How to Overcome Five Common Sales Objections

by | Mar 17, 2023 | Business Strategy, Marketing, Resources | 0 comments

How to Overcome Five Common Sales Objections

Learning how to overcome objections in sales is a vital skill for small business success. At some point in the sales process, you’re bound to encounter objections from prospects. Salespeople must be ready to handle any questions or concerns that would stop them from closing the deal.

Here are five ways to help you overcome common sales obstacles. 

1. Lack of Budget

“It’s too expensive.”

Objections based on price are the ones you’ll come across most frequently. That’s because all purchases come with some level of financial risk.

As a sales rep, you’ll want to consider the positioning of your product or service and how to demonstrate that value. This turns the conversation into one about risk vs. reward.

By providing value and painting a picture of where your solution will take them, they can be convinced that the reward is enough to justify the risk.

Source: HubSpot

2. Lack of Need

“I’m happy with my current setup.”

Complacency, or an actual fear of change, can lead many potential buyers to dismiss a product before they’ve learned what it can do for them and their business. Remember that complacency is often a result of being ill-informed about a problem or opportunity, so if a potential customer seems complacent, you will need to take the extra time to describe the overarching problem or opportunity in depth.

Overcome the objection: If you can, bring up examples or case studies about their competitors who have made some recent changes similar to the one you are suggesting. Fear of change is a natural reaction, so you will need to calm the customer’s concern by showing examples of positive change within the client’s industry to provide a boost of confidence.”

Source: Salesforce

3. Lack of Urgency

“It’s not the right time.”

Vague brush-offs like this one can be difficult to navigate. Try to segue the conversation into a question about their pain points. Perhaps they don’t have the time to speak right now because their organization isn’t running efficiently, which your product or service could help with. However, it’s also important to read the conversation and know when to stop, so you can reach out to them again later without them having formed a negative opinion of your pushy tactics.

Source: Small Business Trends

4. Lack of Authority

“I have to ask my boss.”

A typical sales objection you’ll face, especially when dealing with well-established companies, is a lack of authority. A prospect may suggest they don’t call the shots around when it comes to purchasing. You can start by inquiring further about the person mentioned. Get as much information as possible since you’ll be talking to them when closing the sale. Ask about:

  • The department they work in
  • How you can reach out to them
  • Their availability
  • Whether they also have to answer to a ‘higher’ authority

Additionally, you can request your target to give them an overview of your product or service before the meeting. This will make your sales pitch easier. All you’ll be left to do is supplement, clarify and build on what they already know.

Source: Sales Hacker

5. Lack of Trust

“I have never heard of your company.” 

Start-up companies and various other small businesses are often faced with this type of sales objection. This is another common objection that is used when the customer has not yet established trust in the brand due to an inadequate amount of information. 

How To Solve? Do not take offense. Take the opportunity to provide the prospect with more information about your company. To take it a step even further, make suggestions to the prospect about what aspects of your business can improve on the prospect’s business problems.

Source: Aviso

Want to Increase Your Small Business Sales?

First Union Lending has worked with thousands of small businesses to improve their sales results. If you need to purchase new software, update equipment, implement workforce training or add staff to maximize your sales, we have the resources to help.

With short-term loans, merchant cash advances, and lines of credit, among other products, we can get you the cash you need right now—not weeks later. Some clients get the money within two business days. Call 863-825-5626 today and let’s get started!

See your loan options

Only U.S.-Based Businesses are Eligible