He is an author of. 5 books on selling, he's been a columnist for the Guardian Newspaper on sales strategies; he's been
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NOTHING IS EXPENSIVE The Art Of Converting Objection To Sales Written by Iyore Ogbuigwe
© 2018 Iyore Ogbuigwe All rights reserved. This book, or parts thereof may not be reproduced in any form–other than quotes for articles and reviews–without prior written permission of Iyore Ogbuigwe. All rights are also reserved for translation into foreign languages. No liability is assumed with respect to the use of the information herein.
TABLE OF CONTENT Introduction_5 Chapter One Redefining The Art Of Selling_7 Chapter Two Price Is A Myth_19 Chapter Three Meet The So Called Monster, Objection_25 Chapter Four Types Of Objections_29 Chapter Five How To Handle Common Objections_39
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INTRODUCTION
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e live in very competitive times today. Many businesses are springing up with awesome ideas all in a bid to have a share of the customer’s wallet. Gone are the days that having a superior product or widest market reach guaranteed the highest profit. Of course, it still gives you an advantage but it isn’t the best idea, service or product that makes the most money these days. Rather, it is the product that can be sold to the most number of people and at the best price that rakes in the most profit. In fact, the major factor that prevents sales and profit is the inability to handle objections effectively, not the quality of product or market reach! How you handle objections from difficult prospects is what will make or mar your business. Whether you have your own business or you work for a business helping them to drive sales, you need this book. This book will help you find your way into your own market and help you dominate it from the top to the bottom. It will, most importantly, walk you through the process of converting objections to cash. Are you ready? I’m sure you are. So let’s begin...
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CHAPTER ONE
REDEFINING THE ART OF SELLING
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elling is simply proving that what you can give to the customer is greater in value than what you’re getting from them in return (the cash). The key word here is PROVING because the moment you can prove to the customer that they are underpaying in comparison to the value they are getting, they will be eager to pay. Remember that clients never want to overpay but they are forever willing to underpay. Your job as a salesperson or entrepreneur is simply one thing: PROVE TO THEM THEY ARE UNDERPAYING AND THEY WILL PAY. In selling, you should never place price before value. Whenever a client says “it is too expensive or I can’t afford it,’’ often it means the client hasn’t seen value yet. You must realize that people will do more to satisfy their wants than they will to satisfy their needs. They need to want what you have The moment they want what you have, the money will be available for them to spend or to make the purchase from you. It’s all about all
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Nothing Is Expensive placing emphasis on value. Michael Jackson is a perfect example of this. It was often said that Michael Jackson was recession proof. Why was he recession proof? Because in the great recession in 2009, he had planned to hold 10 concerts in different places around the world. It was said that on Wednesday, people had started waiting to buy a ticket that was to be sold on Friday. 750,000 tickets were sold in 4 hours in a recession. In a recession, economists say that consumer spending will reduce, people will tend to buy and spend less. Yet, it was said they had to restrict the number of tickets every household could purchase and Michael Jackson had to increase the number of concerts to 50 due to the great demand for tickets. Yet they said there was a recession. So most times, it’s not about the economy but about value. The first step to make prospects see value in your product Have your prospects seen value in what you’re offering? Before your prospects see the value in what you’re offering, you must see the value first. If you don’t see the value, they won’t. How valuable is your product? Find the value in your product. Ask yourself, “if I was using this product, what is the value I will get?” When you get the answer to this question, magnify it because until you value your product, your client won’t hold your product to high esteem. Selling is also a business of service
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Redefining The Art Of Selling When you sell, you are serving. You have something to offer. You will realize that when you serve, you serve from top to bottom, you don’t serve from bottom to the top. What do I mean? In a restaurant, when the waiter comes, I’m sure he brings the food ‘down’ to you and not ‘up’ to you because you are seated and he is standing. So when you serve you are actually at the top and you are bringing something down to the person who needs you. You sell because the prospect needs you In selling, the prospect needs you. However, a lot of times, we feel we need the prospect. Begin to position yourself from the other side. See yourself as being needed by your prospect. Imagine you found the cure to Ebola during the outbreak, would you be timid while offering your services? Would you say, “Oh sorry, I have a little medication here. I don’t know how much you will give me for it” I don’t think you will handle it that way. You will chin up and say, “I have something for you here. This is the cure to the sickness you are having. Why don’t you take it? I will charge you this amount of money or pay this amount of money.” You will say it with confidence because you have the solution! So selling is about service. Giving something, offering something, making the world a better place through your product.
