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INTRODUCTION:
Most businesses rely on marketing to get the leads but then it is up to the sales side of things to get the deals across the line. Some businesses have separate departments whereas others will see the owners themselves doing the marketing and selling. At the end of the day though it's converting those leads into sales that makes the difference between getting good business growth, cash flow and profits.
In order to get higher sales and implement the basic principles of the business growth equation, whether you are a small business accountant, retailer, wholesaler or any other type of business you need to know how to handle objections from prospects.
Caryn Kopp is a member of the Gazelles business growth institute and she has some very interesting tips on how her company deals with objections. She maintains that it changed her business dramatically.
Figure 1: How does your sales and marketing team handle objections?
1. Develop an Objections Manual
Kopp is adamant that in order to convert leads into sales that every business should have an Objections Manual. Pretty much it will be a document that prepares those responsible for making sales for any type of objection from their prospects. If you have ever been in a room with a salesperson and you give them an objection and they can't answer it, it tends to be very awkward. Chances are you didn't end up buying.
Being prepared for any concerns from a buyer is crucial to getting that conversion percentage up. Having a manual will be a good training reference guide and should always be updated.
2. Who To Use Putting Objections Manual Together
Anyone from the CEO to the Sales & Marketing teams would be responsible for putting the manual together. Do not leave it to the sales team on their own.
Figure 2: Brainstorming sessions about objections is a real winner!
3. How To Put It Together
List down every known objection that your company has ever experienced starting with the biggest. Once you have listed all of these, ask each member to come up with the response that they have had the most success that ended up allowing the sale to proceed. It should be a 'slam dunk' response that basically successfully knocked the objection on the head.
Write these responses next to the concerns in the manual and then have your team go over and practice, practice, practice!
Doing a role play is often a great way to get ready for any meeting with a prospect.
Figure 3: It's hard to say no this response! Photo courtesy Balmain Baz & Lara Scolari Gallery Balmain
CONCLUSION:
Does your company have an objections manual and when was the last time you updated it? Try this simple tip and see not only your conversion rates skyrocket but the cost of your leads to sales drop significantly. The amount of extra cash flow and profits will keep your small business accountants and bank managers very, very happy!
