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October 19, 2020 at 03:03 PM
Encountering client objections is part of the sales process. They aren’t obstacles needing to be flattened. They are issues or concerns needing to be addressed. These examples should all sound familiar. A refresher can help.
Related: 9 Phrases to Get Prospects Talking
1. It’s not the right time.
It’s a way of saying “I don’t want to buy now.” They might be uneasy about the economy or the market. They are uncertain.
Don’t say: What are you waiting for? When will be the right time? Will it ever come?
Instead: Try drawing them out. What are their concerns? Many people focus on the negatives. There are positives that get overlooked. Put them on the table. Show how the positives tie into your recommendations. Advisors are meant to advise. You are suggesting a course of action when they are hesitant to act on their own.
2. Let me think about it.
It’s another way of saying “I don’t want to buy now.” They are seeking to push the decision off. There could be lots of reasons.
Don’t say: That’s understandable. I’m going to leave the room for a moment. (You return.) OK, you’ve had a chance to think about it. Glad we got that out of the way.
Instead: Based on your situation, I’m thinking this is the right course of action for you. (You briefly review reasons.) It sounds like I’m missing something. Tell me about it.
3. I don’t have any money.
They didn’t opt out earlier or understand your minimums. Now they’ve come this far and can’t commit. It’s embarrassing for them.
Don’t say: Why didn’t you tell me sooner? You’ve wasted my time and yours.
Instead: I understand. It’s highly unlikely someone has fresh cash on hand, just waiting to hear from me. Most people have certain dates or events when funds become available. It might be Treasury bills maturing or an annual bonus. What are your dates? We can arrange to talk around that time.
4. I need to speak with my spouse.
They might be buying time. Investing is often a joint decision. There’s a potential problem: Can they explain your proposal in the way as you presented it?
Don’t say: No problem. (Pick up phone, put on speaker.) We’ll call now. What’s the number?
Instead: That makes good sense. I would like to have the opportunity to meet with both of you, so I can understand your situation and present my proposal personally. Can you both come back tomorrow? Can we meet at your place?
5. I already have an advisor.
They see the role as standardized. They have one barber. One auto mechanic. One accountant. They don’t see the need for more.
Don’t say: But they aren’t as good as me. Ditch them. You are moving into the big leagues now.
Instead: Successful people often have multiple advisory relationships. You’re obviously successful. How many do you have? Another approach is “How many doctors do you have?”
6. I’m waiting until after the election.
Some people are hesitant to act in times of uncertainty. Each camp might think the stock market will go off a cliff if the other side wins.
Don’t say: Don’t tell me you’re one of those people who wants the other guy to win. (This could start an argument.)
Instead: Think beyond the election. Look towards trends. We are in a low interest rate environment. There has been an upsurge in businesses selling online. (Name a few others.) These are trends that will likely continue.
