What are B2B sales objections?
Handling customer objections can be a bit tricky, and many sales professionals fear this situation. However, one of the best skills to have in B2B sales is the ability to turn sales objections into opportunities. If you’re tired of losing deals to responses like, “Your price is too high,” “Now isn’t a good time,” or, “We’ll buy if you add these features,” it’s time to start planning about overcoming objections.
Types of B2B sales objections?
Customer objections can revolve around an array of issues. However, if you categorize there are four common types of objections you’ll hear when you're trying to make a sale, and they all revolve around budget, authority, need, and timeliness.
- Budget - “It’s too expensive”:
Price objections are the most common sales objection there is. Why? Because money is on top of every buyer’s mind. But the price is all about perceived value. Price, Cost, ROI concerns all fall into this category. Prospects may say things like, “I don’t have money for your product,” or “There’s no room in the budget for us to buy your product.”
When a prospect says your product is too expensive, it isn’t always about price. Concerns about the cost of your product can go deeper than the sticker price. Dig deeper to find out why they aren’t happy with the product's price. Is it just sticker shock? Or is it that they don’t see the value in your product for the price that they have to pay?
Make the value of your solution known first, and you will significantly minimize the likelihood of this objection arising. You can also ask the prospect why they think your solution is too expensive. The prospect then has to break down their reasoning which gives you another insight into their perspective.
Customer: “We don’t expect you to buy anything from us right now. We are just looking to show you our solution and see if it is of value to you and your business [Lead this into a further question about their needs].”
Seller: “Can you tell me a little more about why you think the solution is too expensive?”
- Authority - “I need to talk to my team”:
In this objection, prospects may try to pawn the decision off on someone else. Most of the time, they’re procrastinating on making a decision. You’ll hear, “I have to speak with my boss/CEO about this before deciding”.
Try to keep the process moving by offering to talk to all parties. Getting all decision-makers in one room will help you find out what the third party's needs and fears are about your product or why the decision-maker said no. If you can thoughtfully address all the objections you’ll have more control over the sale and facilitate the decision - you can present as much insight as possible.
Customer: “I need to talk to my team.”
Seller: “I understand. If it makes it easier for you, I can hop on a call or come in for a meeting to explain the solution to your team. When would be the best time to do this?”
- Need - “We already work with [competitor]”:
There is a high possibility that the customer is already using an alternative service. You’ll recognize this in the field when someone says something like, “You know, we really don’t need your product or service,” or “We are already using [competitor]”. This type of objection is hard to handle. You’ll need to focus on the pain points of customers and show the value the customer can achieve. In case the customer is already using an alternative service, focus on competitive advantage.
- “We’d love the opportunity to show you how you can achieve [XYZ] milestones by using [our product]?”
- “Can I share a case study with you that shows how a company similar to yours was able to reduce/increase ____ by switching from [competitor] to our solution?”
- “I understand. May I ask you how your experience has been so far with [competitor]?”
- Timeliness - “I don’t have time right now”:
Many sales representatives will have prospects procrastinate or put the sales process on hold. They'll say things like, “It’s not the right time to make a decision. Please call me in a month or so once our imminent project/hiring plan/budget/etc. is in place.” The customer may also try to stall by saying “I don’t have time right now” - This basically means “this isn’t important to me right now”.
The best way to overcome this sales objection is to politely ask the prospect if you are calling at a bad time. If a customer is being upfront that they don’t need the service at this time, find out the reason for the delay. Remind the prospect of the long-term payout from buying your product or service right now. For example, if the customer is planning to reach a new market and expecting significant inbound reach, you can emphasize how opting for your product right now would drastically increase your revenue goals.
- “Totally understand. If you don’t mind me asking, what are your company’s other priorities right now?”
- “I hear you, it’s a crazy time of year. What other time would work best for you? Just looking for 5 minutes to show you how we can help reduce your stress and give you more time in the day.”