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How to handle the ďToo Expensive ObjectionĒ

29/03/2017 14:15:23

Here are 26 great ways to handle those objections

The other day I was asked how I would handle the Too Expensive Objection and decided this would make a useful blog for Sales People in my network so here it is!

First of all, remember the golden rule ďDonít Negotiate until soldĒ Do a worth analysis to find out what it is worth before you tell the customer how much it cost and donít talk about cost only talk about saving.

Simple example would be: you know your product is £20.000
You ask the customer questions to establish the fact that the problem is costing them £25,000. You then say we may have a solution and if it is acceptable to you it could save you £5000.

Would you like to see the solution?

You only talk in terms of solutions and saving. Never cost and Price.

Focus on what itís worth not what it costs. Remember so long as it is worth more than it costs then it cost them nothing to do it.

The worth analysis is THE BEST WAY to handle the price objection.

So here are 26 great ways to handle those objectionsÖÖ

Selling against competition

Sell the difference. If you are £10 and the competition is £9 you donít have to justify £10 all you need to do is sell the difference and that is just £1

Below are 3 Questions and 41 responses you may find useful.

It is Too expensive

1. As compared to?
2. How do you mean?
3. In relation to?
4. Tell me why do you say that?

I have had a better offer

1. Tell me about it.
2. How do you feel about that offer?
3. What exactly have you been offered?
4. What is included in that offer?
5. What model is that?
6. What are the performance figures?
7. What are the running costs?
8. Out of interest, why didnít you accept that offer?
9. What concerns you about that offer?
10. Given that you know we canít get down to that price, what are you looking for in terms of quality, service and reliability?
11. If we were both the same price what would be the advantage to you in going with us.
12. Tell me whatís more important to your business, the price of the machine or its ability to do the job for the next ten years?

Why donít you take it?

1.If you cut back on the quality of this raw material, then you cut back on the quality of the service you give to your customers. And thatís where the real profit is in your business isnít it?

2.Why donít you take it?

3.You know Mr Smith youíre only going to replace this once in the next five years. You want it to be the most reliable component you can get, donít you? Why donít you take it?

4.What weíre talking about here is an investment in your business. And your business deserves the best, doesn't it? Why donít you take it?

5.But you wouldnít let that stop you having the most reliable components on the market, would you? Why donít you take it?

6.You have worked hard to but this project together and you want to support it with the very best, up to date electronics you can get, donít you? Why donít you take it?

7.You know that Quality is remembered long after price has been forgotten. And quality and reliability is going to be vital in this operation. Why donít you take it?

8.You can always buy cheaper, but you canít buy better. And you do want the best you can get donít you? Why donít you take it?

9.I understand you want value for money Mr Smith. Letís look at where the value and the savings are for Smith & Co.

10.Itís an investment in the quality of your business and the quality of service you give your customers. And thatís Priceless, isnít it? Why donít you take it?

11.If you cut back on the quality of your components you cut back on the quality of service you give your customers and thatís where the real profit is in your business Why donít you take it?

12.You know Mr Smith, looking at your building, your offices your car. Youíre not a man that buys on price. You want Quality and reliability. And this is the best there is. Why donít you take it?

13.I understand the design engineers preferred us because we support them from conception to completion, and see us as unpaid members of their team.

14.I understand the Manufacturing Managers prefer us because of continuity of supply, donít they?

15.I understand that because of or availability you have been able to reduce your stock holding, and free up cash for other projects, havenít you?

16.I understand your failures in production, reworks and warranty claims have been reduced £XXX because of the quality of our components. That saves you both Time and Money, doesnít it?

17.I understand you have some issues getting your products on time from China. Donít you?

18.I understand you have had some quality issues with Chinese components recently.

19.I understand our technical people were a great help to your design team on the xxxx project. I guess thatís why they want to stay with us.

20.I understand you have to place minimum order quantities AND pay up front from China donít you.

21.Whatís more important to you saving 1p on the component or not having to carry stock?

22.Whatís worth more to you 1p on the component or reducing failed in process?

23.Whatís worth more to you 1p on the component or its ability to work at that temperature for the life of the product?

24.Whatís worth more to you 1p on the component or not having to place minimum order quantities.

