you brought that up. I can see why that might be a concern for you, but let me give you some information about the company that I think will put your mind at ease. Our company is backed by some of the largest investors in the industry. The reason they invested in the company is because they see the vision of how we can bring more solutions to companies like yours. They have made a commitment to support all customer warranties for the next ten years. Talk about putting your money where your mouth is. The bottom line is that we are trying to reduce your risk.

2.Where do you fetch the raw materials from ? What is the reputation of your sub-contractors?

We fetch our raw materials from the world leaders in those fields. We have also diversified our purchases from different geographies so that we don't become over dependent on any. Our sub-contractors have been working with us since we have been established. we have a relationship of trust and faith with them and its a time tested relationship. If its for a big order we are willing to take you to the sub-contractor's facilities to re-affirm.

Price Objection:

1. "It's too expensive."

Price objections are the most common type of objection, and are even voiced by prospects who have every intention of buying. Beware — the moment you start focusing on price as a selling point, you reduce yourself to a transactional middleman. Instead, circle back to the product's value.

We might be a little expensive as compared to some competitors but we have an option of extendable warranty, we offer the highest value for your money and we have customer friendly service contracts.  

2. Your prices are much higher than anyone else I’ve looked at.

So what you’re saying is you think that our prices are higher than others? Certainly, price is part of the equation, but it’s also important to look at the value for the price. You mentioned that real-time inventory information was an important strategic issue for your business. Ours is the only product on the market that provides real-time inventory information without any integration costs. Our system is a true plug-and-play application so you can begin getting real-time inventory the day we sign the deal. In fact, one of my customers was concerned about the same thing, and now we provide his entire backend logistics.

Money Objection:

1. "There's no money."

It could be that your prospect's business simply isn't big enough or generating enough cash right now to afford a product like yours. Track their growth and see how you can help your prospect get to a place where your offering would fit into their business.

2. "We don't have any budget left this year."

A variation of the "no money" objection, what your prospect's telling you here is that they're having cash flow issues. But if there's a pressing problem, it needs to get solved eventually. Either help your prospect secure budget from executives to buy now, or arrange up a follow-up call for when they expect funding to return.

3. "We need to use that budget somewhere else."

Prospects sometimes try to earmark resources for other uses. It's your job to make your product/service a priority that deserves budget allocation now. Share case studies of similar companies that have saved money, increased efficiency, or had a massive ROI with you

“I’m already satisfied” objection:

1. "We're already working with [Vendor X]."

A prospect who's working with a competitor is a blessing in disguise. They've already recognized a need and identified a solution, so much of the education you'd otherwise be responsible for has already been done. You can spend your time doing the one thing you'd have to hold off on with a prospect who hasn't recognized their pain yet — talk about your product.

Just because a prospect is working with a competitor doesn't mean they're happy with them. Probe into the relationship: Why did they choose this service? What's working well? What's not? Pay special attention to complaints that could be solved with your product

2. "I'm locked into a contract with a competitor."

Perhaps the easiest competitor-related objection to handle, this phrase is worded in a way that broadcasts your prospect's feeling of being trapped. See if you can come up with a creative discount to offset the cost of breaking a contract early, or demonstrate ROI that will make up for the sunk cost.

Of course, your prospect could have simply chosen an overly negative turn of phrase. Ask them point-blank how the relationship is going to determine whether they're actually happy or are itching for a vendor switch

3. "We're happy the way things are."

Maybe everything really is going swimmingly. But more likely, your prospect is having some sort of challenge (after all, who isn't?). Do some light qualification to determine if they're facing any problems you can solve, then move forward or disqualify based on their answers.

“I have to think about it” objection

1. I need some time to think about it.

I want to give you the time you need to think about it. But let’s talk specifically about your reasons for buying now versus later.

2. "Your product sounds great, but I'm too swamped right now to handle [implementation, roll-out]."

Prospects are often put off by the effort required to switch products, even if the ROI is substantial.

To empathize with them, prove that you're trustworthy, and ensure they do have the bandwidth, say, "I understand. It typically takes our customers [X days/weeks] to get fully up and running with [your product]."

Next, combat their reluctance to change by digging into the costs or pains of their current situation.

To give you an idea, you might ask, "How many minutes do you spend every day [on X task]?"

Then calculate what they stand to gain — in time, efficiency, money, or all of the above.