When prospects have objections during negotiations, it can cause your stress level to rise and make you feel as if you’re on the defensive. When you consider an objection as a positive step forward, however, it can change the dynamics of the entire negotiation. Think about an objection as a critical step toward reaching your goal.
The purpose of negotiating is to come to the point where both parties agree on the value of products or services. A negative response can be discouraging, but it may simply signify progress. It’s important to remember than an objection doesn’t mean the prospect won’t eventually commit. Keep your stress levels downs and consider how you can overcome objections to close the deal.
Prepare for Objections
Before you meet with your next prospect, spend some time reviewing past negotiation situations. Where did you feel you lost opportunities because you were unable to work through objections? Are there themes that stand out?
Think about the times you almost lost a sale but didn’t. What did you do in those situations? Use your observations to make a list of the objections you encounter most often and create responses for each. Having a list before you go will reduce your stress level when objections come up and allow you to stay relaxed.
To understand another’s objections, take a minute and look at your offer from their perspective, then approach it in such a way that you can ask questions. People are powerfully motivated to talk about themselves, especially when it involves beliefs and opinions. This small tactic does a lot – it lets them know you’re genuinely interested and curious about their views, which will help you overcome their objections and allow them to see you as an ally.
After you ask questions, listen. Instead of formulating your response and jumping in at the first pause, step back and watch for body language that shows more about the motivation behind their objections. Their tone, expressions, and gestures may indicate areas for further questioning.
Once you understand the prospect’s real concerns and the reasons behind them, acknowledge that you take their concerns seriously, and then you can provide them with information that helps them view your products or services differently in one of the following ways:
- Offer a new perspective. Reframe their point of view by showing them how your product is a unique replacement for problems they face or a perfect addition to their existing solutions.
- Bridge the gap. If their objection relates to misinformation or questions they still have, offer what they need to know to feel good about choosing your product.
- Stand apart from alternatives. If they’re tempted to go with a competitor or develop in-house solutions, highlight your product or service’s exclusive advantages.
Shapiro Negotiations Institute’s Negotiation Training provides a systematic process for maximizing deals and maintaining relationships. Learn how to overcome objections and develop specific answers that can boost negotiating success. Request information today.