3 ways to address a prospect’s concerns.
by martin bissett
business development on a budget
if you have landed the opportunity to present your proposal in person, understand that concerns will be raised, particularly if several decision makers are present. don’t be put off your stride by these objections, or assume they mean that the prospect doesn’t want to work with you. on the contrary, objections can be a sign that there is interest, but they just need more information or assurance.
more on business development: how to prepare for the first meeting with a new prospect | consider hiring a sales director | your perception vs. your client’s reality | appraise your prospects | develop the habit of consistency | banish the idea that selling is difficult | how to win your first client | 5 ways to make selling easier to swallow
when it comes to handling objections or concerns, you have three options on the timing. you can handle it
- up front,
- when the prospect brings it up, or
- park it for later.
if the concern is a big one, and you know it is going to come up, you might well address it at the beginning. you might say, “now i am fully aware that there is a concern over the level of investment that might be required to work with us. if you’ll bear with me as i go through the proposal, i will demonstrate why that investment is worthwhile.”
if you don’t choose this option and the question comes up during the discussion, you can choose to answer it then, or tell them you will be addressing it later. bear in mind that if they ask about it again, you must address it at that point. otherwise, they will think you are avoiding the question.
clarification of the objection or question is also essential, as you don’t want to be answering a question that hasn’t been asked. you must make it clear that you understand what their concern is.
once you’ve done that, the next step is to minimize its importance. that doesn’t mean you should diminish or trivialize the concern in any way, but simply to cushion the impact of it. you do that by contrasting their concern against the benefits and outcomes they can attain by working with you.
now you must obtain commitment, or close. to do this, you might say something like this: “ok, so if we can agree over the pricing issue you’ve raised, and if we can get to a point where you are comfortable, does that mean we can agree to work together, or do you have other concerns we must resolve first?”
the process in summary, therefore, is to
- clarify the question,
- minimize the concern and
- obtain commitment.
if you can handle the major concerns in this way, you will be in a strong position to move forward and close the deal.
business development tasks
- anticipate the questions you are likely to be asked when you present the proposal and prepare appropriate responses.
- know your walk away price, or the fee below which the work is no longer attractive to you.
- understand when to handle each concern and be prepared to go through the clarify, minimize and close steps as you answer them.
- practice handling these concerns with a colleague if you feel nervous about doing so in the meeting.
- schedule specific, non-interruptible time in your diary to identify and prepare your answers to possible concerns of the prospect.