300 How to Handle a Specific Price Objection - The Art of Sales with Art Sobczak

Summary5 min read

Podcast Summary: The Art of Sales with Art Sobczak – Episode 300: How to Handle a Specific Price Objection

Introduction

In Episode 300 of The Art of Sales, titled "How to Handle a Specific Price Objection," host Art Sobczak delves into effective strategies for managing and overcoming price-related objections in sales conversations. Drawing from his extensive experience as a cold calling and sales trainer, Art provides actionable insights that empower sales professionals to engage prospects authentically and successfully navigate common sales hurdles.

Challenging Traditional Objection Handling

Art begins by critiquing conventional objection rebuttal techniques often employed by salespeople. He points out that many of these methods, typically sourced from internet ads or social media platforms like LinkedIn, tend to reinforce negative stereotypes of pushy and insincere salespersons.

Art Sobczak [00:24]: "When a salesperson tries to overcome an objection using some rebuttal technique or gimmick... they're usually just reinforcing the stereotype of the typical cheesy salesperson."

He emphasizes that these outdated strategies not only fail to address the prospect's actual concerns but can also increase resistance and entrench the prospect's initial stance. According to Art, overriding objections with generic responses often leads to further defensiveness from the prospect, making it harder to achieve a successful outcome.

Art's Approach to Understanding Objections

Contrary to traditional methods, Art advocates for a more conversational and investigative approach to handling objections. Instead of immediately countering objections, he suggests first seeking to understand the underlying reasons behind them. This method fosters a more collaborative dialogue and helps uncover the true concerns of the prospect.

Art Sobczak [00:24]: "There is a better conversational, professional way to deal with real objections that benefit the prospect and you."

Art underscores that objections are often symptoms of deeper issues or beliefs held by the prospect. By identifying and addressing these root causes, sales professionals can tailor their responses more effectively, leading to more meaningful and productive conversations.

Practical Example: Handling Price Objections

To illustrate his approach, Art shares a real-world scenario from his coaching program. A fellow coach encountered a prospect who was hesitant to commit financially until seeing tangible results. The initial response from the program's moderator was logical but failed to address the prospect's underlying concerns.

Art Sobczak [00:24]: "The problem is though, that answer might not address a person's real reason for stating that objection."

Art highlights that while the moderator's answer was well-reasoned, it didn't tackle the prospect's fundamental belief or fear, which is crucial for facilitating a mindset shift.

Strategic Questioning Techniques

Art introduces a strategic questioning framework designed to uncover the true motivations behind objections. The key is to keep the prospect engaged in the conversation, allowing them to express their concerns fully.

Step 1: Initiate Dialogue

After hearing an objection, Art recommends prompting the prospect to elaborate on their reasoning.

Art Sobczak [00:24]: "When we hear an objection, we're only hearing the symptom of the problem... So after hearing an objection, let's get them talking."

Example questions include:

"Oh, I see. Tell me about that."
"Hmm, interesting. Why is that?"
"Why do you say that?"

Step 2: Explore Underlying Concerns

Once the prospect shares more details, Art advises drilling deeper to understand the specific reasons behind their objection.

Art Sobczak [00:24]: "Tell me about how your business is different and the areas in which you want to make sure it applies to you."

Possible responses from the prospect might include:

Concerns about the efficacy of the material.
Previous negative experiences with similar courses.
Specific needs that they feel are unique to their business.

Step 3: Address and Reframe

With a clear understanding of the prospect's true concerns, Art suggests addressing these directly, which may involve presenting targeted testimonials, offering limited access to materials, or providing evidence of the course's effectiveness.

Art Sobczak [00:24]: "By questioning their belief, we want them to start doubting their belief, which is the first step in changing minds."

This approach not only demonstrates empathy and professionalism but also positions the salesperson as a partner in solving the prospect's problem rather than an adversary.

Changing Beliefs through Conversation

Art emphasizes that effective objection handling is about facilitating a change in the prospect's beliefs. By engaging in a meaningful dialogue and addressing the real concerns, sales professionals can help prospects reassess their initial reservations and move towards a positive decision.

Art Sobczak [00:24]: "Instead of the adversarial old school salesy methods of telling someone they're wrong and arguing with them."

This philosophy shifts the focus from merely closing a sale to building a trusting relationship where the prospect feels heard and understood.

Resources Offered

Towards the end of the episode, Art promotes his "Objections Masterclass," a comprehensive training resource designed to equip sales professionals with the skills to handle objections without resorting to uncomfortable or gimmicky rebuttals.

Art Sobczak [00:24]: "I've just created an entire objections masterclass called how to Easily Handle Sales Resistance and Objections Without Using Uncomfortable and Goofy Rebuttals."

He offers this valuable resource for free, encouraging listeners to access it through his website: SmartCalling training objections.

Quote of the Day

To encapsulate the episode's core message, Art shares his "Quote of the Day":

Art Sobczak [06:32]: "Don't try to overcome objections. Instead seek to understand reasons for beliefs."

This quote reinforces the episode's emphasis on understanding and addressing the root causes of objections to foster more effective and genuine sales interactions.

