It’s in our nature to challenge change. And no matter what you’re selling, it requires some degree of change on your prospects’ part. It’s only naturally for your prospects, even completely viable ones, to offer you objections. But that doesn’t mean that every prospect who complains about your solution’s price tag can’t afford it. You need to help suitable prospects realize what they might lose by not investing in your offerings.
If you work in B2B sales long enough, you’ll start hearing the same major sales objections repeatedly. This is actually a good thing. It means that you can prepare for these objections in advance. Then, when a prospect offers up one of those objections, you’ll know exactly what to say.
In this post, we’ll discuss the top three B2B sales objections and then offer some sample responses and advice to help you overcome them.
- Objection: “This seems like a great product, but the price is a bit more than we’re looking to spend.”
- Response: “I know there’s an initial investment, and that can seem daunting. But let’s talk long-term. Let me show you how much revenue you will actually gain over the next year by using our product.”
Just because a prospect objects to your solution’s price, it doesn’t mean that they don’t have the budget to make a purchase. Get them thinking about the long-term value of buying your product. Let them know what they stand to gain, assuring them that the benefits they stand to gain vastly outweigh the price of admission. Tell them a success story about a similar company you’ve helped.
- Objection: “I noticed your competitor is offering a similar product at a lower price point.”
- Response: “On the surface, it may seem that way, but let’s talk about some of the reasons our product has a higher price point. We actually offer several valuable features that our competitors don’t and will actually help you earn revenue.”
The last thing you want is for them to buy from a competitor instead. Highlight what makes your solution different. If your offering is less expensive than the competition, be sure to let your prospect know that. If not, you can still win deals by making a case for what they can gain in the long-term by going with your solution over a competitor’s. Do you have a better support team? Is implementation quicker? Do you offer more features? If you’re asking your customers to pay more, make sure they know what they’re getting in return.
Objection: Lack of Buy-In
- Objection: “I like the sound of your product, but I would also need to get the CMO and CTO on board to make this happen.”
- Response: “I totally understand! In order to make your decision as easy as possible, I’m going to go ahead and send you a one-sheet that highlights some of the specific marketing benefits of our product for you to forward to your CMO. I’m also going to share a document with you that clearly outlines all of our technical specs, so you can make sure that you and your CTO are on the same page.”
If you’re in B2B sales (especially if you’re selling complex or high-ticket solutions) there is rarely a single decision maker in a buying process. Even if you reach high and get an executive on the phone, that doesn’t mean that executive has the authority to make a decision unilaterally. In Babette Ten Haken’s fantastic book Do You Mean Business? she describes giving a sales pitch to a room full of executives. However, they were all looking toward a lead engineer to actually make the decision.
You need to find out who actually has the authority to make a buying decision (it’s often more than one person). If the first person you talk to isn’t a unilateral decision maker, your goal is to help them sell your product for you to the other decision makers involved. For example, say you convince a CMO that your software can help her commercial real-estate firm. But she also makes it clear that she’ll need a CIO’s approval before making a purchase. In this case you could send that CMO IT-focused content that she can show to her CIO to help gain approval. That way, before you even have a call with the CIO, some of your work will be done for you.
Objection: Wrong Timing
- Objection: “I like your product, but I don’t think we’re quite ready to change from our existing solution yet. Why don’t you check back in 6 months and see where we’re at?”
- Response: “I get where you’re coming from, but before you make that decision, let’s talk about exactly how much revenue your company can gain over the next 6 months by considering this now.”
They say timing is everything. But more prospects are probably telling you to call back in 6 months to be polite than because anything will really change during that time frame. To handle this objection, first discern if there is a very specific reason why your prospect want to wait. For example, if the company doesn’t have budget at the moment, but they’re in the process of closing a big funding round, you probably want to wait and then follow up after they’re funded.
Far more often, you can simply overcome this objection by convincing them of what they have to lose by not investing in your solution right away. If you can offer up some revenue projections of what they could gain over the next 6 months by investing in your solution, you can inspire them to make changes sooner.
Another way to handle this objection is with fact-based research that discusses changes in their industry. Your goal should be to convince them that in order to truly remain competitive they need to make changes quickly. Let them know what the cost of waiting really is.