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Give me an even better price vendor ninety dollars. Friend: no give me your best price Vendor: Eighty five dollars.|Give me an even better price vendor ninety dollars. Friend: no give me your best price Vendor: Eighty five dollars.
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Friend|Friend
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Friend: This is too much I am serious about buying. Give me your best price Vendor: Eighty dollars.|Friend: This is too much I am serious about buying. Give me your best price Vendor: Eighty dollars.
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Friend: Give me your last price. Vendor: eighty dollars. I cannot come down any more.|Friend: Give me your last price. Vendor: eighty dollars. I cannot come down any more.
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At this point we started to walk away but the vendor called us back.|At this point we started to walk away but the vendor called us back.
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Vendor: Come back. I'll give it to you for seventy-five dollars. Friend: Give me your last price. Vendor:|Vendor: Come back. I'll give it to you for seventy-five dollars. Friend: Give me your last price. Vendor:
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Friend: That was your last price now give me your last, last price.|Friend: That was your last price now give me your last, last price.
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(No counter offer was made up to this point.) Vendor: Okay Last and final price - sixty-five dollars.|(No counter offer was made up to this point.) Vendor: Okay Last and final price - sixty-five dollars.
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(Before making any counter offer, he has already brought him down thirty-five per cent.)|(Before making any counter offer, he has already brought him down thirty-five per cent.)
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Friend: (Pulls out money.) Look, I am a serious buyer If you are really serious, give me your last and final price.|Friend: (Pulls out money.) Look, I am a serious buyer If you are really serious, give me your last and final price.
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Vendor: sixty-three dollars. Friend: That is too much.|Vendor: sixty-three dollars. Friend: That is too much.
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I will give you my last price - thirty dollars (He hands him thiry dollars.) Vendor:|I will give you my last price - thirty dollars (He hands him thiry dollars.) Vendor:
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Oh, what are you saying? You have just insulted me here is your money It is too low and I can’t sell it for that. At this point, we started to walk away again.|Oh, what are you saying? You have just insulted me here is your money It is too low and I can’t sell it for that. At this point, we started to walk away again.
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He called us back.|He called us back.
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When we left, we were all dissatisfied.|When we left, we were all dissatisfied.
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We felt we could have got it for less and the vendor felt he sold it for too little.|We felt we could have got it for less and the vendor felt he sold it for too little.
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This is called haggling and peddling. This is not negotiation and selling.|This is called haggling and peddling. This is not negotiation and selling.
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The seller knows that haggling is a way of life and the buyer knows that if he doesn’t haggle, he will be cheated.|The seller knows that haggling is a way of life and the buyer knows that if he doesn’t haggle, he will be cheated.
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Both look to outsmart each other If your way of doing business is the same as in the example above,|Both look to outsmart each other If your way of doing business is the same as in the example above,
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You will keep looking for the next victim and the buyer will keep looking for new sources. None of them can build lasting relationships.|You will keep looking for the next victim and the buyer will keep looking for new sources. None of them can build lasting relationships.
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A Good negotiation has some very clear ground rules. It starts with:|A Good negotiation has some very clear ground rules. It starts with:
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Three. Handling one issue at a time.|Three. Handling one issue at a time.
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Four. Coming to agreements on minor matters quickly .|Four. Coming to agreements on minor matters quickly .
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Five. Starting to build on your points of agreement. Six. Separating negotiable and non-negotiable items .|Five. Starting to build on your points of agreement. Six. Separating negotiable and non-negotiable items .
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Seven. Setting priorities. SOME TIPS ON NEGOTIATING:|Seven. Setting priorities. SOME TIPS ON NEGOTIATING:
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Observe the verbal and non-verbal language of the other party your own verbal and non-verbal signals should reflect a positive attitude. Don’t argue avoid rude and loud behavior.|Observe the verbal and non-verbal language of the other party your own verbal and non-verbal signals should reflect a positive attitude. Don’...
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Be assertive not aggressive. Assertiveness means firmness with politeness, while aggressiveness is firmness without politeness.|Be assertive not aggressive. Assertiveness means firmness with politeness, while aggressiveness is firmness without politeness.
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Use hard arguments with soft words, not soft arguments and hard words.|Use hard arguments with soft words, not soft arguments and hard words.
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Maintain eye contact without staring eye contact shows confidence and trust.|Maintain eye contact without staring eye contact shows confidence and trust.
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Whereas staring shows that you’re daring and challenging stay focussed on the topic, don’t go off-track.|Whereas staring shows that you’re daring and challenging stay focussed on the topic, don’t go off-track.
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Keep asking questions to uncover the real concern without being interrogative.|Keep asking questions to uncover the real concern without being interrogative.
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Don’t blame anyone because that makes the environment tense immediately.|Don’t blame anyone because that makes the environment tense immediately.
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A good negotiation does not reveal your weakness for example, if you have to meet a quota by the end of the month, don’t show your desperation or you might lose.|A good negotiation does not reveal your weakness for example, if you have to meet a quota by the end of the month, don’t show your desperation or you might lo...
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During negotiation,|During negotiation,
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A good sales professional realizes that his ability to persuade the other person to his way of thinking, logically and emotionally, should be used without offending.|A good sales professional realizes that his ability to persuade the other person to his way of thinking, logically and emotionally, should be used witho...
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Someone once said, ‘He tells you go to hell and you look forward to it.’|Someone once said, ‘He tells you go to hell and you look forward to it.’
