Bridging Herstory TV: Episode 4: Handling Objections
Today we are going to jump into how to handle objections in the sales process. If you can get savvy here, this is a sure-fire away to raise your conversion rate in your company. The general conversion rate in sales is about 20%, so you can expect that if you talk to 10 people, two people will close, or if 10 people come on your website and you've got great copy, two people will close. That's just a general close rate. But if we apply some of the things that I'm talking about, we can raise your conversion rate! I would say even the best salespeople have about a 60% close rate. So they're still getting four no's out of 10, but over 50%. My close rate is around 50-55% based on who I'm converting into my coaching program.
So how do we do this? By doing the things that we've talked about in this series and it's super important to do that when it comes to handling objections. I would say that if I didn't spend time getting really clear on what the most common objections that my clients will say to me are in the sales process and being really comfortable sitting in the mess of the objection and diving in deeper, my close rate would probably be more like 35-40%. This piece in the sales process is HUGE.
There are a couple of things that I think are really important as we talk about handling objections. Timing of this is really, really key. So if somebody, as they're speaking to you, mentions an objection in the call, it's very important that before you try to close them, before you try to tell them about your program or tell them about everything that they'll get, you need to stop and you need to answer their objection.
Maybe your client doesn't fully understand your program and they say, "Well I don't really want this. I don't really need that in the program." Or maybe they have an objection around how busy they are and their timing. You can hear when your client is giving you an objection and you need to know this is a red flag raised in their brain. Your client is unsure and we need to stop! We need to truly answer the question - the thing that they're afraid of, the objection that they're feeling there - before we continue on in the process.
That applies to direct sales, but you're going to also need to apply this type of concept to your website copy and more automated sales as well. As you get really familiar with your avatar, as you have conversations with them, you're going to hear these objections. So put that in your copy! "I know you might be thinking about this... I know that this might be of concern to you..." Say that in the copy. If you're the person who addresses it before they have to say it, it's going to go much better for you. So put it in your copy, content and sales script. I have my clients keep track of their calls, so we keep track of some different elements of what's happening on in the call. One of those things is to keep track of the objections that their client is saying. So then, as we continue having these conversations, we can talk about the objection before our client does. Now that's smart.
For example, with my photography business, our brand is really built around being a natural light, whimsical brand. But every night it gets dark. We know that people are concerned about the fact that they have receptions that don't have windows or that it's going to be dark at certain times of the day for their wedding. So we build that into our sales pitch. As we go through our presentation, we show them pictures of weddings at night. We say, "We know that every wedding day, it gets dark and we have a process to handle that with off the camera, on the camera flashes, and these types of settings." We've answered their worry about hiring natural light photographers when it's going to be dark on their wedding day before they even have to ask it. That really positions me as an expert.
Let's just touch on three of the most common objections that you're probably gonna hear in the sales process. These are just three overarching common ones, and then it's going to be very important that you track your particular ones and that you can get savvy with this even more in your particular company.
First objection - money. That's going to be a common objection that you hear, especially if you have a high ticket offer that you're putting out there. But honestly, money could be the objection for $20 earrings. Now, here's the thing. Actually often it's not about the money. That's what they're thinking and saying initially, but there's actually a much deeper thing going on in your client's mind. They're wondering will they actually show up and do the work. "I've hired a coach before and I invested this money. I didn't see the return. Will I really have an ROI? Am I going to be accountable and do the work? Is this just going to be another coaching program that I'm not really going to see the transformation?" They're really worried about those things and usually not the money. So you need to dig in. When somebody uses money as an objection, help them see the ROI. Ask, "Can I ask, do you not see the transformation here? Are you worried that you won't show up and do the work? What about this? Do I need to help you to see that this could potentially be a really good investment?" Don't always take the money objection for the money objection.
Second objection - time. Timeliness. So often people will use this objection. "Oh, I'm really busy right now. I'm in the middle of a move. The new year's when I want to get started." This is sort of just a delay tactic often a lot of the time. Before you go into your pricing and your package, ask the client how quickly are you ready to get started working together. Wait for them to say now, as soon as possible, the next few weeks... Get an idea of the urgency so that then this is less likely to be an objection when you go to close them because you know that they've already told you their timeline. So timeliness is often an objection that we need to push into. And you know, entrepreneurs are always busy. You're busy! What's new? You're going to be busy 24/7, 12 months of the year. So what's really the issue here? I'm not saying that sometimes this isn't really true and people need space and time, but you really need to push into that objection to know if that's the case.
Third and final objection - the decision-maker's not in the room. "I need to talk to my husband about this before I make the decision. I need to speak to my business partner. I need to consult with this person." Yikes, that's a really hard one to handle on the call, in the moment because they're saying that the decision-maker or somebody who's a part of the decision making isn't even there. You can't really make them appear. So what do you do with that type of objection? In the very beginning, in the application, before the conversation, you ask if they are the decision-maker. Is there anybody else who makes decisions in your company? Can they be a part of the conversation? You want that person or persons to be in the room when you do have the conversation. It's very, very hard for them to translate the power of what you've shared in that call at a different time to another person. So decision-makers need to be in the room as you're talking.
Okay! That was a lot all about handling objections. Re-listen to this. Take some notes. Take some time. This is your action item! Take some time to think through what have been some common objections for people not purchasing your product or your services, and how can you rebuild that into your sales script and into the copy that you put out. I know this will help you get to way higher conversions. Do the work!