Introduction
Trends in technology have turned around how things work in the world of business. In the past, the salespeople were in charge of driving the demand for their products. Today, sales are more customer-centered than before and most customers get informed about the products without the assistance of salespeople.
The sales objections haven't changed much with advancement in technology. To successfully overcome them, one has to view them as opportunities to address specific needs. Let’s see what are the toughest objections companies working with trending technologies may face and examine some notable cases of overcoming them.
Budget
Obviously, the price is the main thing people consider while buying a product. Customers are likely to reject a product on the basis of financial consideration, even if it meets all the other criteria. Which brings us to the point that a seller should find out why the potential buyer might not have enough money for the product.
If a person just cannot afford your offer, all that is left to do is drop the subject and leave. But if customers remain unsure, it could mean they are requesting for a discount or are not entirely convinced about the product value. That’s why a salesperson should be as detailed as possible in giving information about the benefits of the product or service. Talking about emerging technology, many people don't have a clear understanding of how products operate, so a presentation should be a crucial step in the strategy.
While dealing with businesses, there is a sales rule not to talk about the budget before articulating what the product can bring. If potential clients still have doubts, it’s advisable to make them view the proposal as a long-term investment.
Case study: The best way to sell expensive products is to have a respectful brand. Take the Apple example: even realizing that these gadgets are way overpriced, many people are still ready to buy them for what they represent. Maybe, this comes from the general strategy ‘to sell experiences’ rather than technical features taken by Apple from the very beginning. Overall, we can learn from it that loyalty drives all the other criteria, including a budget. This brings us to the next objection related to trust.
Trust Issues
Sales are about human interaction. Unlike other objections, this is a very subjective one. You can successfully demonstrate your product, but the client can find it difficult to trust your ability to deliver as you have promised. It takes time to build trust. Companies should think through their marketing strategies to be sure that they look attractive. Although it’s an effective strategy for all businesses, companies that work in small niches can benefit most. Having a value in a brand itself is a great start for making a successful sale.
Case study: Companies that produce software may focus on creating marketing content that speaks volumes. While video is the most engaging type of media at the moment, it is one of the most powerful tools of outlining a concept of a company and solutions it offers. Videos can be both super-informative and entertaining: check the examples of Binary Defence and New Relic. The first company tried to present the essence of a product in an understandable fashion, while the second one was probably looking for a viral effect.
As you can see, budget and trust objections are pretty much interlinked. There’s also another thing to consider while dealing with trending technologies – and this one comes from human psychology.
Fear of Change
Fear is a significant challenge when introducing a new technological development to the market. Naturally, people are suspicious of any change as they are getting comfortable with how they run things on a daily basis. Besides, some customers are afraid to miss a better product or service, as there is a harsh competition in the field of technology and the growing number of options make the choice-making harder.
When thinking about new technologies, cryptocurrencies immediately come to mind. Companies put a lot of effort to introduce the benefits of crypto and blockchain to the public – and the hype around it has already created a multi-faceted market with tons of services, each wanting to hook more customers. In this area, a fear of change works two ways: people are afraid of using cryptocurrencies instead of traditional money, and those who get involved are afraid to use emerging platforms for crypto activity. Again, the solution may lie in the proper marketing.
Case study: The crypto exchange Binance which is known as the fastest to grow in volume has not only used geographical restrictions to its own benefit but has also launched some intriguing promotions, for example, a Lamborghini giveaway. Another popular crypto platform, CEX, manages to have features that differ from their opponents. They offer a very solid verification process, which is essential in terms of security and constantly improve their trading limits and geographical coverage.
As you can see, the key is to collect information about customers’ behaviour and have something that allows standing out from the crowd. When it comes to services and not products, it’s especially important to adapt to your customers’ needs all the time.
Sales Objections Handling
Ultimately, businesses should know their clients and present their products in all the details – this is the basics of making successful sales and attracting many investments. Apart from the direct interaction between salespeople and potential buyers, there’s a marketing strategy that should be thought through. By promoting a product in an unexpected or very engaging way, companies are on the right track to building up the trust for their brands.
While approaching to organizations directly, it is better to identify the key person that is in charge of making decisions and reveal the benefits of your offer to that person. Giving a list of satisfied customers you have dealt with before would be a nice idea. If a potential buyer postpones the purchase, a seasoned seller can find a way to explain why it’s better to buy a product now. Speaking of technical features, always be precise and honest.
If you handle the objections effectively, you will build good sales relationships as the customers will be able to come back to buy the new products or services you are offering. Additionally, people can recommend your brand to other potential investors which will help in building a strong customer database.
