In January 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 don’t “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’s determining how to engage your customer into identifying the need for PPI. Last month we introduced the “5 Steps” of an Objection Resolution Process (ORP) and focused on the first 2 Steps. This month we will cover Step 3 and Step 4 and finalize with Step 5 and ORP examples in March.
Here are the 5 Objection handling steps:
How to Build Value When Objections Occur
1. Wait (covered in January)
2. Disarm (covered in January)
3. Reframe
4. Inform
5. Finalize & Assume
3. Reframe: This is a step often missed in the process and one of the most important. Why? Reframing allows you to confirm that you have understood what the true objection is. You can’t build value if you don’t know what their true concern is. Remember, this is NOT when we begin to present VALUE. We only want to restate/rephrase what they have shared with us. An example might be: “I want to be sure I’ve heard your concern correctly. You mentioned you don’t see a need to protect this loan because you have the ability to pay it off yourself if something were to happen to you. Is that your only concern?” You are opening the door with the phrase “is that your only concern?” to ensure they don’t bring up another objection when you are building VALUE.
4. Inform: Now we begin to establish VALUE. We can only build value based on what we know about the customer (other loans, information from the loan application, credit information, etc.). Be enthusiastic about Payment Protection. Use your energy to describe how Payment Protection may be the appropriate product for them and their loan. Begin your presentation with, “I truly respect your concern. Based on what we’ve discussed, here’s something to consider regarding this loan and your lifestyle, etc.” Then make it Personal! The only way VALUE may be established is by applying it to their specific situation.
Hopefully, you have been practicing Step 1 and Step 2. By adding Steps 3 and 4 you will continue to grow in the Objection Handling Process. Practice all 4 steps and next month, with the conclusion of ORP, you will have the tools and skills to help identify your customers’ true objections and build value. Good Luck! Download PDF version here