HOW TO SELL EFFECTIVELY Selling is the business of matching needs with products. Before you can do that, you need to identify the need. How do you identify the need of the prospect? You do this by listening to the client. You start by asking open-ended questions or close-ended questions. Close-
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Nothing Is Expensive ended questions are questions that end with a yes or no. Were you at work yesterday? Yes or No. How are you? I’m fine. Any question you ask that brings a one-syllable answer is a close-ended question. Openended questions on the contrary, give room for a conversation. For example, “What has the weather been like for you today considering how people have been complaining about it?” Such a question would probably stir up a conversation. So, ask open-ended questions and listen with rapt attention. How great listening makes you a great salesperson Listening is a skill and an art. When you listen to a prospect, you don’t listen waiting to give a reply or give a response. No, you listen with your whole mind and without distraction. You’re listening for the prospectt’s tone of voice, looking at a change in his mood while he is speaking. When there is change in his tone of voice or mood, it’s an indication or trigger or pain point. Then, you can match your needs to the product. Selling is a transfer of emotions When you’re listening to the prospect, you’re listening for emotional words. Words like, “I feel” and “I hope.” These words will reveal the depth of his thoughts. How will you have access to those words if you interrupt the prospect often? So listen. Encourage him to say more by saying words like “okay,” “go on” and “I am listening.” You can even say “Sir, because I want to listen to you with rapt attention, I want to turn off my phone,” then let him watch you turn off your phone or put it on silent mode or turn it upside down. You may even write as he is
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Redefining The Art Of Selling speaking and say “sir, please go on, I’m taking notes of what you’re saying. What you’re saying is important to me.” Encourage him to speak more, nod your head, lean forward. Sometimes, you can say “oh, I see.” He will know that you are enjoying the conversation. Excellent conversationalists are people who have learnt the art of listening In sales, you must learn to build trust and one sure way to build trust is through listening. You must realise that clients only buy from people they like and trust. People must buy into you first before they buy into your product. Oprah Winfrey once said that one of the greatest miracles in the world today is to sit before someone and listen to the person like he is the only person is in the whole universe. No wonder she has become one of the most influential black women in the world today by learning how to listen. You can accomplish so much more in your sales by listening attentively. How I used listening skills to close a major deal A couple of years ago, I was selling investment products. A particular client who I had called and wanted to meet with was coming to the office to make some transactions so I told my colleagues that I was going to meet with this client and tell him about a particular product. One of my colleagues tried to discourage me insisting the client wouldn’t be interested in that type of product. He even added that the branch manager had tried to convince him to no avail. I was undeterred and decided to talk to him first and make my own conclusion. When I met him, I asked him a few open-ended questions about his wife, his
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Nothing Is Expensive business, his hobbies etc. We spoke for over an hour and all I did was listen. After listening attentively, shaking my head, leaning forward, making sounds, and asking questions for clarification for a while, he said, “oh Iyore, thank you so much. I had a lovely time speaking with you today. Why did you ask that we meet? What will you like me to do for you?” So I said “sir, these are the investments we have, these are the forms, we just need you to sign them.” That was how I got this customer to invest. A lot of people were asking “how did you do it?” All I did was listen. You will be amazed at the number of doors that will open to you if only you will listen. Listening is the path to influence with your client It is a path to selling when no one wants to buy. Let me reiterate again that you must realize your product is valuable. If they don’t buy your product, then whose product should they buy? You must realize you have something of substance. If they don’t spend that money on your product, they will probably spend it on something else. Therefore don’t feel guilty or feel bad for trying to make the prospect buy something. No, you are not trying to make him or her buy something. You are trying to add value to their life because your product is something of value. Selling is a business of trust and love. Selling is a business of trust, it is also a business of love. You must genuinely love your prospect. You must genuinely want or have their best interest at heart. You must genuinely want to see them succeed. You must love them passionately and empathize with them. Empathy
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Redefining The Art Of Selling means understanding the situation from the client’s point of view. Because when you see from the client’s point of view, you will be able to understand how to help him come out of that situation. Sometimes, you may realize your product won’t meet your client’s need while making your sales pitch. Once that happens, don’t sell. By doing this instead of focusing on your own personal goal of selling, you will earn a reputation as a person of integrity and you will be a better person as a whole.
3 MINDSETS OF SELLING In order to sell effectively, you must also develop the mindset of selling. What’s the mindset of selling? A mindset has to do with a fixed mental attitude. Your mindset determines how you interpret circumstances, how you see or look at a situation. In life, all that matters are the meaning we give to all that happens around us and the meaning we give will determine what we experience in our life. So let’s look at the mindset of selling. In selling, 80% is psychology and only 20% is mechanics. Now psychology is a fancy word that means mindset. In other words, 80% is your mindset and only 20% is the strategy and tactics behind being a success salesperson. What should be your mindset as a salesperson?
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Nothing Is Expensive What should be your thinking? How should you reason? How should you look at a situation as a sales person? My story When I was in 200L in the university, I made up my mind that I wanted to go into management consulting. I wanted to speak, I wanted to train organisations. I decided to set a goal for myself that I would start this consulting firm a number of years after I left school. I also realized I needed some skills to achieve this. I knew that setting a goal was not all about what I needed to do to get there but who I needed to become. I realised that I needed to be a sales expert. I needed to learn how to sell. I needed to know how to sell effectively. So I put myself in that position. How? I told myself I was going to do everything I needed to do to know how to sell. I decided to go into banking a few years after school. At the training school, they asked me what role or department I would like to go for? I said “I would like to go for sales” which was unlike what anybody in our culture would have wanted. Most people always say I want to work in head office, I want to work in HR or any part of the bank that won’t have to do with selling or interacting with customers because the average person is afraid to sell. Anyway, after the training school, I was posted to Apapa, Lagos, Nigeria and I was expected to sell to high net-worth individuals. Now picture this: most high net-worth individuals stay in Victoria Island, Ikoyi, Park view, Lekki and its posh environs but here I was, in a seaport far from these high brow areas
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Redefining The Art Of Selling and expected to deliver loads of cash. I asked myself, “where am I going to get high net worth individuals from?” Anyway, what did I do? I decided to develop a mindset of selling. I read books on sales by the best salespeople in the world. I worked hard at my craft day and night. At first, it was difficult with avoidable errors here and there, bosses scolding me about not bringing sales to the company but eventually, my hard work paid off. The next month, I got 10 new high net worth individuals to the bank from Apapa! When my boss saw my report at a Monthly Performance Review, he said “no, this is not enough, we need you to bring in 20” 20!? In my heart, I was like that’s not possible. We have 20 working days in a month. So I have to get 1 high net worth individual every day. That was a herculean task. How was I going to get 20 high net worth individuals in a month? I felt defeated instantly. On my way back to my office, one of my colleague said “any target is achievable” and immediately, something shifted in my mind. At the end of that month, during our early morning meetings with our branch manager, he asked me, “Iyore, how many high net worth individuals have you brought into the bank this month?” I said “sir, I brought in 21!” I got a standing ovation from all my colleagues in the bank. Where did it all come from? It started with this mindset shift. The first mindset you must have as a salesperson, is that, every target is achievable. Every goal is achievable. So you must realise that a human spirit has no limits. A human spirit is powerful.
