By Kevin Gephart
If you’re batting 1,000 you’re playing in the little leagues. Objections are minimized with thorough data gathering and an effective proposal, but there will always be some unforeseen hurdles.
Effective objection handling increases your closing ratio and lays the groundwork for future business. It’s never no…it’s only no for now.
“Brilliance” is what happens in the car after the presentation. You think of the things you should have said. Get brilliance upfront by role-playing with fellow sales reps before important meetings.
A prospect with objections is engaged and wants to buy. You need to facilitate that. Prospects without any interest do not engage in conversation.
Prospects expect you to pounce when they state an objection. A more powerful way to handle that is to note it and continue to question: what else? Do not offer counter points to the objection until you fully understand fully all of the concerns. It is critical to understand if they are voicing an objection or simply stating a condition for their purchase.
One of the most effective, empathetic tools I have used is the feel/felt/found technique: “I understand how you feel. Many of my clients have felt that way. But here’s what they have found” Finesse it and make it your own.
Here is the top objection I hear to out of home.
It costs too much.
A vague statement that requires exploration.
Prospects have no idea what out of home costs. They solicit pricing as a starting point to negotiate.
Never negotiate price until you provide the prospect a quantifiable element of what the board delivers (CPM, overall impressions, reach, etc.). Focus on that delivery in your negotiations.
If the overall proposal amount is too much, determine what amount they are willing to invest. Then have them suggest levels of audience/coverage they are willing to trim.
Once I proposed a $75,000 annual plan; the prospect baulked because he did not have $75,000 at the moment. I needed to explain we would bill him; he would pay in monthly increments.
A prospect will say it costs too much in relation to their radio/television/ newspaper spend. Most prospects do not understand the sophistication in measuring OOH audiences and how easy it is to compare those measurements with broadcast and print media. Your cost advantage will open many prospect’s eyes.
Prospects must understand the messaging you are providing is 24/7, as opposed to a radio or television commercial which will air maybe 8 to 12 times within a 24-hour period.
OOH companies insist on adding to the price. Instead of quoting $2500 per month we say it is $2000 in space and $500 in production. It begs the prospect to negotiate the production. The client might well say no to a $500 production cost but will say yes to a $2500 monthly investment.
Next week I’ll detail 5 more out of home sales objections and how to handle them.
Kevin Gephart spent 35+ years selling advertising including 12 years at Clear Channel Outdoor in Minneapolis. He welcomes your sales questions or comments. Email kevinjgephart@gmail.com or use the form below.
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