Question

What is the correct action for a salesperson to take if he or she is 100 percent sure that the prospect's objection cannot be overcome? Why? (at least 400 words)

Answer 1

Prospect's Objection

Prospect's Objections are those issues that prospects communicate to sales professionals as reasons why they can't buy a product or service from them. It appears in the later stages of the buying process mainly during the time of negotiations.objections may pose a hindrance before its closing. Objections need not represent challenges always but it can represent opportunities too. It helps the salesperson to remove the misconceptions about the product or service in the mind of customers and thereby close the sale.

Objection types and actions for a salesperson to take.

There are mainly four categories of Prospect's Objections there such as Product objection, Source objection, Price objection, Money objection, etc.

Product Objection

Prospect's objection related to the product is known as product objection. Such objections may be reflected through comments such as "This product is not good as that of your competitor’s product". It mainly happens due to the unfamiliarity of prospects the functions of a product. Listening to the prospect's objection is the most important skill that has to be applied here. Salespersons can handle such objections by describing warranties, or by using testimonials or by demonstrating the product or by presenting a third party or industry research about the product.

Source objection

Source objections are those objections that are related to the company which is the source of a product. Such objections may be reflected through comments such as"this is a new company right?".Introduce the corporate is the right choice here.

Price objection

Price objections are those objections that are related to the price of a product. Usually, prospects are using price objections as a tool to negotiate on the price. It can also be used due to the budget constraints of the prospect also. In such a situation salespersons should tell more about the value of a product to convince the customer that the product is reasonably priced.

Money objection

Money objections are those objections that are related to the financial capacity of a prospect to purchase a product or service. Like in the case of price objections here also the salesperson should tell more about the value of a product to convince the customer that the product is reasonably priced and if the prospect can not afford it, the salesperson must consider it as a prospect for future.

Summery

All the prospect's objections would have one or another solution. In fact, we can not find an objection that cannot be overcome. We could apply some techniques to handle any prospect's objection including views the objection as a question, respond to the objection with a question, restate the objection before answering the objection, take a pause before responding, use testimonials, past experiences or research reports, and never argue with the customer, etc.