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Nothing Is Expensive The second mindset you must have as a salesperson is that you can do it. Whatever you’ve made up your mind to do is achievable. Remember, the human spirit cannot be stopped. The human spirit cannot be limited. The only limit you have in life is the limit you have placed on yourself. You must realize that you human spirit is so powerful that the body is not strong enough to stop it. So whatever you want to do, it will find a way of expression through your breath, your eyes, your mouth to make sure you accomplish what you need to accomplish. So you can get it done. You can achieve it. The third mindset you must have is that one client can help you meet your sales target for a whole year. There is what I call the power of one client.
The story of another salesman - Ralph Lauren It reminds me of the story of the designer, Ralph Lauren. Ralph Lauren was a salesman. He worked with Bruce brothers for a while then decided to start his own business. He started by selling Ralph Lauren ties. While selling on the street, walking from store to store, he walked into Bloomingdales and the MD said he liked his ties and would buy them on the condition that he removed his name from the tags. He refused, quietly put his ties back in his box and he left. The MD of Bloomingdales was surprised because he saw a struggling salesman that was given an opportunity to sell in their massive retail store. A few months, later, they called Ralph Lauren back and gave him a special space which they had never done for anyone before; because
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Redefining The Art Of Selling of that, Ralph Lauren’s sales grew, making over 500,000 dollars because of that exposure through Bloomingdales. That’s the power of the one client. There is somebody out there who has enough money to help you reach any target you have. Your job is to find that client and give him your best. Of course, you won’t know which client it will be so you have to treat each client like your only client. Give each client your all. Ensure they are fully satisfied because you never can tell where that referral may come from. I have a story to buttress this point.
Another story A colleague of mine had left the bank and handed over her clients to me. These clients were pretty tough because it looked like they preferred working with the ladies compared to the guys. They were strict and were always complaining of one thing or the other. They made derogatory statements at me like “why are you so slow? How come you can’t get anything right?” I just had to hang in there and continued to give them my all. One day, they had a transaction. They were sending some money from their country and it took so long. I was sending mails to the head office and there were a lot of issues trying to get this money into Nigeria. After a few hours, the customer said, “Iyore, lets forget about it. I’m going to another bank to receive my money.” I went to meet the head of our customer service unit and we went the extra mile to get that money and we did. A whopping 2 million dollars! My target was met for a whole year and it came from one client.
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Nothing Is Expensive If you do these things and have these mindsets and beliefs, they will control everything about the sales process, make you effective, make you achieve any goal, help you to at all times realize that you are indomitable, unconquerable and whatever you have decided to achieve, you can achieve.
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CHAPTER TWO
PRICE IS A MYTH
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any young business people struggle with getting their prospects to pay the price of their product because they don’t have the right knowledge of what price truly is and what they need to get prospects to pay in spite of initial objections. In order to get the right value for your product, you must boost your confidence level. This is because the price you charge for your product or service is directly proportional to your level of confidence in your product or service’s ability to solve the prospect’s problem. How confident are you in your product/service? Do you know the value of your product in your prospect’s life? How will it solve their problem? Knowledge of the value of your product will give you the confidence to put the right price on it. A lot of people think their products or services don’t sell because of price. In my experience, price is never a major factor unless the prospect is not in your income target market. The truth is price is a perception of value.
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Nothing Is Expensive How do your prospects perceive the value of your product/service? Is it a product that your prospect wants beyond what he needs? Let’s look at this simple analogy. You walked into one of the many fast food restaurants on your street on a hot Saturday afternoon, ordered a cup of ice cream for N2,000, paid and quietly sat down to enjoy its delicious taste. Why did you pay that amount without complaining it was too expensive? You had the money (you could afford it). Also, you ‘perceived’ the feeling you’ll get by having the ice cream will be greater than the feeling of having the N2,000 in your pocket. When did the perception begin? When you tasted the ice cream? Of course not. Your perception began from the beginning: the name of the store, the ambience of the store, the quality of customers you saw at the store, the brand and look of the ice cream or even a referral. Everything counts in creating perception. No one knows what creates the perception of a customer because no two customers are alike. Therefore, pay attention to every detail. Your appearance, business cards, brochures and other instruments of your business must always look neat and clean. Appeal to the emotional needs and wants of your clients, and watch your product’s value soar. Knowing that perception is value and value determines price, feel free to give any price you feel you’re worth. Your price will never be higher than your confidence in your product which is directly tied to your self-confidence and your confidence to deliver results.
