5 Ways to Get Better at Handling Objections
Want to make 2018 your best year ever? Want to instantly improve your ability to handle the objections you get, day in and day out? (And, by the way, that you’re going to get all year long.)
I guarantee you that if you just take the time to follow the step by step advice you’ll read below, you will – within 30 days – be a more confident, competition, and successful sales professional.
Step Number one: Take time to carefully script out word-for-word rebuttals to the common objections you get repeatedly. Remember, the best thing about sales is that you get the same objections, stalls and put offs over and over again. You already know what’s coming – that’s a huge advantage!
True pros recognize this and take the time to script out best practice responses to them, so when they get them, they can confidently and effectively handle them.
Other sales reps still choose to adlib their responses which means they are making up one poor response after another. This is why they are discouraged and not as successful as they could be.
So take some time right now and script out your best practice responses so you’ll never have to scramble for what to say again!
Step number two: Memorize your best practice responses. Don Shula – the famous Miami Dolphin coach – once said that his players practiced, drilled and rehearsed their plays and techniques over and over again so they could internalize them and act automatically when they needed to.
He said that football moves so fast that: “If you get into a situation and have to think about what to do next, it’s already too late.”
Same thing in sales. By internalizing your best practice responses to objections, you’ll be able to handle them automatically, without thinking or stressing.
Step number three: To effectively memorize your rebuttals, you’ll need to put in some time. The most effective way to memorize and internalize them is to record them into a recording device (and you’re already carrying one of these around in your pocket – all smart phones have one), and then listen to them 30 to 50 times.
This is the same thing you did with your favorite song, and it works for rebuttals to objections as well. In fact, you’ll even remember the exact inflection and pacing as well, so record several until you find the one you like!
Related: Don't Go From From Hero to Zero
Step number four: Record yourself and listen to how you sound when delivering your rebuttals. Listen for if you’re using the right rebuttal to the objection your prospect or client just gave you.
By recording yourself, you’ll learn tons of things that will make you better, including how to deliver your rebuttals more convincingly. You’ll also learn whether or not your rebuttal is the best one to use – which leads me to step number five.
Step number five: Be prepared to revise your rebuttals as needed. After listening to your sales calls over and over again, you’ll find ways to improve. Perhaps a rebuttal can be shortened? Maybe it can include a few key words or phrases? Perhaps you could deliver it with a bit more energy? Or less energy?
Never stop learning, critiquing and getting better. When you stop learning, you stop earning. The top professionals in any industry are always adapting, always learning, and always improving. You should, too.
So there you have it: the five ways to get better at handling objections and improve your 2018 sales experience. If you’re truly committed to becoming one of the best producers in your company or industry, then commit to following the steps above.
If you do, your career and your life will change in exciting and fulfilling ways.
Can Advertising Be Effective for Lead Generation?
There is no doubt you can advertise pretty much anything, anywhere, these days. Many of the methods and techniques are highly questionable now though in terms of effectiveness, or ROI.
The majority of advisers considering advertising are not terribly interested in creating a brand awareness campaign…they are interested in generating leads, or new client opportunities.
So how effective is advertising in generating leads for a professional services firm today?
There are several methods which are becoming increasingly irrelevant. Some because the ROI is so poor it is madness to use them, and some because they only attract the wrong sort of enquiries for most professionals.
In the category of “just damned expensive ways to get leads” you would have to include mass direct mailings, whether that is physical or digital. Equally, cold calling the phone book or a purchased list of suspects with little qualification is an increasingly appalling numbers game. Door-to-door (even where it is still legal!) is even less effective for most. My perception is that pure advertising (banners, sponsored adverts, etc) on social media networks are also very poor – though the incredibly low cost (generally speaking) might make them worth considering in the absence of any better ideas if you have high sales margins per customer.
Then there are the advertising options that work to a degree, though often with questionable ROI at the front end, which present a different problem: attracting the wrong sorts of clients. Yellow Pages advertising, or phone or online directories definitely fall into this category. They work best in a commoditized industry or service, where the “product” is fairly homogenous. As such they have a tendency to invite cost or price comparisons quickly, or sell on convenience factors. Both of these attributes undermine the real value of a professional, and almost inevitably the professional finds they are working with that most frustrating type of client: the price-sensitive, transactional, order-giver.
In a similar fashion, high pressure referral generation techniques and strategies or high pressure seminar selling tend to drive similar types of leads. Most of the leads generated from advertising or marketing this way will also be poor clients, or a poor return on investment.
Good effective advertising complements the rest of the marketing cycle, by addressing the necessary first step of simply getting attention. Having got attention – which really is the objective of the advertising itself – the rest of the marketing machine then swings into action, gradually qualifying prospective customers and moving them along the emotional buying cycle.
Great advertising today cuts through the clutter by being intriguing, or unique in style and approach, together with appealing to positive emotions: fun, interesting, entertaining, humorous, etc.
In today’s cluttered and noisy world great advertising is also dynamic: able to evolve and adapt rapidly, if not take on a life of its own. Static displays (billboards; yellow pages; print advertising; DLE brochures) are simply not dynamic enough. They are yesterdays news the day after you got them into the market.
In today’s challenging, volatile and dynamic world of professional services the effective advertising techniques are usually digitally based. More importantly they are understood to be only the first part of a longer engagement cycle. The patience and thoughtfulness that goes into creating such advertising, and then supporting it with a good engagement process, together with the high level of rapid adaptability is what makes such advertising effective for todays professional services firm.
Corporate Risk: At This Point There Is More Downside Than Upside
As we’ve stated in recent market notes and quarterly conference calls, we have grown somewhat cautious on corporate credit. It is best to anticipate a turn in the market and position ahead of widening spreads, but as we all know, the signs are not always obvious when it comes to calling an inflection point.
One caution sign we see this year is corporate spreads modestly widening from historically very tight levels. Some of this widening we attribute to technical factors. There is less buying support from foreign buyers as hedging costs rise in tandem with LIBOR spreads. There is also some selling pressure while corporate treasurers unload short-term bank bonds as part of their cash repatriation program.
But some of this widening, we believe, its attributable to investors acknowledging that corporate earnings are peaking, balance sheets are cyclically fully leveraged, and current tight spreads may not fully compensate for risks at this point in the cycle. Recently we have seen BBB’s start to widen vs A’s, and we believe this could be one of the early signs that all spreads may continue to drift wider as this long-lasting credit cycle starts to fade.
What makes calling the inflation point an art rather than a science is that not all signs are pointing in the same direction. For example, high yield spreads are, in some cases, holding in better than investment grade spreads. Perhaps in this yield starved environment greed still overcomes fear, or perhaps high yield default rates are still very low.
Heeding the above caution signs, we have peeled back some corporate risk in portfolios. At this point in the cycle there is more downside than upside, so it makes sense to act on these early signs and anticipate the turn.
You Pay More Taxes Than You Should
Taxes, are you paying more than you should? Are taxes creating a greater financial pressure in your life? Well, it might just be your outlook.
Today, John Smallwood emphasizes the importance of viewing future tax opportunities rather than being impatient. Opening up opportunities later down the road is much more rewarding. John also shares insight on the macro strategy, which he uses to help clients pay fewer taxes, gain a higher return, and with the least amount of risk.
Click below the image to listen in as John walks us through the importance of viewing future tax opportunities rather than being impatient .
What will you do to maximize your tax benefits?
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