How high performers handle objections
Chicago Booth Review
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[1] 00:00- It turns out that there's a distinct difference
[2] 00:02in how high performers handle objections
[3] 00:04versus low to moderate performers.
[4] 00:08What I always say is objections are absolutely
[5] 00:10natural to the sales process.
[6] 00:11We should welcome them, but there's a
[7] 00:13distinct difference in how you should handle them.
[8] 00:16What high performers do is they
[9] 00:17start very counter-intuitively.
[10] 00:19They start with an encouragement and a question.
[11] 00:22Step one, encourage.
[13] 00:25Someone says, "Craig, your price is too high."
[14] 00:28A high performer will lead into that objection
[15] 00:30and say, "I totally understand, tell me more about that.
[16] 00:33"Is it a question of, is it just the expense level,
[17] 00:36"or is it versus the other priorities,
[18] 00:38"or versus the other possible solutions
[19] 00:40"that you might have available?"
[20] 00:43You're noticing these two things that go together.
[21] 00:44I'm encouraging to tell me more,
[22] 00:46and I'm asking you a question, I'm asking
[23] 00:48that person a question.
[24] 00:49Credibility and confidence is gained up here
[25] 00:52in these first couple of steps of the process,
[26] 00:54which is why high performers do this.
[27] 00:56We now can have a conversation, a bit of a dialog,
[28] 00:59I can get a little bit behind that prospect's eyes
[29] 01:01to understand, what is she seeing
[30] 01:04that is expensive or a problem,
[31] 01:06and start to get a little bit more context around it.
[32] 01:09The third step that high performers do
[33] 01:11is what great listeners do, and that's called the confirm.
[34] 01:14After we've had this back and forth
[35] 01:16and I've asked some questions, and I've encouraged
[36] 01:18and drawn that customer out, then I might say,
[37] 01:20"So, Susan, here's what I'm hearing.
[38] 01:23"There's a bunch of priorities.
[39] 01:25"The bucket of budget is spoken for
[40] 01:27"based on all those other priorities,
[41] 01:29"and what I'm suggesting just doesn't fit.
[42] 01:31"Is that what you're saying?"
[43] 01:32This is what good listeners do,
[44] 01:33it's called active listening, it's called the confirm.
[45] 01:36It's playing back what I've just heard.
[46] 01:37Tremendous credibility is earned in that moment,
[47] 01:41in that step of the process.
[48] 01:44Then, and only then, do high performers
[49] 01:46get to step four, which is what we
[50] 01:48call the provide, or the answer.
[51] 01:50This is where low to moderate performers often jump.
[52] 01:53When they get a pricing objection, for instance,
[53] 01:56which is the most common objection in sales,
[54] 01:58is why I use this objection.
[55] 02:00"Craig, you're too expensive."
[56] 02:01My immediate reaction as a low to moderate performer
[57] 02:04is, "Okay I totally hear you.
[58] 02:06"Let's talk about the ROI, because now Bill, Susan,
[59] 02:09"if you jump up to the ROI and you think about this,
[60] 02:12"the price in that context is actually
[61] 02:14"not as expensive as it appears.
[62] 02:15"Let's talk about that."
[63] 02:17That's fine as far it goes, but it doesn't earn
[64] 02:19me credibility, and it doesn't gain confidence
[65] 02:22in the prospect or customers' eyes.
[66] 02:24One, two, and three do.
[67] 02:25Encourage, question, and confirm.
[68] 02:27Then and only then do we go to provide.
[69] 02:29Then finally, just for thoroughness,
[70] 02:31the last step is, we call the check,
[71] 02:33which is after I provide the answer,
[72] 02:34we've had a little dialog about that, I might say,
[73] 02:37"Bill, Susan, does this all make sense?
[74] 02:39"Do you have more concerns about this,
[75] 02:41"or should we move on?"
[76] 02:42What in essence I'm asking is,
[77] 02:44are we still hung up on this?
[78] 02:47And if we are, I go right back to the top
[79] 02:48and start questioning and encouraging again,
[80] 02:51or if there's less concern about it,
[81] 02:53then we move on with our sales process.
[82] 02:55High performers handle objections much, much
[83] 02:57differently than low to moderate performers.
[84] 02:59They spend time above the answer
[85] 03:01really understanding what is behind the objection,
[86] 03:04what are the animating issues that
[87] 03:07may help them resolve that objection,
[88] 03:09and only then do they go to
[89] 03:10the provide, which is the answer.