Sometimes a “No” can lead you to a better “Yes.” Learn how to turn four common objections in sales into valuable info-gathering missions.
Wise oracle Mick Jagger once said, “You can’t always get what you want. But if you try sometimes, you just might find you get what you need.” This has never been truer than with sales objections. In fact, many common objections in sales are beneficial. Every sales objection is an opportunity to learn. Sometimes you’ll learn something about your lead while other times you’ll gain better insight into your own sales strategies.
It’s helpful to know how to respond to common objections in sales, especially when you’re on the phone with a new lead, trying to get a feel for their personality while at the same time finding out their insurance needs. Here are four common objections you may run into and why they can actually benefit you in the long run.
“Already have insurance from Company X”
In terms of common objections in sales, a lead already having an insurance provider happens all the time. Get used to it and know how to navigate around it. Instead of hanging up and moving on to your next lead, consider this conversation a great opportunity to learn about your prospective client as well as your competition.
Start with an affirmation like “Well, we’re glad to know you have coverage,” or “That’s great. The folks at Company X do a fine job.” By starting off on a positive note, you disarm your lead who may already be feeling defensive. From there, the key is to learn. “Can you tell me what you like about your current coverage/insurance provider?” With an open-ended question like this, you give your lead an opportunity to share more information about themselves. Information that you will be able to use in order to prove why your agency can offer a better policy, process, or package.
“I’ve never heard of your agency”
Out of all the common objections in sales, this is one that should excite you. At first, you may feel offended or worried that your lead hasn’t heard of your agency. But use this as a chance to introduce yourself and your company. If you’re working for a newer agency, discuss its origin and where agents previously worked. Discuss any local connections you or the agency has to the area. (i.e. Does your agency sponsor a local little league team in a nearby town? Is your office manager’s husband the police chief?)
When a client says “I’ve never heard of your agency,” you’ve been given the gift of an “in.” You are now at liberty to share background information about your agency, agents, and community connections. Part of selling is building rapport and trust. By sharing agency information and backstory, you’re beginning to build trust and name recognition. With common objections in sales like this one, you may not win the deal right away. But if you play the long game, they’ll never be able to say they never heard of your agency. And they might be inclined to give you a second chance in the future.
“I don’t have time to talk right now”
This is often one of those smokescreen common objections in sales. Oftentimes it’s not about the timing at all. What’s great about these objections is that you have an opportunity to discover why they are trying to get you off the phone. And in that discovery, you may find out more information that will help you close the deal. Of course, offer to connect at a more convenient time, and if that doesn’t work offer a quick overview. “Rather than try to find a time to call back, how about we take 3 minutes right now and I review what my company provides so you can decide right here and now if it’s a good match for you.” The promise of a short conversation often opens the door to a future deal.
Of course, you may eventually find out information that disqualifies the lead from moving any further. But that’s a blessing, too. It’s better to know that upfront rather than play phone tag over the course of a week or two only to wind up empty-handed.
“Let me think about it”
Talk about an opportunity to find out more information. Seek clarification by asking, “When you say ‘Let me think about it,’ what information are you still thinking about?’” Hopefully, they respond with one or two particular concerns. Then you say, “Okay, so other than [their concerns] there isn’t any other reason you wouldn’t want to move forward, is that right? This level of probing will help you understand exactly what the barrier is so you can remove it. You’ll either learn that there is a way forward with the deal, or you’ll learn that the lead is just not qualified. Both of which are essential in moving onward toward your sales goals.
Many common objections in sales take place during the first cold call. These conversations can be time-consuming and prevent agents from doing important follow-up communication. Consider working with the technology and insurance experts at HBW Leads, who will bring you double-verified and exclusive leads. You’ll have more time for essential rapport-building and lead nurturing.