25.Whatís worth more to you 1p on the component or not having to pay up front from China?

CLICK HERE For list of Great Sales Training and Negotiating courses

In Sales? Looking to Smash your Target?

15/03/2017 17:33:11

 
Having worked for over twenty five years with outstanding Sales Professionals across a wide range of industries, selling every conceivable product and service I would like to ask youÖ..
 
Would you like to:
 
  • Increase your sales and profits
  • Become an outstanding Sales Professional
  • Open more doors
  • Close more Sales
  • Grow your Customer Base
  • Increase your Earnings 

 

Here are my 5 top tips to help YOU develop your sales skills

1.       Really sell yourself - people buy from people

2.       Develop your listening skills Ė listen more and speak less

3.       Understand the psychology of selling

4.       Tighten up your objection handling

5.       Make sure you are following up your leads - this is so important

NOW if you want to, Find new business! Close more deals! Make higher value sales!
 

Take actionÖ. Be proactiveÖ.

Mike Le Put says "I teach practical skills which are proven methods of increasing your sales, If that's what you need then this is Definitely for you"
 
Find out about today about a 2 Day Successful Selling Skills Course in Bury Manchester  CLICK HERE
 

Don't just take my word for it....

 
These are quotes from previous delegates who have attended the 2-day Sales Training Course in Bury Manchester.
ďVery insightful and great for all levels of Sales Experience. By far the best training session I've attended, Nicola Hatton Midland HR
 
"Very Interesting and informative as always. Learnt a lot & many things I will put into practice which, I am sure will make a huge difference to my success in the future. Andy Widdowson. Mosca Direct
 
 "Thank you for looking after the new staff last week. They thoroughly enjoyed the training with you. I've already seen a big difference in their attitude towards sales and tough challenges. They've come back with new ideas, energy and new confidence. You're a genius!" Duncan Ross, AVA
 
" Extremely useful knowledge. I have so many take-aways that will stick with me for years to come. Nicole Brisebois. LDM Global.

Best Problem Solving Techniques

10/03/2017 16:30:18

Find about the best problem solving techniques

Best Problem Solving Techniques

One of the most powerful techniques for problem solving is to focus on the Problem not the solution.
 
Let me explain.....
 
The best way to get a good solution is to have lots of solutions to choose from. Unfortunately, many people bring you a single solution disguised as the problem.
 
They may say ďMy problem is I need a kettle.Ē Only one solution provide a kettle.
 
If they had said ďMy problem is that I need to boil waterĒ we could have provided many solutions.
 
A Manager may say ďMy problem is I need More PeopleĒ Only one solution get more people.
 
If the Manager had said ďMy problem is the people I have cannot do the work with Skills, Resources and Procedures we have in placeĒ We now have more options available to solve this problem.
 
I remember running a problem-solving course for a successful company in Hull.  The Distribution Director Ďs opening statement was this ďMy problem is I need a new warehouse ď You can see this is not his problem, itís what he believes to be his single solution.
 
We solved the problem by re-designing his warehouse, installing high lift, narrow-isle trucks and introducing stock rotation systems.
 
The result was a 42% increase in storage space, a 20% increase in efficiency and a saving of £2 million on the original solution of a new warehouse.
 
There are many steps to problem solving but the most important is to Clearly Identify the problem.
 
Next time a person comes to you with a problem, ask yourself has this person given me the problem or have they given me what they believe to be the solution.
 
Click For more information on Problem Solving

Finding the Time for Success

01/03/2017 14:26:50

Take action today....

Apparently, the average UK adult spends 26 hours a week watching television. Iím not against watching TV but I know there will be people in the UK saying ĎI wish I could learn how to play the piano, but I just donít have timeí. But here is where they are wrong - they do have the time, they just choose to spend it watching TV.

I often give this analogy when people ask me what the secret to sales success is, and I conclude with - you need to find the time for success. Yet the reality is often, ĎI need more timeí.
First of all, there is no more time. Low and high achievers all get 24 hours a day. Secondly, yes there isnít enough time to do everything, which is why you need to learn to prioritise effectively and be aware of which actions will enable you to develop a plan and ultimately achieve your goals.

