One very common objection given to credit card processing sales people is, “I’m with my local bank.” In this episode I’ll show you the pathway for...
3 Ways You Can Deal with Objections
Listen to the podcast episode. SoundCloud Today I want to share 3 simple but important tips about overcoming objections. If you are in sales, you deal with objections every day. I have found that most sales reps either react aggressively by arguing with the prospect when they voice a concern or they go straight to […]
Listen to the podcast episode. SoundCloud
Today I want to share 3 simple but important tips about overcoming objections. If you are in sales, you deal with objections every day. I have found that most sales reps either react aggressively by arguing with the prospect when they voice a concern or they go straight to information in order to overwhelm the prospect with logic. The first approach never works and the second approach is the least effective of the three I will discuss today.
Option #1 – Avoid. When you hear the same objection over and over again, it is very tempting to either get frustrated and start arguing out of desperation every time you hear this common objection. It is also tempting to think about a rebuttal and try to create the best one you can. DON’T DO IT!!! Instead step back and ask yourself a simple question:
“What did you say that caused your prospect to give you an objection?”
By carefully crafting your pitch and the flow of your sales process, you can avoid most objections and guide the prospect to the correct conclusion. Many times you just need to provide some information preemptively or adjust your wording in order to avoid an objection.
Option #2 – Ignore. It may sound a little cruel to “ignore” an objection or concern, but the truth is that most people enjoy the experience of someone keeping them on target in order to make the best decision possible. When I say ignore the objection, I don’t mean that you actually ignore what has been said, you either pivot to another topic or reframe the objection as a question. Here are two examples:
Prospect: “I just don’t think we would be interested because they are doing some road work out here soon and we may have to be closed for a couple weeks so we should get started after that.”
You: “That is a great point Susan, we will certainly keep an eye on that situation, anyway. One other question I had for you was your terminal, would you like to keep that one in place or get a new one that accepts the EMV Chip cards?”
Prospect: “I just don’t think the savings will make it worth our while to switch.”
You: “That’s a great question Bob, one reason the savings are not as high as we would like is because of the interchange fees from the banks and brands that every processor has to pay. The important thing is to keep the mark up as low as possible and I know you agree that even a dollar saved is a dollar earned. Are there any other questions I can answer for you Bob?”
In both cases, I acknowledge the objection and that it is valid. In the first case, I realize this is a no win situation. I can’t make a logic argument about how the road may or may not be closed; this is just an off track comment and quickly pivot back to an issue I can control so we keep moving forward.
In the second example, I do want to deal with the objection and provide some information, but I simultaneously want to change the nature of the conversation from an argument to a question and answer session. In order to accomplish that, I simply reframe the objection into a question, provide a good answer and then ask for any other questions to keep the exchange positive.
Option #3 – Educate the Prospect. No matter how hard you try, you will inevitably hear objections that are completely legitimate and need to be dealt with. In those cases, your goal should be one of two things. First, if you realize your solution is not the right one for the prospect or that you are not sure you have the right solution, you should say so and ask for more time to make sure you are providing the right value proposition for them. There is an old word for this that is very seldom used today… “HONESTY.”
If you still believe that you solution is the right one but determine that your prospect doesn’t understand the value proposition, you need to educate the merchant. There is one important step that comes before educating the merchant. You must first educate yourself.
Imagine you get a new job at a doctor’s office. You have never gone to medical school and have very limited training. Your job is to relay the symptoms of the patient to the doctor and relay back the advice of the doctor. You have to pretend to be a doctor, even though you are really just a go between.
This strange example perfectly illustrates how most reps sell merchant services. They have no idea what they are talking about so they just collect a statement, send it to the processor and then do their best to parrot back to the prospect whatever their sales manager told them to say. You will come across looking stupid because… well… you are stupid in this area. It is time to educate yourself!
Go to instantquotetool.com and sign up for a free 30 day trial in order to complete our extensive industry training and gain access to a tool that will help you better understand interchange and communicate with the merchant.
If you are an ISO, Processor or Recruiter, understand that you are losing deals because your team doesn’t really know what they are talking about. It is time to invest in a branded learning management system so that you can provide the right training to your team and hold them accountable with our dashboard and testing system. Reach out to me directly with questions at firstname.lastname@example.org
Once you have the right level of knowledge, it is time to present that knowledge to the prospect. Slow down the rate at which you are speaking and lower the tone of your voice. Always pause before you give your answer and then explain exactly what they need to know in order to make an informed decision. When you finish, ask if they have any other questions for you and then close the deal!
I hope this information helps you to close more deals in the field!
Make it a great day!
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