Let’s face it — today’s business world is competitive. Besides the normal objections you get (no money, price to high, need to talk to, etc.) a common objection that blows out 80% of your competition is, “I can get a better deal elsewhere.” This frustrates a lot of sales reps and takes thousands of dollars of commission out of their pockets.
The top 20% also get this objection but are prepared for it and know how to overcome it. Here’s what they do:
First, they recognize that if someone says that they can get a better deal elsewhere, it means one of three things:
1 — They’re wrong (in other words, they think they are getting the same thing you’re offering, but they’re not).
2 — They’re just putting you off and using this objection as a smokescreen
3 — They really can get a better deal.
In order to find out what your prospect means, offer to help them determine if they really are getting a better deal by questioning and comparing every component of it. Use this script:
“ __________ my customers tell me this all the time, and sometimes they genuinely can get a better deal, but a lot of times they can’t. I’ll tell you what I’ll do. I’ll go over each item you’ve been quoted by this other company, in other words we will compare apples to apples, and if everything is equal I’ll see if I can do even better on that. If I can, you’ll get an even better deal and if I can’t, I’ll tell you so. Either way, you’ll win. Now, do you have that other quote in front of you?”
Then simply go over each item to make sure everything is equal. Often times it’s not and you can point this out. And if it is, you still have a chance to win the deal. If they do have a better deal, then build the value of having you as their sales rep and try to close the sale anyway. Either way, you’ll win.
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