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TRANSCRIPT
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The Selling Process
Objections and Closing the SaleL8
Prepared by: Brian Rutherford
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Objectives Objections
Why objections
Types of objections
Handling objections
Closing the Sale When to close the sale
How to close the sale
Problems with closing the sale
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The Sales ProcessProspecting/ Qualifying
Preapproach/ Planning
Presentation
Handling Objections
Closing the Sale
Approach
Follow up
Id
entifying
Ne
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Id
entifying
Ne
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Introduction Many objections should be anticipated, raised, and answered by the
salesperson
The closing of the sale starts from the moment the salesperson greetsthe prospect
(Source: Hite and Johnston)
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Introduction When closing or answering objections, the chance of losing the sale is
the greatest.
Conflict can create a situation where no one wins
When the salesperson loses the sales the prospect loses the potential
benefits from owning the product or service
(Source: Hite and Johnston)
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Definition Objection- opposition or resistance to information or a request
Closing- step in the selling process in which the salesperson helps the
prospect make a decision about the product to conclude the sale
(Source: Futrell)
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Introduction
What is an objection and how do you handle the objection?
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Objections Why objections
Types of objections
Handling objections
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Why objections? Why objections?
Prospect may be afraid of purchasing the wrong type of product
The salesperson should welcome objections The most difficult prospect to handle is one who says no and gives no
reason
Objections should not be taken personally
(Source: Hite and Johnston)
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Why objections? Anticipating Objections
The salesperson should anticipating objections
Objections should never be ignored
Most of the time they should be answered immediately, but occasionally theyshould be put off
If the objections is not answered immediately, the prospect may hear little of
what else is said
(Source: Hite and Johnston)
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Types of Objections What do objections pertain to
Real vs. hidden
The stall
The specific objection
The price objection
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Types of Objections Real objection- tangible
With a real objection, the salesperson can show that the productprovides the benefits necessary and is worth the price
Hidden objections- when the object is not clearly state due to theprospect not wanting to clearly state it
Usually the prospect will not purchase the product until the hiddenobjections have been handled
(Source: Futrell)
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Types of Objections The Stall
1) Ill be back
2) I need to think it over
3) I need to bring my spouse
Care needs to be taken because a stall could be a specific objection
(Source: Huisken 173-174)
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Types of Objections The Specific objection- Prospect telling you certain information that they
are concerned with
I am not sure about the color
I need to measure
The computer doesnt have enough memory
(Source: Huisken174)
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Types of Objections What do objections pertain to
1) Price (discussed below)
2) Product
3) Timing 4) Source
5) Service
6) Need
(Source: Hite and Johnston)
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Types of Objections The Price Objection
An objection to price is one of two issues
1) Value
2) Budget
Many sales and profits are lost to the assumption that the objection isdue to value as opposed to budget
(Source: Huisken)
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Types of Objections
The Price Objection
The price objection is often used in place of the real objection
The prospect may be saying, You havent sold me
If a salesperson reduces the price, this may or may not solve theproblem
The salesperson should show the true economic value of the product(show that the benefits outweigh the costs)
(Source: Hite and Johnston)
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Handling Objections Handling Objections
Step One- Listen carefully, sincerely, with undivided attention
Step Two- Repeat the objection back, in a slightly different form
Step Three- Provide new evidence or information without offending theprospect
Step Four- Answer the objection 1) convert the objection into a question 2) Use testimonials or third-party experiences 3) Use boomerang or positive conversion techniques 4) Use comparisons
(Source: Hite and Johnston)
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Handling Objections
Convert the Objection
Prospect: Your price is too high
Covert the statement to a question
Salesperson: You have brought up a good question or Many peoplehave the same question
Covert the initial statement or objection to a question
Salesperson: The question here is whether or not our products benefitsare worth the additional costs, isnt that correct?