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Price Is A Myth Any price can be justified if value can be emphasized. So how do you emphasize your product’s value? What’s the basis of your price? How do you communicate it? Sometimes you hear salespeople say things like, “if only the price can be reduced, we will sell more.” The question I ask the team leads is, “are the salespeople trained on selling price or on selling value?” What you sell is seen in what you talk about first, value or price. It is also seen in where you spend most of your time in the conversation; spending time going back and forth over the price or going back and forth explaining the value. Instead of expecting the price reduced do these: 1) Check if the price is within the same range as your competitors. If it is higher, check what you’re offering in comparison to them. Spot the differences then expatiate on those differences. Translate those differences to financial terms to prove that it is greater than the price difference from what the competition is offering. 2) If you think you’re offering the exact same thing with the competition and yet your price is higher, then you’re the difference maker in the equation. So find another way to communicate your product’s value. It is of no use to make sales and yet make no money because you priced too low. Any price can be accepted if you can prove or emphasize the value
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Nothing Is Expensive with;
1. Social proof The more people who have bought at that price the more people will buy. This is because we always want to do what others are doing. E.g. if you want to download an app and you see 1 billion downloads written, you’re more likely to act unlike seeing 1 thousand downloads. Train yourself to use statements like, “I know you’ll also be interested in this;” “Most of our other clients got this.” This makes more people inclined to accept your price and pay you, Why? Simply because others are paying! Moreover don’t ignore the use of testimonials. Build a testimonial bank if you have to so you can collect as many testimonials as possible. Then you can publish on your website, frame some and tell potential clients about these testimonials.
2. Fragment prices This has to do with dividing the prices to what it will cost per day. For example, you offer a service for N45,000 monthly. When you divide this by 30 days the prospect sees that he or she is only paying N1,500 daily for the value they are getting.
3. ‘Give all and take some out’ concept Start the conversation with the highest priced product then if any resistance is faced, offer a different product which will be of reduced
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Price Is A Myth features or value at a lesser price. This will make the customer eager to go for the product with full options at a higher price.
4. Questions Ask questions to identify the big picture for which this product is being bought. If it is a pen the big picture can be found by asking, “What would you be buying this pen for?” “To sign contracts.” “Wow! Then you shouldn’t hesitate to get this pen since it will be used to sign contracts that could take your business to another level. It is a symbol of what takes your business to the next level.”
5. Vocabulary of target market or niche The more focused you are, the more powerful you become. Focus on a subset of the market then tailor your solutions to solve their problems. This will make you an authority (The proof of authority is in your vocabulary first then in your results) in your field faster because when you narrow down you can become deep where it matters under. Hence, you will be able to ‘under-stand’ different dynamics of problems from your niche and solve them creatively. Then your name will begin to spread because you’ll start enjoying market gravity. Market gravity occurs when in a busy market you become visible then clients come looking for you. Choose a niche today and serve them well then you will sooner or later expand to other niches till you cover the planet. Objections that come from your target market or niche are always
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Nothing Is Expensive easier to handle than general market objections. By the way, they most likely will be able to afford your product or service.
6. How and when you communicate When you communicate your price don’t emphasize on it like you’re saying N1 BILLION. Rather say it like it is a small amount of just N1billion. The timing of the communication really matters too. Since value must be understood first, you need to take your time to walk through the corridor of value until you get to the door of pricing
7. Packaging Nothing is expensive it just needs to be targeted at the right person and put in perspective using the six points above. If you package correctly for your niche, have the right ambience for your niche then it will be like deep calling unto deep then the price will most likely feel right.
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CHAPTER THREE
MEET THE SO CALLED MONSTER, OBJECTION
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hat are objections? An objection or sales resistance to somebody who doesn’t know how to sell is a problem whereas an objection is an opportunity because an objection is an indication of interest. The only reason why somebody will give you an objection is because he is interested in buying; first of all it shows you the person has been listening since the beginning of the conversation, it shows you to an extent what you have is of value. Now the person asking this question or giving this objection wants to confirm to be sure that the value you’re giving him is greater than the money you’re telling him to pay. The only reason why somebody will give an objection is because they don’t trust you enough, they are not sure or don’t really believe what you’re saying, they’ve not understood what you’re explaining and they’ve not perceived that the value you’re giving them is greater than the amount of money you’re asking them to pay. So the moment you hear an objection, it’s an indication of interest. If you speak to somebody about a product and after the conversation the person just said thank you and just walks away you should be
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Nothing Is Expensive concerned but the fact that the person is saying “okay tell me more about this product” is an indication and a sign of where the person’s pain point is. So objections can also help you, can lead you into the true pain point of prospects. Prospecting is a constant and continuous activity so winning prospects constantly even though you may be getting a poor response from the prospect, don’t give up, never feel disappointed because a prospect says no. Never feel disappointed because someone didn’t buy your product right away because you are building a brand, building a reputation, people are getting to know and understand you in this market. Before long people will be eager and looking for how they can do business with you so don’t be discouraged, focus constantly on understanding your value, and objections will not be a challenge for you.
