In our previous two articles we covered some basics of the sales process. Now we're going to look at some sample rebuttals and closes. In doing so, let's remember the importance of knowing the difference between questions and objections;
- Questions gather information.
- Objections disclose information.
Let's also remember the definition of statements, questions and objections. When prospects make comments, they are often in one of three forms:
- Statement: A reporting of a fact or opinion.
- Question: A statement that attempts to gain information.
- Objection: A statement based on fact or feeling of disapproval.
Remember, as you go through your application presentation, a statement from your prospect reports a fact or their opinion. A question asked by a prospect is an attempt to gain information, while an objection is a prospect's method of disclosing an issue or concern. Instead of battling your prospect, align yourself with him or her and reinforce you are on the prospect's side. By aligning with your prospect, you validate any concern, which lowers sales resistance and makes objections much easier to overcome.
The three steps to handling objections:
- Validate any concerns. Empathize with the prospect.
- Restate/isolate the concern.
- Begin effective questioning using high/low trust questions to establish specifically what they do and do not like.
It is important to validate the prospect's concern because you want to:
- Demonstrate empathy.
- Acknowledge prospect's feelings.
- Provide emotional concern.
It is also important to repeat or rephrase the prospect's concerns, because you want to make the concern a final objection.
Begin asking effective questions. It is important to begin asking effective questions to:
- Find out specifically what they don't like.
- Find out specifically what they do like.
Two things to remember when completing this step:
- Get permission to ask effective questions.
- Be polite.
Rebuttals are designed to provide you with enough information to assist the prospect in making a buying decision.
So let's get started and look at some sample rebuttals and closes. These have to be done in "your style." They are not necessarily word-for-word rebuttals and closes, they are "concepts" for you to use in the right situation, at the right time, in the way that best serves your client. And no, they don't work, you have to work them. Modify for the product being presented, such as health, life, annuity, etc.
Example:
Prospect: "I am not sure I want to pay that much out of my pocket before your company pays the bill."
Advisor: "Obviously you have a reason for feeling that way. Do you mind if I ask what it is?"
Once the prospect has answered your rebuttal, proceed to ask open-ended questions such as:
- How?
- What?
- When?
- Where?
- Why?
- Who?
"Clear the air" before you move on. There is no point in figuring the price if the prospect:
- Does not believe they have a problem.
- Cannot qualify for one of your products.
- Does not see your product as a solution.
- Is not willing to spend the money on the solution.
- Has an unanswered question or concern.
Unless the prospect is willing to move ahead after having the concern or the question, in their mind, satisfactorily answered, do you have a reason to continue? You have to realize the value of time, both yours and the prospect's. Don't waste either.
Previously, we said there were four basic objections you will run into:
- No money
- No need
- No hurry
- No confidence
So let's look at some examples to address these four basic objections.
Objection: No money
Ask the question: "Obviously you have a reason for feeling this way, do you mind if I ask what it is?"
Allow the prospect to respond. Then respond to the prospect's concerns using an approach similar to the one described below:
"Suppose you needed a new job. You walk into one place of business and are offered your current salary with no health benefits."
"When you get sick or hurt, or a member of your family goes to the hospital, your employer will not be able to pay anything toward your medical bills."
"That is what your current job is now, correct?"
"Then, suppose you walked down the street and talked to another employer who offered a job that had the same hours and duties."
"He said he would pay you (state premium) less than what you are currently getting. However, he would pay you (list the policy benefits discussed)."
This example sets up the prospect to thinking "IT" could happen to them.
Then ask questions:
"Which job would you take?
"Why?
Transition to the close:
"This is essentially the choice you have now and it is the choice you can make only when you are in good health.
"Let us authorize the company to check your medical history to see if you qualify."
Other rebuttal phrases to this objection would be:
"Let us look at the features. Which one can your family do without?"
"Is it more than you are willing to pay or is the plan we designed more than you expected?"
Objection: No need
"Obviously you have a reason for feeling this way, do you mind if I ask what it is?"
Allow the prospect to respond. Then respond to the prospect's concerns using an approach similar to the one described below:
"Let's look at it this way to compare your obligation against our obligation." (Have prospect write the obligation comparison.)
Your Obligation Our Obligation
(Write cost of plan) (List plan benefits)
"First of all, your obligation is to set aside (state premium here)."
"On the other hand, our obligation is to pay you…"
(List all the benefits you are recommending in the "Our" column.)
"However, if you do not live up to your obligation and set aside (state premium here), then our obligation becomes yours (put a "Y" in front of "our" to make "Your") and you have to meet these expenses as well as your other regular expenses."
"Certainly, the wisest decision here is to set aside (state premium) and let [carrier name] help pay these expenses for you. Your health is your wealth and you can only make this decision while you are in good health."