If the prospect agrees, then the question can be answered
If the prospect do not agree, then have the prospect restate the question
(Source: Hite and Johnston)
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Handling Objections
Use Third-Party Stories
Show that other people in a similar position have felt the same way
Allow how they felt their solution (your product or service) was the
best
Use testimonial
(Source: Hite and Johnston)
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The Boomerang/Positive Conversion
Convert the prospects objection into a reasonwhy the prospect should buy
(Source: Hite and
Johnston)
Handling Objections
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Use Comparisons
Best used when the prospect brings other products up
Let the prospect draw conclusions
(Source: Hite and Johnston)
Handling Objections
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What type of objection is this and how would you handle the objection?
1) I dont think it is worth what you are asking
2) I dont like the color
3)I am not ready to make a decision
4) You did not deliver our last order when you promised
5) I dont need to take on another brand of breakfast cereal-we have plenty now
6) I thought the price of this was too high
7) It is really more than we wanted to spend
Handling Objections
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Closing the Sale
When do you try to close the sale?
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Closing the Sale(Introduction)
Viewed as part of the total selling process that will naturally occur if
the salesperson meets the desires of the prospect
Close- a question or action by the salesperson intended to evoke afavorable decision from the prospect
(Source: Hite and Johnston)
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Closing the Sale(Introduction)
When to close the sale
How to close the sale
Problems with closing the sale
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When to close the Sale
When to close the Sale Salespeople need to learn to recognize the clues when they occur
1) Facial Expression
2) Physical Actions
3) Verbal Comments
(Source: Hite and Johnston)
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How to Close the Sale
How to Close the Sale
Direct close
Assumptive close
Summative close
Demonstration close
Negative close
Special concession close(Source: Hite and Johnston)
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How to Close the Sale
Direct Close- Asks for the sale Should not be used with
insecure prospects
Timid prospects Indecisive prospects
(Source: Hite and Johnston)
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How to Close the Sale
Assumptive Close-three types 1) Fatal alternative-series of relatively minor choices that ultimately lead
to the decision to buy
2) Open-ended question- assumes the prospect is ready to buy Would you like me to deliver this unit?
3) Action close-the salesperson may simply write up the order
(Source: Hite and Johnston)
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How to Close the Sale
Summative Close- summing up the benefits and recapitulating the
points of agreement-thereby encouraging the prospect to make the
decision(Source: Hite and Johnston)
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How to Close the Sale
Demonstration Close- demonstrating the product or equipment in
actual use can be very effective Most effective with the cautious, deliberate type of prospect
(Source: Hite and Johnston)
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How to Close the Sale
Negative Close- Normally used as a last resort Product shortage
Price increases will follow
Used on procrastinators or people who want to think it over indefinitely(Source: Hite and Johnston)
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How to Close the Sale
Special Concession Close- offering a price concession
some additional piece of merchandise either free or at X off the price
Additional case free for every x amount bought Can cause problems with repeat buyers
Prospects may feel undue pressure
Best used on procrastinators
(Source: Hite and Johnston)
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Problems with closing the sale
Problems with Closing the Sale
1) Problems with the Prospect
2) Problems with the Salesperson
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Problems with closing the sale
Problems with the Prospect Prospects may be afraid to buy
Industrial buyers often face greater risks that than the seller
Industrial buyer must consider: 1) Judge the supplier in terms of reliability, capability, and value
2) Companies budget
3) Goals of the firm
4) Capabilities of the equipment being considered
5) Complying with regulations
6) The buyers personal reputation as an effective purchaser
(Source: Hite and Johnston)
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Problems with closing the sale
Problems with the Salesperson
1) Fear of rejection
2) Wrong attitude 3) Talking too much
4) Inadequate presentation
5) Improper prospecting
(Source: Hite and Johnston)
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Closing the Sale
Which type of closing technique is this and when is it most appropriate?
1) Shall I drop off a case tomorrow?
2) When would you like me to deliver this unit?
3)This is the last one we have in stock 4) This is a limited time offer
5)So what do you think, would you like to go ahead with the purchase?
6) This home has a two-car garage, fenced yard, three bedrooms, is in the school district
you wanted, and in the price range you are looking for. Should we make an offer?
(Huisken)
7) If you take it today I will give a surge proctor at no charge, but that is only for today
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Advance Topics in PersonalSelling
After the sale
Adding-on
Saving the Sale (The Turnover)
Other forms of closing the sale
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