Identify your six common objections I heard the story of an organization that a fraction wanted to take their sales to the next level. They got all their sales people to send in questions and the objections they have been getting. Afterwards, they wrote all the objections in a long list and started to come up with answers to each of the objections. Then they did video recordings for the staff to watch as somebody was giving answers to the objections. Soon, the sales people had a standard sales presentation with answers to objections and they went all out and they sold and made money. So I’ll encourage you to do the same thing. Focus on handling those objections, come up with answers to at least six objections you
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Meet The So Called Monster, Objection normally get. Let’s say you’ve listed the features of your product that addresses the prospect’s needs, stated the benefits of these features and how they apply specifically to the prospect’s situation. You’ve even asked for the sale, helping the prospect make a decision (“Mr/ Mrs XYZ why don’t you take it, since it will benefit you...) Then you hear the ‘magic word’ from the prospect, ” it is too expensive.” Don’t be moved. An objection is only a question not a rejection (we give up too soon). An objection means the client is interested but needs further clarity on how the value they’ll get from your product or service will be worth more than the price they’re paying. An objection doesn’t mean the sales is over, it just means it is time to close that’s why in the sales process you don’t go through it without expecting an objection, you should wait for the objections because it means the prospect was paying attention and was listening to you all along so now you just have to figure out how to move past the objection and close that deal.
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CHAPTER FOUR
TYPES OF OBJECTIONS
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here are three types of objections you are likely to encounter as a sales person namely : Product Objections, Price Objections and Trust Objections. Each type of objection can be easily tackled if you follow the steps in this book.
1. PRODUCT OBJECTIONS A few years ago, I went to see one of my rich relatives and we wanted to sign her up on our package to bank with us in a segment of high network individuals. When I gave her all the features and benefits and all, she wasn’t interested. In fact, I was already packing my things but while I was packing my things I still mentioned few of the features and benefits of the products to her and at a point I spoke about lounges, she said “hmm... lounges? How does that work.” That could have looked like an objection but that was an opportunity because the very fact that she was asking those questions for clarification showed me where her pain point was. Like I said an objection should be treated as a question and when somebody gives you an objection you can reply and say “wow! That is a lovely
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Nothing Is Expensive question.” This will make them understand that the sale is not over. It is simply time to close! The Law of Six states that there are only six reasons why a prospect will not buy, there are only six objections why that can be given for why a prospect will not buy. Even if your product has fifteen or twenty objections we will still be able to categorize them into six. Now your role is to come up with answers to these six objections. Here are some common objections you’ll normally hear when dealing with prospects. When a prospect says “it is too expensive” What do you say? Your response should be “compared to what?” because a lot of times when people say it’s too expensive, it’s not really what they are talking about. It means in comparison to something else. When somebody says it’s too expensive, ask for clarification; “compared to what?” so if he now says compared to what this person is offering then clearly show that the value you’re giving is greater than the value they are giving. That’s why in the previous program I emphasized the importance of understanding the reason for your price. It would help you to emphasize the value. The greater the value, the weaker the price objection. So when somebody says it’s too expensive ask them compared to what. Another way you can answer is “how exactly do you mean?” so if the person says it’s almost double the price of what I see in other places you can now say okay but what do you get in other places, the person should list what he or she gets then list all the things you give so that they would see your reason for the price.
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Types Of Objections
Then the moment they’ve seen the reason for the price, you have two options; it’s either you realize that these people are not in your niche, then you go to those people in your niche or you ask them, “that now that I’ve addressed this objections, are you in a position right now to buy?” if the person says no you ask why. If the person says “I don’t have the money yet”, you can now ask “is price your only concern?” If the prospect says yes, you now ask “if I address this money issue now will you be in a position to buy?”, If the person says yes, then you tell them they can get a discount of this amount or that amount so they can buy now. If that doesn’t work you can come up with a payment plan so they can put money together to pay for the product or service. In the same category if someone says others sell it for less, you ask what they are giving in value for that lesser price because everytime a price objection is given you must justify it with a valuable reason. Justify your price with value. Go back to the drawing board again and show the prospect the reason for your price and how the value is the reason. That will help trash any objections. And like the first one that we said when they say it’s too expensive we now ask if price is the only issue so you can know how to close with either a discount or a reduced rate whatever the case may be. Another statement is “I can’t afford it”. The moment you hear somebody say this, there are several responses you can give. You can throw the person off balance and say “that’s the reason why you should get it because you can’t afford it, because most people who can’t afford things and push themselves to get it
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Nothing Is Expensive done, their growth is exceptional.’’ So you can be creative because selling is a science and an art. An art because it requires creativity. Creative concepts like this is to get your message out there. Another objection is “I’ll get back to you when I’m ready” The moment somebody says that, ninety-nine percent of the time, they won’t get back to you.When somebody says he’ll get back to you it’s because the person doesn’t have the boldness to say directly what is on his or her mind. When someone can have the boldness to say what’s on his or her mind they won’t say they’ll get back to you. They’ll just tell you I’m not interested or I’m not buying it now. Therefore, do everything you can to be sure the person saying I’ll get back to you makes a decision now. I always use reverse psychology and say “well anyone who says I’ll get back to you has never gotten back to me, “ so the person will want to make a point and prove to you that truly he’ll get back to you. Emphasize to ensure each person makes a decision on the spot because if you allow them make a decision at their convenience, most likely other expenses would come up and prevent them from making an important decision.
