How to do Cold Calling - The Playbook (Part 3 of 3)
You have made it to the last Part! After reading this final part of our Playbook, you will be a Pro in Cold Calling - for sure! 🎉🎉
In case you want to read Part One again, check it out!
Or have you missed out on reading our Second Part, here you can find it!
In this Playbook we are going to cover the most frequently heard objections and give you Tipps how to address them! Here is a quick structure to our last Cold Calling Playbook:
You can once again watch our educational Video, in order to jog your memory.
Objection Handling?
What are the best ways to handle rejection?
How should you overcome the challenges of receiving a ‘No’ as an answer?
Being rejected is inevitable, but here you will find some tricks you can apply to overcome this burden!
When it comes down to objection handling, it is of utmost importance to be prepared.
I would suggest you document every objection encountered, your team members should also write down the answers they hear from their leads. By having all the scenarios in front of you, you can engage in role playing with your team members and train the different cases.
By doing so, you will get used to getting rejected and be prepared to handle the different objections that are being thrown at you. At some point, you will be so good at answering objections that you will not even think about it. It will be much easier for you to find the best answers and react instantly to different situations.
But how do you handle objections?
>> Remember, always repeat the objection mentioned, ‘mirror’ the person’s response and answer their question. Afterwards, you should include your value proposition.
By repeating the wording of the lead, it will show the other person that you have acknowledged and understood their concerns, about the product/ service you are offering. It will display your interest in the feelings of your lead, and it will stress on the fact that you have listened carefully to the other person. This will stimulate the other person to continue listening to you and maybe change his attitude towards you, as sometimes an objection simply means that person has not had enough time to make up his mind and sort out his feelings toward this new approach.
Furthermore, you should differentiate between objection and pretext. Under pretext I understand the person’s attitude towards you. For example: If the person is angry at you, or uses hasty phrases such as ‘i do not have time for you’, you should think about whether it is worth continuing the conversation. Sometimes, in spite of all efforts you won't be able to convince a person of your offering. If you are getting the feeling that you are going nowhere with your efforts, just take the defeat. Thank the person for your conversation and move on.
In order to circle around the objection you can use phrases such as ‘if we exclude (pricing/feature), would you be willing to continue talking?
Now, Let's have a look at some very common objections
Objection #1
‘We already have a solution for that’
You can address this objection by stating the fact that you can imagine that they already have a solution for that as many other customers of yours had.
Nevertheless, your customers saw the real benefit of your product after trying out the technology that you offer. Stress on the additional value that your product offers, or what the value of using it is.
You can also say that you are sure that they already have a solution for the problem as the other person looks like an innovative guy. Then mentioned if he wants to stay relevant and innovative, he might be interested in trying out your product.
The rule of thumb is always use statements that circle around the needs of the lead.
For example if you say you should use our product, because we are the market leader, it is self-centered and it does not give any value to your lead. Moreover, it gives the lead the impression that you have the highest prices on the market as you are on top.
Objection #2
'I don't have time now'
Use phrases such as I know that I disturbed you with my phone call at the moment and that you must be very busy, because let's be honest you most probably have disturbed the person. Be genuine, jump into the shoes of your lead and take into account what and how he might be feeling.
Then continue by saying that it is exactly because they don't have time that they should listen to you. Tell the lead how your product will save him time and repeat how your products will add value.
Objection #3
'We don’t have a budget for new projects'
'We don't have a budget for new projects'
How should you address this hurdle? Beneath you will find some possible phrases you could use in order to correctly correspond to your lead!
Objection #4
'I'm not the right person for this'
Here you can simply ask the person, who the right person would be. Ask him to redirect you.
Objection #5
'It's too expensive for us'
You can answer to this objection with the phrases shown in the picture below.
These responses will show the lead that you are aware that there are cheaper alternatives on the market, but that you can definitely offer something of better quality. Show that your product offers value and that your lead would really miss out on something if he does don't consider your offering.
>> Remember: Sometimes when the lead says that the product is too expensive, they do not know what the full scope of the offering is. There might be an information gap and you should further elaborate on the qualities that your product offers. Show your lead the true value proposition behind your offer.
Objection #6
'You just want to sell something to me'
Simply reply by saying that you cannot sell them anything. Stress on the fact that the purchasing decision lies in the hands of the lead. Show them that they are in control of the situation and that it is always up to them whether they want to buy something or not.
Don't be hasty or short-tempered, show your lead that the ball is in his court and he has the power in the situation.
You have made it!!! You officially are a Pro in Cold Calling!
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