Overcoming Objections/Concerns, Framing, and Closing

Overcoming Objections/Concerns Welcome objections – no objection, no deal. Welcome objections – no objection, no deal. If prospects werent interested, they wouldnt bother to object. If prospects werent interested, they wouldnt bother to object. Figurative and literal objections: Figurative and literal objections: Figurative are not real objections; they are negotiating tactics and should be dealt with as such. Figurative are not real objections; they are negotiating tactics and should be dealt with as such. Literal objections are real and must be addressed. Literal objections are real and must be addressed.

Overcoming Objections/Concerns Probe to understand. Probe to understand. Compliment, restate, and get agreement. Compliment, restate, and get agreement. Im glad you brought that up. Im glad you brought that up. You believe the company is not stable enough. You believe the company is not stable enough. Is that right? Is that right?

Empathize, reassure, and support (feel, felt, found). Empathize, reassure, and support (feel, felt, found). I understand how you feel. I understand how you feel. Other people have felt the same way at first. Other people have felt the same way at first. But they found when they dug into the details that the company has $50 million in the bank from two investment rounds and that some of the savviest investors in the country are committed to it. Plus, Google has already expressed interest in acquiring it. But they found when they dug into the details that the company has $50 million in the bank from two investment rounds and that some of the savviest investors in the country are committed to it. Plus, Google has already expressed interest in acquiring it.

Tactics 1. Forestall objections/concerns before they come up. 2. Use Yes, and… and compare. 3. Use case histories. 4. Pass on objections if they are figurative. 5. Use trial closes.

Forestall Objections/Concerns Anticipate objections/concerns and deal with them early in your presentation. Anticipate objections/concerns and deal with them early in your presentation. Frame offers according to personal needs of the candidate. Frame offers according to personal needs of the candidate.

What Is a Frame? A frame is the instantaneous, automatic reaction and picture your brain has to a word or concept. A frame is the instantaneous, automatic reaction and picture your brain has to a word or concept. Dont think of an elephant. Dont think of an elephant. We lose when we miss free throws. We lose when we miss free throws. We win when we make free throws. We win when we make free throws.

Framing Example You have a serious heart disease and get two doctors opinion on having an operation. You have a serious heart disease and get two doctors opinion on having an operation. Doctor A says, Of 100 patients who have this operation, 90 are alive after five years. Doctor A says, Of 100 patients who have this operation, 90 are alive after five years. Will you have the operation? Will you have the operation? Doctor B says, Of 100 patients who have this operation, ten are dead after five years. Doctor B says, Of 100 patients who have this operation, ten are dead after five years. Will you have the operation? * Will you have the operation? * * Richard H. Thaler and Cass R. Sunstein. (2008). Nudge: Improving Decisions About Health, Wealth, and Happiness. New Haven: Yale University Press.

Frame your offers using one or more of the six universal principles of social influence:* Frame your offers using one or more of the six universal principles of social influence:* 1. Reciprocation (We feel obligated to return favors.) 2. Authority (We look to experts to show us the way.) 3. Commitment/consistency (We want to act consistent with our commitments and values.) 4. Scarcity (The less available a resource, the more we want it.) 5. Liking (The more we like people, the more we want to say yes to them.) 6. Social proof (We look to what others do to guide our behavior.) * Robert Caldini with Noah Goldstein, Steve J. Martin. (2008). Yes! 50 Scientifically Proven Ways to Be Persuasive. New York: Free Press.

Frame Based on Personal Needs See List of Human Needs. See List of Human Needs. See Benefits Matrix. See Benefits Matrix. To those who are competitive and like to win, frame as a big win. To those who are competitive and like to win, frame as a big win. For those who are afraid to lose (losses loom twice as large as gains to most people), frame as a possible loss; emphasize the pain and shame of losing. For those who are afraid to lose (losses loom twice as large as gains to most people), frame as a possible loss; emphasize the pain and shame of losing.

Tactics 1. Use Yes, but… and compare. Agree and then compare to alternatives. Agree and then compare to alternatives. 2. Use case histories. Examples of successes Examples of successes 3. Pass on objections if they are figurative. 4. Use trial closes. ABC (Always be closing.) ABC (Always be closing.)

Trial Closes The Assumption Close The Assumption Close The Choice Close The Choice Close The Minor-Point Close The Minor-Point Close The Standing-Room-Only (SRO) Close The Standing-Room-Only (SRO) Close The T-Account Close The T-Account Close The Pin-Down Close The Pin-Down Close The Clincher Close The Clincher Close

Conditions Conditions Conditions Cant be overcome; they are legitimate reasons for not agreeing. Cant be overcome; they are legitimate reasons for not agreeing. Keep the relationship. Keep the relationship.

Summary Welcome objections. Welcome objections. Probe to understand. Probe to understand. Use trial closes. Use trial closes. Theyll be back. Theyll be back.

Homework Read Chapter 11: Presenting, Media Selling, 4th Edition: Read Chapter 11: Presenting, Media Selling, 4th Edition: Review this presentation: Review this presentation: See Overcoming Objections, Framing, and Closing. See Overcoming Objections, Framing, and Closing.