Building the customer relationship with conversations

This week focuses on building the customer relationship with conversations and anticipating the conversations, including the objections your customer may have. The course textbook identified 5 types of objections related to needs, product, source, price, and time/authority/ability, along with corresponding examples of each.

In preparation for the Week 4 Summative Assessment: Customer Relationship Sales Pitch where you will be asked to determine objections for a specific scenario and prepare a reaction to the objection, you need to familiarize yourself with the 5 types of objections and various ways they can be communicated.

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Here are the 5 types of objections related to needs, product, source, price, and time/authority/ability, along with corresponding examples of each:

Needs

  • “I don’t need that.”
  • “I’m not sure what I need.”
  • “I’m already getting what I need from my current provider.”

Product

  • “Your product is too expensive.”
  • “Your product doesn’t have the features I need.”
  • “I’ve heard bad things about your product.”

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Source

  • “I’ve never heard of your company.”
  • “I’m not sure if I can trust you.”
  • “I’m already working with another company.”

Price

  • “Your price is too high.”
  • “I can get a better deal elsewhere.”
  • “I don’t have the budget for that.”

Time/Authority/Ability

  • “I don’t have time to talk right now.”
  • “I’m not the decision-maker.”
  • “I don’t have the authority to make that decision.”

Here are some tips for handling objections:

  • Listen actively. Don’t interrupt the customer and try to understand their concerns.
  • Acknowledge the objection. Let the customer know that you understand their concern.
  • Address the objection. Provide the customer with information or a solution that addresses their concern.
  • Be positive and confident. Show the customer that you are confident in your product or service.
  • Be patient. It may take some time to overcome an objection.

Here are some examples of how you might respond to each type of objection:

Needs

  • “I understand that you may not think you need our product, but let me tell you how it can help you achieve your goals.”
  • “I’m happy to help you assess your needs and see if our product is a good fit.”
  • “I know you’re already getting what you need from your current provider, but I’m confident that our product can offer you more value.”

Product

  • “I understand that you’re concerned about the price, but I can assure you that our product is worth the investment.”
  • “I’m happy to answer any questions you have about our product’s features.”
  • “I’ve heard those concerns before, but I can assure you that our product is reliable and backed by a warranty.”

Source

  • “I understand that you’re not familiar with our company, but we’ve been in business for over 20 years and have a great reputation.”
  • “I’m happy to provide you with references from our satisfied customers.”
  • “I know you’re already working with another company, but I’m confident that we can offer you a better solution.”

Price

  • “I understand that you’re concerned about the price, but I can offer you a discount or payment plan.”
  • “I’m happy to show you how our product can save you money in the long run.”
  • “I know you can get a better deal elsewhere, but I’m confident that our product is worth the investment.”

Time/Authority/Ability

  • “I understand that you don’t have time to talk right now, but I’d be happy to set up a time to meet with you later.”
  • “I’m happy to speak with the decision-maker.”
  • “I can help you get the authority you need to make a decision.”

It is important to be prepared to handle objections when you are selling a product or service. By understanding the different types of objections and how to respond to them, you can increase your chances of closing a sale.

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