No matter what it is you’re selling, you’re selling a change. Whether it’s a new sports car or a CRM system, your prospect’s life is going to change when they purchase it. And unfortunately, it’s human nature to fight change more readily than to embrace it. Your prospects are going to object to what you’re selling them. You might be selling software that could radically benefit their bottom line, but until your prospect understands the value you’re selling, they’re going to object.
Sure, there are going to be times when prospects objections are completely valid. I’ve encountered prospects for example that would have loved to have bought what I was selling but truly didn’t have the budget for it. 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.
Sales Objection 1: Budget
- 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.
Sales Objection 2: Currently Using a Competitor
- Objection: “We’re already using [competitor] for marketing automation.”
- Response: “I totally get it. But let me just share a case study with you that shows how a company similar to yours was able to triple their marketing ROI by switching from [competitor] to our solution.
Competition is the name of the game in sales. Chances are that you will either be competing with a prospect’s current vendor, or multiple vendors if they are in the evaluation stage. You could probably talk until you’re blue in the face about all the reasons that you are better than a competing solution. But your prospects will always view that through the guise of you trying to sell them something. Instead, let your customers speak for you. A testimonial, case study or reference can inspire your prospects to wonder what they’re missing out on by not giving your solution a serious look.
Sales Objection 3: Competitor With Lower Pricing
- 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.
Sales Objection 4: 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.
Sales Objection 5: Timing
- Objection: “How about you follow up in Q4?”
- 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 get back to them in six months to be polite than because anything will really change during that time frame. To handle this objection, try to set up a “five minute” exploratory call as quickly as possible. Let them know that you’d rather not waste their time following up again if your product isn’t a fantastic fit. Once on the call, try to 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.
But far more often they are simply procrastinating and you can 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.
Looking for more ways to take your prospecting game to the next level? Our free Ultimate Sales Discovery Call Cheat Sheet arms you with the most important questions to ask prospects in order to qualify leads and close deals.