In January and February, we shared a sales process that will build VALUE when objections occur. If used correctly, the process will defuse an objection, uncover the true objection and build product value. It is important that you do not “miss a step” in the process because doing so may create a negative outcome. Remember, unless there is perceived VALUE, customers will not buy. Addressing objections is not telling them the product features, it is determining how to engage your customer and identifying the need for PPI. In January we introduced the “5 Steps” of an Objection Resolution Process (ORP) and since then have focused on the first 4 Steps. This month we will cover the final step, Step 5. To recap, here are the 5 Objection Resolution Process Steps: How to Build Value When Objections Occur 1. Wait (covered in January) 2. Disarm (covered in January) 3. Reframe (covered in February) 4. Inform (covered in February) 5. Finalize & Assume This month, we will continue with the final step: Step 5. 5. Finalize & Assume: The most important step is asking your customer to buy. Disarming the objection and informing the customer of Payment Protection benefits, without asking them to buy, is just a “verbal infomercial”. Many sales opportunities are missed simply because we do not ask them to buy. Also, having followed the first 4 steps, you should assume you have created a greater need for Payment Protection and your customer may now want to purchase. An excellent assumptive approach may be, “Now you can see why so many of our customers take advantage of this solution. Let’s get you started with the protection on this loan.” Since the beginning of the year, we have provided information and tools that will enhance your sales skills and improve your opportunity to appropriately build Payment Protection value. Selling is not “forcing” someone to take Payment Protection because it is the “right thing to do” for themselves or their family. Guilt will never help a customer understand value; however, explaining benefits will ultimately help them to identify with value which increases the opportunity for them to invest. Practice makes perfect! Each time you follow the 5 Step ORP, you improve your skills. Your customers may not buy every time you use the process; however, you can rest assured that you have provided them with the knowledge and facts to make a sound financial decision. Good Luck! Download PDF version here