Conclusion

In this milestone 300th episode, Art Sobczak provides a paradigm shift in handling price objections by advocating for a more empathetic and investigative approach. By focusing on understanding the prospect's true concerns and facilitating a change in their beliefs, sales professionals can achieve more meaningful and successful outcomes. Art's insights not only enhance sales techniques but also promote deeper, more trust-based relationships with clients.

Final Thoughts

Listeners are encouraged to embrace Art's conversational strategies and leverage his resources to refine their objection handling skills. By doing so, they can transform their sales approach from pushy tactics to authentic, results-driven conversations that truly resonate with prospects.

For more insights and training resources, visit SmartCalling Training.

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Transcript4 lines

[00:03]
A
You are listening to the Art of Sales. Everyone sells every day. And this is your source for conversational real world sales and prospecting methods that you are comfortable using and that get results. You'll help people buy instead of pushing them into being sold. Here's your host Art subcheck.
[00:24]
B
When a salesperson tries to overcome an objection using some rebuttal technique or gimmick that they've doubted, downloaded from an Internet ad, or have seen on LinkedIn, they're usually just reinforcing the stereotype of the typical cheesy salesperson. Oh, sure, I get it. Many salespeople don't know any better because they've been told that they need to overcome objections and that's wrong. There is a better conversational, professional way to deal with real objections that benefit the prospect and you. So let me give you a real practical example that I just experienced a few days ago. I'm a member of a coaching program for coaches who create training and their own programs and in the community. One coach posed the question, I just had a prospect who doesn't want to pay for anything until he sees results. How should I respond? Now, the moderator, one of the creators of the group and the training that we're members of, replied with a very well thought out, logical answer about why it doesn't make sense to offer that option to customers. Now the problem is though, that answer might not address a person's real reason for stating that objection. That's the problem with all objection rebuttals. They don't address the individual reason for the objection. Could be a good answer, just not the answer that will get someone to change their belief. And worse, in many cases, they just cause the other person to resist more and defend their belief. I mean, really, does anybody want to be told that they're wrong? So I felt compelled to jump in and share another answer. I recommended another step before trying to answer that objection. When we hear an objection, we're only hearing the symptom of the problem. When we answer with what we want to answer, it might not be addressing their real concern, their real reason, which might possibly be handled a number of different ways. So after hearing an objection, let's get them talking. So in this case, when the prospect says, I want to pay anything until I see results, your possible responses could be, oh, I see. Tell me about that. Hmm, interesting. Why is that? Oh, okay, I don't hear that a lot. Why do you say that? Now this gets them to explain why they believe the way they do and say what they say. Now As a planning exercise for any objection, I suggest brainstorming all of the reasons you can think of as to why someone would give that objection, so then you can prepare your next questions. For example, in this situation, the person given the objection might respond to that first question with, well, I want to be sure the material actually works, or well, my business is different, so I need to be certain that it applies to me. Or I've been burned by courses before where the marketing made promises that didn't deliver. Then if you get any of those, you'd want to drill deeper to get them to tell you more about why they believe the way they do. We want to keep them talking so you can preface your next further questions with, well, you know, there's several reasons that pay after results option is not offered, which I'll get into in a bit, but we might be able to help your real concern here. Now, depending on the previous answer, you could go in different directions with that. Next question could be, is it a question of the material? Has it actually been field tested and proven to have gotten results from people who have gone through the course? Is that your concern? Or tell me about how your business is different and the areas in which you want to make sure it applies to you, or tell me about the courses you've gone through that didn't deliver for you. I'd use that one because we want to see if it's more of a matter of them not doing the work versus the course material not being good. So part of the reason of doing this is that by questioning their belief, we want them to start doubting their belief, which is the first step in changing minds. The other is that now we're learning their real reason, which we might be able to address with targeted testimonials, or giving limited access to the material that they might have questions about, and so on. This is the way to professionally and conversationally address objections in a sales situation or really any interaction where your belief is different than someone else's. So be prepared to find out someone's reason and then get them to question that belief if this is how you want to deal with objections. Instead of the adversarial old school salesy methods of telling someone they're wrong and arguing with them. I've got a free resource for you. I've just created an entire objections masterclass called how to Easily Handle Sales Resistance and Objections Without Using Uncomfortable and Goofy Rebuttals. I've actually sold this training before for $97 as a webinar before I updated it with even more material and you can get immediate access to it free. Go to SmartCalling training objections. All right. Hey, you know what time it is?
[06:21]
C
You're attitude everywhere. You'll never feel what they say. It's the art of the sales. This quote of the day.
[06:32]
B
That's right. It's time for the quote of the day. Today's quote is by me. I went out and I tried to find quotes that would be applicable to what we talked about here. And I thought, well, the one I'm going to give you is really most applicable. And here it is. Don't try to overcome objections. Instead seek to understand reasons for beliefs. All right, again, that masterclass. Go to smartcalling Training objections. Thank you so much for investing your valuable sales time with me today. Until next time, go out and make it your best sales day ever. I'm Art Sobchak.