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Six Steps for Dealing with Customer Objections

No one likes rejection. And rejection can be especially painful when you are deep in the sales process. While the Castus team has successfully launched hundreds of products in markets all around the world, we have faced our fair share of challenges along the way.

In our experience as International Business Consultants, by following these six steps you’ll be more equipped to deal with customer objections and more likely to close the sale.

Pause

When a customer objects to your solution, your first instinct might be to immediately rebut their objection without giving proper thought to their concern. Don’t panic. Take a deep breath and think critically about what they are saying before you formulate a response. Often, this brief pause will allow you to interpret a deeper meaning.

Restate the objection

After the customer has finished sharing their concern, take a moment to digest it and restate it in your own words. This will ensure you are fully understanding their thoughts and it will allow you to put a positive outlook on the situation. For example, if your customer says, “I have heard your service is terrible” you might try restating their objection as, “It sounds like you have concerns about the quality of our work?” The goal is to keep the conversation moving in a positive direction.

Clarify

After you and the customer have identified their objection, you can now spend time probing for deeper meaning. Often, customers are unable to articulate the full reasoning behind their objection. As a result, you’ll need to dig a little deeper with questions like, “What specifically concerns you?” or “Do you have any data you can share regarding your concerns?” This will allow you to address the core of the objection and ensure you aren’t missing a bigger issue.

Answer the Objection

It can certainly be intimidating when a customer objects to your solution, but it is critical to fully acknowledge and address the objection to the best of your ability. Attempting to dismiss a customer’s concerns sets the entire sales process, and ultimately your partnership, up for failure. By leaning into the customer’s objection you’ll demonstrate that you value their thoughts and you care about finding the right solution to their problem.

It can be incredibly impactful to offer real-world examples of how you have addressed similar problems with previous customers. You can even offer to provide references if you have the ability to do so.

Confirm

If you feel you have fully addressed your customer’s objections, then you should be able to confidently ask them to confirm as much. Don’t over think this step. By simply asking, “Have I adequately addressed your concern?” you should get a direct answer that will tell you whether you have more work to do, or if it’s time to move on to closing the sale.

Transition

It’s important to address customer concerns, but it’s just as critical to keep moving through the sales process and towards closing the sale. Before jumping straight to “the close,” make a smooth transition. Take a moment to thank your customer for openly sharing their concern(s) and acknowledge that you appreciate their transparency. By taking a thoughtful approach, you will again demonstrate the fact that you value your customer’s input, which will ultimately build trust in your partnership.

The above steps assume that your customer is being honest in their responses and not providing “false” or “phony” objections. False objections can be incredibly frustrating, because they are not based in reality or fact. The good news is that by following the same steps outlined above, you will eventually identify the fact that your customer doesn’t actually have an objection, they are simply unwilling to purchase your solution – which actually means they aren’t a qualified customer to begin with!

For more advice on how to navigate objections, identify false objections, or build an impactful Sales Process, contact Castus via email (hello@castusglobal.com) or visit our website: http://www.castusglobal.com/


Grow Your Business in 2018 With These Two Strategic Moves

Based on headlines about the changing landscape of U.S. retail during 2017, it would be easy to reach the conclusion that Amazon has created chaos and the days of brick and mortar stores are over. The reality is that chaos creates opportunity and there are many (big) retailers that are not only surviving – they’re thriving. As such, the first strategic move brands need to make in order to see growth in 2018 is “pick a winning partner and get behind them.”

Sporting goods giant, Dick’s will open 150 stores by 2018 and general merchandise retailer Burlington has seen positive same-store sales growth since 2012; most recently with 4.5% YoY comps in 2016.

Growth for One Does Not Mean Growth for All

This is not to say that all brick and mortar retailers should (and will) be seeing growth this year. Some retail giants have made questionable decisions and overextended themselves in a difficult time (i.e. Toys “R” Us bankruptcy), but clearly Dick’s and Burlington have found a winning formula. They are proving that the strong – and smart – horses will win the race and stand the test of time in a chaotic and changing landscape.

Yes, Amazon is huge. Yes, Amazon will keep getting bigger. But the reality is that online retail accounts for only 10% of total sales in the U.S. According to a 2017 study by eMarketer, consumers still prefer to shop in-store vs. online in most categories.   

Find a retail partner that has positioned itself to weather the storm, by creating a unique experience for its consumers that cannot be replicated online.  Pick a winning partner and get behind them in 2018.

Think Bigger Than Your Backyard

The second strategic move brands need to make in order to see growth in 2018 is “think globally.”

For many years the U.S. has been the leading market for consumerism. We have been the single largest retail market in the world, while 95% of the population lives outside our borders. But that is about to change. The Diplomat recently reported that China is forecasted to become the largest consumer market in the world from now, until at least 2030.

China’s driving force for this growth is their sheer volume of buyers. It is estimated that by 2020 China will have 400 million “mainstream consumers”. That’s more people than the entire U.S. population - with disposable money and looking for ways to spend it. 

But China isn’t the only market where brands should be focused. Increased wealth, growing eCommerce, and improved logistics networks will make markets like Europe, the Middle East, India, and South America more accessible and more enticing to U.S. brands.

Yes, you should be focused on “winning at home” with a strong strategy for the U.S., market, but there is massive opportunity outside our borders. This year, think globally and you’ll stand a better chance to see long-term growth, as well as short-term gains.

For more advice on how to design the right strategic sales plan or build your business outside the U.S., contact Castus via email (hello@castusglobal.com) or contact us via our website: http://castusglobal.com/contact/


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