How do you answer the objection I want to think about it?

In selling the major obstacle is often objections that customers give you that stop them from buying and stop you from selling. These come from a lack of belief that your product or service is any good. Or your prospect might believe what you are offering is inherently good though they  may not believe it is good for them specifically. To overcome any objections, you need to understand what is the reason behind your prospect’s friction in completing the sale and give them a good reason as to why they should believe in you.

1. The first type of objection is unspoken.
The customer has concerns with your offering but doesn’t tell you anything. The solution to this is to let the prospect talk more. Ask them open ended questions like what, where, when, how and so on. Lean forward listening to the answers and nod. The more the prospect has an opportunity to answer your questions, the more likely it is that he/she will tell you exactly what is holding them back from buying. Ask good questions and listen carefully to the answers. Trust is a critical component of a successful business relationship. It can be achieved through demonstrating to the customer that you can be trusted.

2. The second type of objections you will get is excuses
These are usually instinctive reactions to any sales approach and they are not personal. If the customer doesn’t see the value in the product, then it shows a lack of trust or certainty in what you’re offering. Here, you’ll need to build credibility with the buyer. The best sales people, when they hear an excuse, listen to the prospect carefully, agree with them and then ask a question to take control of the conversation. The very best way to handle any initial sales resistance, including excuses and impulse responses is with these wonderful words: person says “I can’t afford” ,  ‘we are not in the market’ , “we don’t need it right now” , you say, “that’s alright, most people feel the same way when I first call on them, but now they have become our best customers and they recommend this to others.

3. The next objections is “price is too high”
This is a dangerous objection, because it means you haven’t shown enough value in your product or service to justify the price that you are sharing. When faced with this objection, you have to think about how you are creating value in the conversation. Are you solving a challenge that is important enough to your prospect, to justify the price tag of the service you are offering? Has your sales conversation upto this point been all about price reveal in the end or making a point of showing value? Understanding the real cost of the challenges they are dealing with is going to justify the price that you are dealing with. Therefore when faced with the phrase, you need to ask your prospect to help you understand why they are saying that so you are not spending your time defending your position

4. The fourth objection is “I need to think about it”
When faced with this objection, you need to start thinking about their decision making process. The conversation from this point on should be all about trying to understand what’s really the value of your solutions for their problem. Using phrases like “Can you help me understand what you really have to be thinking about or what are the most important considerations for making a decision” will allow your prospects to share with you any concerns that they have.

5. Another big one is “I need to run this by..”
It might be the boss, a team or a business partner, depending on the size of the organization, but the objection goes to show that you have made a mistake in your sales process because you absolutely should have understood this in the discovery phase, when you asked about their decision making process. It is okay if they need to engage their team in this conversation, but you need to know that before you present your solution. Therefore, you need to be upfront with your prospect well beforehand and ask for their process and people involved for a project like this. What you need to do now, is ask your prospect to help you understand what will be the biggest considerations as they talk this over with their boss or partners. Ask them to actively involve other players in this process so all of you can put your heads together and you can really understand the challenges they are facing to give you as much insight as possible.

6. The loaded “We are already working with someone else”
Unless your product or service is truly groundbreaking, you should always assume that your prospect is already working with a competitor. Being an expert in your competitors’ products lets you know where they are weak and where you are strong. So, as with any competitive business, this objection can be overcome by explaining why your product or service is better than your competition’s. It is surely a difficult obstacle but not impossible if you believe in the value of the services you provide. The main objection here could merely be a fear of change. If your prospect is already unhappy with their current service provider but still is in two minds before switching over, it goes to show that they have grown complacent. Remember that complacency is often a result of being ill-informed about a problem or opportunity, so if a potential customer seems complacent, you will need to take the extra time to describe the overarching problem or opportunity in depth.

7. The most common “I’ll get back to you or right now is not the best time”
There can be an infinite number of reasons when you get this objection. It is really the most common early stage objection. This is a common scenario when you try to sell something to a customer that you think they might regret doing. You must make them believe that they will regret not buying something that you have to offer. This is also a great time to simplify the process. Companies sometimes avoid purchases during busy times. If this is the case, you can make the pitch that your product will actually help the company get through this busy period; for example, your product may be able to help them save time, or allow them to delegate more effectively. Before jumping into the conversation, however, be sure to clarify with the customer if you are simply calling at a bad time, or if there is an actual business problem overloading them. If it’s a bad time, find out a better time to call. If it’s a business problem, that gives you the information you need to show how your product will make the customer’s life easier.

As a sales professional, you need to be aware of most common sales objections. You need to understand your customer’s wants and needs and also be thoroughly aware of the product and service you are selling against those offered by your competitors. You can work on overcoming sales objections, by knowing every detail of your service and getting into the true core of the customer’s objection. You must always demonstrate the unique value of your product and why it’s best to make the purchase now. You should identify the customer’s concern and address that specific issue by taking the extra time to describe the overarching problem or opportunity. Thus you need to listen carefully, understand your prospects’ concerns and take into account their decision making process.