Guest Post Monday and today we have Sean McPheat of MTD Sales Training offering us invaluable information on how to respond to an objection many salespeople are familiar with — “The economy.”
A sluggish economy can offer prospects a slew of objections and reasons to stall, and most salespeople have a difficult time overcoming these “econojections.”
The primary reason salespeople have such difficulty handling objections based on economic conditions is that such objections are not actually objections at all.
The state of the economy, be it local, national or global, is a condition, hence the term “economic conditions.” Unlike an objection, a condition presents a situation or set of circumstances that you cannot change or even affect.
Since neither you nor the prospect can change the condition of the economy, the question becomes, “What is the prospect going to do about the situation?” Is the prospect going to give up, close their doors and just lie down and die? Probably not.
Therefore, bad economy or not, business must and will go on. Keep that thought in mind and try this approach to overcome the common econojection.
Step I: What is the Prospect Going to Do?
First, have the prospect confirm what they are going to do. That is, are they going to give up and close their doors or not? If they are going to close, then you may want to reconsider this company as a viable prospect. However, if they plan to go on and make it through these tough times, then have them make that clear.
Step II: Only Two Outcomes
Now help the prospect see that such economic conditions can result in only one of two possible outcomes: Success or Failure. Either the bad economy is going to hurt and they will suffer or they will find ways to be successful regardless of economic conditions.
Step III: Which Will They Be?
Next, ask the prospect which of the companies they are planning to be: the one that fails due to the economy or one that succeeds in spite of the economy?
Step IV: Show How Your Product or Service Will Help Them Succeed in This Economy
Now, explain exactly how what you do helps companies do exactly what they want to do: succeed in spite of the economy.
To some, this may appear to be some form of manipulation or even a trick, but it is quite the contrary. What you are doing is helping the prospect see that in spite of economic conditions, they must continue to do business.
In addition, you help them realize that during slow economic times, they need to take even stronger and more aggressive measures to succeed and that is why you are there!
Sean McPheat is the Managing Director and Founder of MTD Sales Training. His company has trained over 30,000 staff worldwide. Sean is regarded as a leading authority in the world of selling and has been featured on CNN, BBC, ITV and has over 250 other media credits to his name. His Free Weekly Tips are received by over 50,000 people around the world and his MTD Sales Blog is viewed by thousands each week.