2. PRICE OBJECTIONS Be proud of your price, that’s you. Be proud of yourself. A Mercedes Benz retailer won’t cower when a prospect says it’s too expensive but
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Types Of Objections instead will let the prospect know that a Benz is more than a car but comes along with some prestige (value). The key to doubling your price and doubling sales is to stop thinking in terms of price but to start thinking in terms of value. Irrespective of your price, research has shown that people will buy more when; 1) Given at least 3 options with 3 different value offers and prices. This way they most times pick option 2 because it subconsciously feels like a safe haven instead of the two extremes of option 1 and 3. So what should you do knowing this? Always fix your best price in option 2. 2) You ask for a very high price first then when the prospect seems overwhelmed you present another value offer with a lesser price. So what should you do? Always fix your best price in the second offer. 3) You give fewer options (not less than 3 though) e.g. A store with 34 different flavours of ice cream and one with only 8 flavours, the latter would probably sell more due to the lack of complexity in making a decision. However the former can batch their flavours to create new (fewer) products for the prospects to pick from. Give your prospect price options! For instance: Option 1 List the value you’ll be offering Quote the price: N10,000
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Nothing Is Expensive Option 2 Value from option 1 plus additional value you’ll be offering for option 2 Quote the price: N13,000 Option 3 Value from option 2 plus additional value you’ll be offering for option 3 Quote the price: N17,000 What this does is it makes the prospect take a mental shift from, “should I do business with you?” to “How should I do business with you?” The first statement means you’re still being considered, the latter statement means you’ve gotten the offer. Just for the record, most prospects pick option 2. During negotiations, remember to never negotiate price downwards without negotiating value downwards (value, not quality please). Remember, price is a perception of value and customers will always perceive they’ve gotten what they paid for.
Using the law of six Ask a series of at least 6 closed ended YES questions at the end of the presentation e.g. “Mr X, I’m sure you agree this is practical enough?” “Yes” “I’m sure you agree it will be able to solve this problem?” “Yes” “I’m sure you agree I’ve covered the features extensively?” “Yes.’’ Every YES answer predisposes the client to saying a final YES then
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Types Of Objections you ask for the sale. Go a step further by giving them a pen and showing them where to authorize or giving them the payment details or just asking, “Mr prospect, is price your only concern?” “Yes it is” “If I can handle the price are you in a position to pay now?” “Yes I am” Then give a payment plan or a discount. This is why you shouldn’t start your sales pitch with a discount. Only use discounts if you have to and that should be at the end.
3. TRUST OBJECTIONS Trust objections are the strongest forms of objections to overcome. This is because people do business with only those they like. If the product is too expensive, they can get more money or we can give a discount; if the product or service is too little, we can make it more; if they don’t like the house we can show them another one but if the prospect doesn’t like you he has no other option but to not buy. This is why we need to check the channels through which we communicate our product or service to be sure they are top notch. Understand that, we sell the way we buy. So how do you buy? You don’t see a dirty business card and want to do business with the owner of the business card. Neither do you see someone who doesn’t have a website and want to do business with them (especially if you have one).
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Nothing Is Expensive
Revamp your business channels; 1. You! a. Your choice of clothes, the neatness, cleanliness, style and fit. Accessories like watches, belts, bags, suspenders, pens, tie clips and jewelry should match and be in good condition. b. Your hair, beards, teeth, breath, pubic hairs (the prospect won’t see pubic hairs but the way you manage your privacies will be revealed in how you manage the details of your public appearance). 2. Your business card: Get it done by professionals. 3. Your store: Clean, painted, no missing bulbs or dislodged sockets. 4. Your website 5. Your social media presence: invest in quality photographs and avoid typographical errors in writing. 6. Your knowledge: your certifications, skills and your vocabulary (research has shown that the moment you open your mouth, people will place you in the strata of society you belong. How important our vocabulary is).
Go the extra mile! The farther you go in increasing your credibility or trust factor, the fewer and weaker the objections will be. Yes! Nothing is expensive but do you look expensive? Are your certifications expensive or anyone
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Types Of Objections could have gotten them. I know it costs money to achieve these but whatever level you find yourself, if you maximise what you have, you will discover there are more than enough people in the market for you to influence and get them to buy from you at your current level. Rather than say things like, “if I had the money I will be doing better than I’m doing now in my sales;” why don’t you focus on what you can do now with what you have then grow. There is always a higher level to grow into and a higher market that corresponds with that level. Win the market from where you are now and with what you have. As you get promoted in life it is imperative you promote or improve your business channels too.
