This secret came out of our research and it kind of surprised us. When we dug through those 36,000 pages of notes, we found over and over again that in most selling situations the same eight objections kept coming up.
I know it’s hard to fathom, but these eight objections cover about 94% of the objections Sales Professionals hear, whether you’re selling satellite defense equipment or satellite TV service. When I’m working with a group of Sales Professionals on addressing objections, the first thing we do is list all of the possible objections they hear. After about two minutes the list grows to maybe 20 objections, but then we organize and categorize them, and almost every time we come up with the List of eight.
- Cost. Yes, this is the granddaddy of all objections. “Cost” can mean many things. It can mean the buyer thinks your product or service is too expensive, or they can’t afford it, or they simply do not want to pay that much for it, or they do not see the value.
- Terms and conditions. This is a contractual concern with the terms and/or conditions of a sale. This could mean the buyer disagrees with any number of things including policies, payment schedules, fees, etc.
- I don’t need it. This is a utility concern where the product or service does not sufficiently satisfy the wants, interests or needs of the buyer to warrant paying the asking price. The “I don’t need it” objection can be closely related to the “cost” objection, but sometimes “I don’t need it” means “it won’t work” or “it’s not right.”
- I have to think about it. This could literally mean that the buyer has to mull the decision over. Sometimes this objection is used as a stalling tactic to either allow the buyer extra time to consider other options (such as another offer from the competition), or to avoid the buying conversation and let you (the Sales Professional) “down easy.” Buyers also use this objection when they are “happy where they are.”
- I don’t want to go through the hassle of changing. This may come up in the form of “I don’t want to have to change vendors (companies, products)” or “I do not have the resources right now to deal with the change.”
- Experience. The experience objection could mean several different things. A buyer could raise an objection about his lack of experience or knowledge of your company. Brand awareness plays a key role here. This objection could also relate to your own experience (or lack thereof) in the company or in the industry.
- I have to talk to my colleague/boss/spouse. This is a sign that you are not talking to the decision maker, or more often, it is a simple stall tactic. As far as objections go, this is one of my favorites. I’m going to show you in the next section how to knock this one out with one simple question.
- I had a previous bad experience. The buyer may be referring to an experience with your company or the product/service.
The List of 8 covers nearly all objections, which is great for you because that means your buyers’ objections are predictable. You can figure out the objections your buyers will have even before they bring them up. This way you can be at the ready to handle them. Take the time to really get good at the Bullet Selling Addressing objections process as quickly as possible, because once you do, you can use it effectively and close more sales for the rest of your career.