There are two easy steps to help you overcome this.
 

Step one is to set your goals - whether this is to sell three times more than you did last year, become a managing director even run a marathon Ė anything is possible if you know what youíre striving towards. This seems like a simple solution but many people make the common mistake of not setting goals and wonder why they fail.

Step two is to simply develop a plan, because it will help drive your motivation and youíll succeed as a result.

High achievers have clearly defined targets and plan their time to achieve this. You canít create more time but you can control your environment, your procedures, your habits, and only you can allocate the right amount of time to reach your goals. Itís your life, your future, and your time for success.

So if you find yourself thinking or saying, ĎI donít have timeí, ask yourself what you are doing or about to do which is taking you away from your goals?

Finding the Time for Success - What next? Ė Take actionÖ.

CLICK HERE to find out you can set your goals and save time

Follow our company CLICK HERE 

Tips for Sales Managers

27/02/2017 13:03:57

Your job as a Sales Manager is not to sell but to get it sold.

As smart as you are, you are severely limited in terms of what you can sell when you are doing the selling.

  • Your job is not to sell
  • Your job is to recruit, train and motivate a strong sales team to do the selling for you
  • Your job is to hit or exceed target with the available resources
 
So the first thing to do is to work with your team to agree your Sales Targets.

This can be a top down target made of what the company needs to achieve and a bottom up target made of what the Sales people are forecasting.

You now need to work out the Success Formula. By that I mean what needs to happen for you to hit your agreed Sales target.

These will be Key result areas. The activities required may include the following

ē Enquiries
ē Appointments
ē Quotations
ē Demonstration
ē Orders

The question now is how many off each do you need to achieve in order to hit target. You will get this figure by analysing your conversation ratios at each step. Once you have the total numbers you now divide this between the Sales people so that each one can do their part.

Remember these 4 things...
 
  1. What gets monitored gets done, and inspect what you expect.
  2. If you donít inspect it, they think you donít respect it and they stop doing it.
  3. The carrot is bigger than the stick. So catch your people doing things right and praise the procedures you want repeated.
  4. Recognition is a massive motivator.

Once you have set your targets and your key result areas you need to look at the resources you have. List out everything you have as a resource and score yourself on a scale of 0-10 in terms of how well you use those resources.

List out all the core competences your sales people need in order to achieve your targets. You are not looking for weaknesses you are looking for areas of development. As the market changes the skills that your sales people need will change and it is your job to ensure that they have the new skills.

As Sales Manager will also need new skills in the areas of Leadership, Coaching, Mentoring.

You may need to develop your ability to recruit the very best people.

Here is a question for you.

Who sets your standards?
 
Well the answer is... You, Your Customers and Your Competitors.

No companyís stand still. You are either growing or dying. If you are standing still and your competitors are growing you are dying by comparison.

As Sales Manager you are in control of the powerhouse of growth and development because you are in charge of sales and without sales the company has no growth and development.

Most of all you need to be the role model.

The question is what kind of team will my team be if everyone in it is just like me?

The difference is youÖ

Why not join us on the next Sales Managersí Masterclass? CLICK HERE For details

Written by Mike Le Put Ė MLP Training

Top Strategies for Account Development.

15/02/2017 07:29:27

I define what a Major Account is in terms of Turnover, Location, Product lines, Payment Terms, Profit, & Growth Potential.

So, if you are an Account Manager then you will need to identify a number of factors that will enable you to be more focused and successful in your role.
 

Letís start with our 4 top strategies for Account Development

1) Define what a Major Account is in terms of Turnover, Location, Product lines, Payment Terms, Profit, Growth & Potential.
2) Look at your existing accounts and see how they stack up.
3) Ask yourself ďWhat Is my Major Accounts Target and will I make target from this list?
4) Do an account audit on each account consisting of at least 20 questions

To get you started you could include questions like these:
 
 - What is the size of this account as a market?
 - What is our Market share?
 - What are the Customers goals?
 - Can we name the Key People in terms of Money Authority & Need?
 - Do we have access to the Key People?
 - Do we have a Contact Strategy?
 - Who are our competitors?
 - What is our USP?
 - Do we understand the Decision process, Budgets and Financial justification?
 - What is our GOSPA. Goals Objectives Strategy Plan and Action?
 - What is our ROI goal?
 - Who should be the Account Manager?
 
