No matter how confident you are in your products and services, if you can’t overcome objections you won’t get the sale and you won’t build your business.
Your firm has armed you with rebuttals for all the common objections out there. You’ve tried them and…they aren’t working! So what is going on?
Are you assuming that the objection your prospect verbalized is the whole picture? Often it’s not! And therein lies the problem. Until you’re having the real conversation about the real concern, you cannot equip yourself to overcome it.
There’s no need to dread objections. They are simply part of the buying process.
Think about the last time you made a significant purchase…say, a car. What buying steps did you go through? Once you made the decision that it was time to buy a car, you sourced out information and opinions from multiple sources and eventually interacted with a vendor. During the process of considering the car, you grappled with many concerns or objections.
Is this the car what I want? Will it do what I need it to do? Can I afford it? Am I willing to spend this much for this car? What about my family’s needs? Do I trust this vendor? What is his/her reputation? Can I trust what they’re selling me? Can I trust that this dealer will take care of me not just at the moment I’m handing over my cash, but in the future? How do I know I’m making the right decision?
Every potential client you interact with goes through a similar process. To increase your success rate, shift your assumptions.
Going forward, adopt this one:
The safest assumption I can make going into each sales conversation is that I don’t know the whole picture. Objections are a normal part of my potential client’s buying process. They will have unexpressed concerns and it’s my job to uncover and help the prospect process them.
Sometimes ‘I’m too busy’ or ‘I already have an Advisor’ are a fact. But it’s your job to uncover why that fact is an impediment to them working with you.
Here’s a step-by-step handling objections process for you:
Step One: Acknowledge and accept objection
It’s great that you already have an advisor. You’re farther along than many people and having an advisor is an important part of developing a solid financial plan.
Step Two: Determine their satisfaction level
On a scale of 1 to 10, 10 being extremely satisfied, how do you feel about this relationship? (I dunno…7.)
Step Three: Acknowledge response and uncover/reveal the gap.
So it sounds like there are some aspects that are working for you, but you’re not fully satisfied. What would make that relationship a 10? (Well, I suppose if there was better communication. I have to chase them for answers sometimes…only meet with them once a year or when they want to try and sell me something. That kind of pisses me off.)
Step four: Listen carefully and acknowledge response, with a twist – add your interpretation here.
From what you’re saying, good communication and responsiveness is really important to you, is that right? (yes) And you want to trust that they care about you, not just making a sale. (yes!)
Step Five: Position what makes you different and worth considering
Each company and advisor will have their own way of doing this. Personalize your answer, and back it up with proof. Then make your invitation for a meeting.
The objection ‘I already have an advisor’ isn’t the end of the conversation, but just the beginning! As you get in the habit of assuming there is more behind an objection you will be able to uncover the opportunities you need to close the business.