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CHAPTER FIVE
HOW TO HANDLE COMMON OBJECTIONS
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very sales person will encounter more than one of the following objections: 1. I don’t have the time 2. Send me an email or some information to look at in my email 3. Not interested 4. I’m busy don’t have time 5. I need to talk to my spouse / board / executives/ director 6. Call me next week/ month /quarter 7. Someone is already supplying us 8. Not interested, I haven’t used the ones I bought 9. I don’t like your company, I’m not interested
HOW TO HANDLE OBJECTIONS AND CLOSE DEALS The key to handling objections like a pro and still closing deals consistently is having confidence. That’s it! Objections are part and parcel of the sales process. What distinguishes successful business people and the not-so-successful is how much confidence they exude while handling objections and the capacity to turn those objections
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Nothing Is Expensive into a YES. So how can you build your confidence and achieve success in sales in spite of the objections? Confidence is like a house. It needs to built with diligence and precision. Here are a few tools to help build your confidence; 1. Follow Up The more you follow up clients who have bought from you to get feedback about the product the greater your confidence will be in your product’s ability to deliver. Find out why your previous clients bought from you, so you can know what you’re really selling. The reasons your clients have bought from you is more important than the fact that they bought from you. Organize these reasons into 5 value points then keep your 2 strongest value points at the middle then at the bottom. Plan 3 closing questions to be asked after each value point stated from the middle to the end. 2. Spend Quality Time On Research In order to get clients that will pay for your products in spite of objections, you must understand your product in order to understand where your product will be of value to your prospects.Research about a prospect especially if you are not selling a mass product or if you’re selling in large quantity to a single client. The more informed you are about your market, the more effective and faster you will be able to close your sales. Study the vocabulary of the industry you are
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How To Handle Common Objections planning to penetrate to create a feeling of rapport. Also check to be sure the person you are prospecting is in your selected range and can afford to pay for your product. 3. Pay Attention To Your Personal Appearance If you don’t learn how to look rich you may never be rich because wealth attracts wealth. The prospect associates the appearance of the sales or business person to the confidence that can be derived from the product. We live in a world where the attention span now is shorter than ever before because things are happening very fast. Often, it takes a lot of effort, skill, mental discipline, and focus to listen to someone, not with the intention to respond but with the intention to understand the person. In order to truly understand someone, you have to pay attention to what is being said and what isn’t. You have to watch the body language and tone of voice of your prospect at all times during your sales process. This will help you pin point troubled areas for the prospect, how urgent the problem is and the best way to serve him. The right body language You also have to portray the best version of yourself with the right body language. The best body language to adopt for a winning sales process is a positive, friendly, confident and competent body language. To portray a positive and friendly disposition, always smile when meeting your prospects and dress the part. Build rapport by using the mirror and
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Nothing Is Expensive matching method of positioning your body in the same way as your prospect thereby forming a chemistry or by sharing common experiences. This creates a bond of trust that will help you close the deal despite the objection. 4. Take Your Client On A Visual Journey Imagination is a major and very important part in sales process because the mind is so powerful. Lawyers use this principle of imagination to win cases, businessmen use this principle of imagination in the boardroom, athletes use this principle on the field to win. Use your mind to design the sales process. Imagine what the outcome will be. Imagine the prospect signing that cheque. Do so with your five senses to give you confidence. How I used my imagination to get out of trouble A few years ago, I was to have a performance review and my figures weren’t so fantastic, I was concerned and then I had just learnt about the secret of using the law of attraction so I spent time imagining that I was going to be given a standing ovation even when I had a horrible figure. Surprisingly, during the session that day, the manager for some reason stood up and walked round the class then she walked up to me and pointed at me and told me to stand up. I stood up, she asked me different questions which I answered then she told everybody to give me a round of applause and everybody in the hall gave me a standing ovation. What happened? I used the power of my mind to attract what I wanted. Do this same thing with your prospect.
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How To Handle Common Objections 5. Self talk Self talk is said to be a human potential activator. One of the characteristics that distinguishes us as human beings from every other creation is our ability to use our words to influence our minds and hence determine the level of our excellence. Spend time every day boosting your performance through words. What words would you speak? Words in present tense of your desired future. E.g. I’m the best; I can do it; I’m winning; this is going to be my best speech ever. 6. Posture Research has shown that the way we stand, walk or even the pace of our movement affects our confidence level. Those who move quickly think quickly, are more productive and therefore have higher levels of self esteem which leads to greater self confidence. We should always stand upright, chin out and chest out. Avoid slouching because the mind and the body are looped; this means the state of your mind will either influence your body posture or the posture of your body will influence your mind. We must therefore always choose body postures that empower us. The secret is to maintain the right posture then give our minds time to catch up. It takes just a few minutes. 7. Diet The impact food has on blood circulation and oxygen levels impacts
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Nothing Is Expensive the brain and therefore our performance as individuals. We need to eat right; eating a portion of food will always make you more productive than eating just junk food. Why? It affects our perception. This takes me to the final point. 8. Mental Focus As humans we make 3 decisions all the time: a. What to focus on b. The meaning we give it c. The feeling we experience Every time you remind yourself of past accomplishments and focusing on them, you immediately experience a surge in your self confidence to equip you to close the deal. The key to conquering objections and closing deals consistently is knowing that objections are simply questions not outright rejection. It means your prospect is listening to you and just wants further clarification before making financial commitment. This is your chance to prove your worth as a sales person so don’t cower. Chin up, use the tips shared in this book and close that deal! I look forward to coaching you through your sales journey and helping you become the best sales person you can be. Visit my website - www. iyoreogbuigwe.com
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How To Handle Common Objections
COMMON OBJECTIONS AND HOW TO HANDLE THEM Prospect: I don’t have the time. You: “Yes sir, I know you don’t; this is why I’m asking for just 4 minutes to show you something. No pressure, you be the judge.”