RememberÖÖ
 
80% of your business could be coming from 20% of your customers that means your need your best people working on these accounts.
Major accounts are different.... they are based on the supplier having an in-depth understanding of what the customer needs.That means understanding the customersí business the customers company structure and the customersí goals.
It is also about building strong relationships and trust by working together so that the account manager is seen as a partner, an unpaid member of the customer's staff, a person they can trust and a person they can work with to the benefit of both parties.

It is aboutÖ Moving from an outsiderÖ providing a commodity supplied on price and delivery.

To an insiderÖ a supplier of extra value with a long term strategic partnership. A supplier that is work with customer and contributing to organisational & business issues
 
The Results are: - 
 
 - Economies of scale for the seller
 - Low risk for the buyer 
 - And win win for both parties
 
A great Account Manager can Increase your Sales & Grow your business!

I wish you every Success with your Account development.
 
Mike Le Put MLP Training CLICK HERE

Trucks don't Sell Themselves

14/02/2017 12:00:53

Did you know Trucks don't Sell Themselves? 

Have you ever heard a Sales Person say. ďI lost an order to Toyota, Linde or CrownĒ?

These are all good lift trucks but I have never seen a Toyota Linde or Crown Truck that can take itís self out of the show room go down to a customer, do a site survey, put a quote together deliver a presentation overcome objections and close a deal in order to sell itself.

The truth is that you did not lose the order to a Toyota, Linde or Crown. You lost it to a Toyota, Linde or Crown Truck Sales person.

Have you ever heard a Sales Person say. ď I lost an order to Toyota, Linde or CrownĒ? These are all good lift trucks but I have never seen a Toyota Linde or Crown Truck that can take itís self out of the show room go down to a customer, do a site survey, put a quote together deliver a presentation overcome objections and close a deal in order to sell itself.

The truth is that you did not lose the order to a Toyota, Linde or Crown. You lost it to a Toyota, Linde or Crown Truck Sales person.

You got out sold. That Sales person is getting the Sales that you should be getting.

If.... 

 - customers only ever bought the cheapest truck you would only have one truck supplier

 - customers only bought the highest quality truck you only have one truck supplier

So, IF you are looking for the difference itís in the Sales Person.
 
The difference is not the truck itís your ability to sell it.
 
The difference is YOU....

Mike Le Put... MLP Training CLICK HERE Sales Training details.

The Purpose of a Business

10/02/2017 15:56:34

What is the purpose of a Business?

 
Doctor David McClelland of Harvard was quoted as saying the purpose of a business is to Get a Keep Customers.

 

True profit in any business comes from repeat business. Your job is to keep customers once you have them on board. This means the first sale is the most important. Customers will not want to return if they have not been happy with the first purchase. So do what you say you are going to do. And donít make promises you canít keep.
 
It is better to under promise and over deliver than the reverse.
 
Once you have the first sale you treat every sale as if it was your first sale.
 
 - Dot the Iís and cross the tís.
 - Pay attention to detail.
 - Treat every customer as if they are your only customer because as far as they are concerned THEY ARE.

What is the difference between sales and business development?

10/02/2017 15:31:10

Find out what is the difference between sales and business development here?

 
Selling is identifying or creating a need for your product or service and building a desire in the prospect to want use or own that product or service by focusing on benefits.

The function of Selling is to Sell.

 

Function of Business Development is to improve an organizationís market position and achieve financial growth by identifying the opportunities to sell.

This requires long-term organizational strategic goals. To find new markets and to Grow existing Accounts.
 
That is why Our Account Development Strategies course is not suitable for new Sales People.
 
The course is not about Selling Skills i.e. Questioning, Listening, Presenting, Objection Handling, Closing these things are a given at this level.
 
Account Development is about long-term organizational strategic goals. It is about Business Development. It is about looking at a major account as a Market and increasing Market share of that Market and strengthening customer relationships by in-depth understanding of the customersí business.