Prospect: Send me an email or some information to look at in my email. You: “Okay I will. Can I know what you like the most about what I’ve said so far?” ....then continue to persuade from there
Prospect: Not interested. You: “Yes ma I know you’re not. Most of my best clients were not interested at first. Would you be willing to see what they found?”
Prospect: I’m busy don’t have time. You: “Yes sir I know, this is why I came because most of my best clients were very busy when I met them but it took only 4 minutes; now they
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Nothing Is Expensive are my best clients”
Prospect: I need to talk to my spouse / board / executives/ director. (Please qualify prospects from the beginning of the conversation to be sure no one else needs to be involved in the decision making) You: “Of course you should, the best decisions are never made alone. So what do you like the most about what I’ve talked about so far?
......this helps bring her mind to the value you offer, leaving her excited to talk to the other decision makers. Then book a meeting with her and the other decision makers
Prospect: Call me next week/ month /quarter. You: “What do you like about the product sir? So what exactly about the product am I calling you for next week since you like.....(mention what he liked) and we have limited slots/items available?”
Prospect: Someone is already supplying us. You: “Yes I’m aware and that’s why I came. All the clients I do business
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How To Handle Common Objections with right now already had someone supplying them. Would you want to know why they instantly changed their suppliers?”
Prospect: Not interested, I haven’t used the ones I bought. You: “Really? What was the reason you bought them in the first place?” ....then continue to persuade from there
Prospect: I don’t like your company, I’m not interested You: “Yes I know but (give statistics) 3000 happy clients have signed up with us in the last 3 months. It just means you haven’t met the right person to walk you through on what we offer.”
Prospect: We don’t have a budget for it now You: You’re exactly the person we’ve been looking for. We realised that most of our best clients didn’t have a budget when we met them yet they paid in full (pause to see the expression on the prospect’s face). Let me show you what they found. .....then go right into your presentation.
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Nothing Is Expensive Prospect: It is too expensive You: “Mr prospect, is price your only concern?” Prospect: “Yes it is” You: “If I can handle the price are you in a position to pay now?” Prospect: “Yes I am” You: “How would you be paying, cheque or transfer” Prospect: Transfer You: “What bank would you be transferring from?” Prospect: (if he or she mentions more than one bank, then they have money in all those banks) ....then offer a discount or give a payment plan. These series of questions moves the prospect to a close by making them realise they have the money to pay. Also, you dont want to go the extra mile to get a discount then the client says, “come next week or let me think about it”.
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To enrol, send an email to
[email protected] or call 0708 015 2280
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ABOUT THE AUTHOR Sales & Persuasion Expert | Trained 14,000 salespeople across Nigeria | Sales seminars in Nigeria, Ghana & USA | Author of 5 revolutionary sales books. Iyore Ogbuigwe is a highly sought after sales and persuasion expert for local, international and multinational corporations. He co-led the team that trained a 14,000 plus sales force across the six regions of Nigeria for a multi million dollar corporation and Nigeria’s number one online retailer – JUMIA. Iyore has a wealth management background from the prestigious multinational – Standard Chartered Bank – where he successfully doubled a portfolio of $3.5 million to over $7 million in only eleven months. At Diamond Bank, Iyore was overseeing a portfolio of over 700 affluent individuals; he brought in 21 High Networth Individuals to the bank in one month and was rewarded with an all expense paid trip to the FIFA World Cup. Iyore is the CEO of Ultravantage Solutions. Ultravantage Solutions is a team of sales consultants who undertake sales consulting, coaching, training and recruitment assignments that result in direct contribution to the client’s profitability as measured by monthly or quarterly results. We also design and implement sales workshops that result
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in demonstrable behaviour changes on the job, as determined by customer feedback. Iyore has trained a list of local & international clientele, some of which include Jumia, GTBank, The Lagos Business School, Standard Alliance Insurance PLC, Kwese TV, Hygeia HMO, Rain Oil, House of Tara Intl., Beauty Therapy Institute, PWAN Homes, Alpha Mead, So-Kleen, Believers’ LoveWorld Inc., Daystar, ChamsAccess, Main One, Jobberman, The American International Insurance Company, Porcelanosa, Vessie Goldsmith and Sage West Africa. Iyore’s sales and persuasion seminars tagged ‘Peak Performance Selling’ which hold in Nigeria, Ghana and in the United States of America have produced amazing results in the lives and businesses of the participants. Iyore is the creator of ‘How To Sell When No One Wants To Buy®,’ the most advanced sales system for exceeding sales targets. Iyore was a Lead Faculty at the Lagos Business School (Pan-Atlantic University) on ‘Planning and Executing Marketing and Sales Strategy’ for the JCI Annual Individual Development Seminar. Iyore Ogbuigwe has started a movement of helping young people have a mindset shift towards sales; this is because of the important role that sales play in the growth of an organization and economy. This he currently does through his Sales Academy. He is an author of 5 books on selling, he’s been a columnist for the Guardian Newspaper on sales strategies; he’s been featured on DSTV Channel 416 (Arise News), 92.3 Inspiration FM, EKO 89.7 FM and Lagos Talks 91.3 FM.
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Contact Tel: NIGERIA +2348034666403 GHANA +233579415743 Email:
[email protected] Website: www.iyoreogbuigwe.com
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