How to handle the ď Too Expensive ObjectionĒ

11/01/2017 14:27:39

42 Negotiation and Objection Handling Tips and Questions

First of all remember the golden rule ď Donít Negotiate until soldĒ Do a worth analysis to find out what it is worth before you tell the customer how much it cost and donít talk about cost only talk about saving.

Simple example would be: you know your product is £20.000

You ask the customer questions to establish the fact that the problem is costing them £25,000. You then say we may have a solution and if it is acceptable to you it could save you £5000.

Would you like to see the solution?

You only talk in terms of solutions and saving. Never cost and Price.

Focus on what itís worth not what it costs. Remember so long as it is worth more than it costs then it cost them nothing to do it.

The worth analysis is THE BEST WAY to handle the price objection.

Selling against competition

Sell the difference. If you are £10 and the competition is £9 you donít have to justify £10 all you need to do is sell the difference and that is just £1

Below are so Questions and responses you may find useful.

Best regards

Mike Le Put

Too expensive

  1. As compared to?
  2. H ow do you mean?
  3. In relation to?
  4. Tell me why do you say that?

 

I have had a better offer

  1. Tell me about it
  2. How do you feel about that offer?
  3. What exactly have you been offered?
  4. What is included in that offer?
  5. What model is that?
  6. What are the performance figures?
  7. What are the running costs?
  8. Out of interest ,why didnít you accept that offer?
  9. What concerns you about that offer?
  10. Given that you know we canít get down to that price, what are you looking for in terms of quality, service and reliability?
  11. If we were both the same price what would be the advantage to you in going with us.

27 Useful Questions

  1. Tell me whatís more important to your business, the price of the machine or its ability to do the job for the next ten years?

  2. Why donít you take it?
  3. If you cut back on the quality of this raw material then you cut back on the quality of the service you give to your customers. And thatís where the real profit is in your business isnít it?

  4. Why donít you take it?
  5. You know Mr Smith youíre only going to replace this once in the next five years. You want it to be the most reliable component you can get donít you? Why donít you take it
  6. What weíre talking about here is an investment in your business. And your business deserves the best doesn't it? Why donít you take it?

  7. But you wouldnít let that stop you having the most reliable components on the market would you? Why donít you take it?

  8. You have worked hard to but this project together and you want to support it with the very best, up to date electronics you can get donít you? Why donít you take it?

  9. You know that Quality is remembered long after price has been forgotten. And quality and reliability is going to be vital in this operation. Why donít you take it?

  10. You can always buy cheaper, but you canít buy better. And you do want the best you can get donít you? Why donít you take it?

  11. I understand you want value for money Mr Smith. Letís look at where the value and the savings are for Smith & Co.

  12. Itís an investment in the quality of your business and the quality of service you give your customers. And thatís Priceless isnít it? Why donít you take it?

  13. If you cut back on the quality of your components you cut back on the quality of service you give your customers and thatís where the real profit is in your business Why donít you take it?

  14. You know Mr Smith, looking at your building, your offices your car. Youíre not a man that buys on price. You want Quality and reliability. And this is the best there is. Why donít you take it?

  15. I understand the design engineers preferred us because we support them from conception to completion, and see us as unpaid members of their team.

  16. I understand the Manufacturing Managers prefer us because of continuity of supply donít they?

  17. I understand that because of or availability you have been able to reduce your stock holding, and free up cash for other projects havenít you?

  18. I understand your failures in production, reworks and warranty claims have been reduced £XXX because of the quality of our components. That saves you both Time and Money doesnít it?.

  19. I understand you have some issues getting your products on time from China. Donít you?

  20. I understand you have had some quality issues with Chinese components recently.

  21. I understand our technical people were a great help to your design team on the xxxx project. I guess thatís why they want to stay with us.

  22. I understand you have to place minimum order quantities AND pay up front from China donít you.

  23. Whatís more important to you saving 1p on the component or not having to carry stock?

  24. Whatís worth more to you 1p on the component or reducing failed in process?

  25. Whatís worth more to you 1p on the component or its ability to work at that temperature for the life of the product?

  26. Whatís worth more to you 1p on the component or not having to place minimum order quantities.

  27. Whatís worth more to you 1p on the component or not having to pay up front from China?

CLICK For list of Great Sales Training and Negotiating courses

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