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Chapter Twenty-four: Objection Handling:|Chapter Twenty-four: Objection Handling:
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CARDINAL RULE: The greatest product needs a good sales person.|CARDINAL RULE: The greatest product needs a good sales person.
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but an ordinary product needs a sales person with good skill and great will.|but an ordinary product needs a sales person with good skill and great will.
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The buyer must feel comfortable that the purchase will benefit him and/or his organization.|The buyer must feel comfortable that the purchase will benefit him and/or his organization.
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A buyer is always anxious to avoid a wrong or bad purchase which could end up in a loss of goodwill, time or money.|A buyer is always anxious to avoid a wrong or bad purchase which could end up in a loss of goodwill, time or money.
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This doubt or lack of confidence brings out objections.|This doubt or lack of confidence brings out objections.
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Rarely can you find sales taking place without objections. In fact, objections help to close the sale because they point the salesperson in the direction that is most important to the buyer.|Rarely can you find sales taking place without objections. In fact, objections help to close the sale because they point the sale...
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Handling an objection is an integral part of the selling process objections are really the response to the sales presentation. It shows us that the prospect has been touched emotionally.|Handling an objection is an integral part of the selling process objections are really the response to the sales presentation. It sho...
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Objections are not rejections and should not be taken personally.|Objections are not rejections and should not be taken personally.
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Objections are only questions asking for more information. We need to understand the purpose of an objection|Objections are only questions asking for more information. We need to understand the purpose of an objection
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and develop a system or process on how to respond to or handle objections.|and develop a system or process on how to respond to or handle objections.
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To a well-prepared professional, every objection is an opportunity to close.|To a well-prepared professional, every objection is an opportunity to close.
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Here a good professional’s persuasive skills come into play and the real selling starts when the prospect gives him an objection.|Here a good professional’s persuasive skills come into play and the real selling starts when the prospect gives him an objection.
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Whenever a person gives an objection what he is really saying is,|Whenever a person gives an objection what he is really saying is,
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‘I am not satisfied. I am not convinced, try harder.|‘I am not satisfied. I am not convinced, try harder.
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give me more information, or a compelling reason to buy.”|give me more information, or a compelling reason to buy.”
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On hearing an objection, a good professional feels encouraged|On hearing an objection, a good professional feels encouraged
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because this is his opportunity to convince and use his time-tested principles of selling.|because this is his opportunity to convince and use his time-tested principles of selling.
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‘I am really not interested/I have no (perceived) need at all.’|‘I am really not interested/I have no (perceived) need at all.’
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Four. Happy with the existing position - ‘I really don’t need to change my suppliers.’|Four. Happy with the existing position - ‘I really don’t need to change my suppliers.’
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Five. don’t have the time, send me some information.|Five. don’t have the time, send me some information.
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Six. Lack of trust to buy from you/your company/your product|Six. Lack of trust to buy from you/your company/your product
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I want to think it over.’|I want to think it over.’
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Objections are typically generated through a lack of information being passed to the prospect; through misunderstanding or a lack of trust in the salesperson or product or company.|Objections are typically generated through a lack of information being passed to the prospect; through misunderstanding or a lack of trust ...
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Some objections are really reflex actions and stereotyped responses of buyers.|Some objections are really reflex actions and stereotyped responses of buyers.
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Sometimes, potential customers do it on purpose, to test the competence and character of the salesperson.|Sometimes, potential customers do it on purpose, to test the competence and character of the salesperson.
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If handled properly, people buy and if not, then the prospect decides otherwise.|If handled properly, people buy and if not, then the prospect decides otherwise.
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Many objections are the result of the way a salesperson conducts himself.|Many objections are the result of the way a salesperson conducts himself.
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His verbal and non-verbal mannerisms have an impact on either the generation or resolution of an objection.|His verbal and non-verbal mannerisms have an impact on either the generation or resolution of an objection.
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Some objections come from the prospect,|Some objections come from the prospect,
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while others from the salesperson’s conduct.|while others from the salesperson’s conduct.
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Prospects can sense all of the following about a salesperson:|Prospects can sense all of the following about a salesperson:
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(b) His attitude towards the prospect (c) Whether he is commission-driven or service-driven.|(b) His attitude towards the prospect (c) Whether he is commission-driven or service-driven.
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The purpose of handling objections is to reduce resistance and address concerns.|The purpose of handling objections is to reduce resistance and address concerns.
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There is a clear difference between objections, conditions and excuses.|There is a clear difference between objections, conditions and excuses.
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Sometimes, a resistance is voiced and sometimes it’s not. The worst kind of objection one has is the one that is not brought out in the open,|Sometimes, a resistance is voiced and sometimes it’s not. The worst kind of objection one has is the one that is not brought out in the open,
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or hidden resistance - the one that actually prevents the buyer from taking action,|or hidden resistance - the one that actually prevents the buyer from taking action,
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but which is not verbalized, some hidden objections may be:|but which is not verbalized, some hidden objections may be:
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The prospect is somehow uncomfortable with the salesperson or vendor the prospect doesn’t really know what he wants to buy as yet.|The prospect is somehow uncomfortable with the salesperson or vendor the prospect doesn’t really know what he wants to buy as yet.
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The most important thing is to find out the real objection.|The most important thing is to find out the real objection.
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Don’t get sidetracked by petty issues you may win the battle but lose the war.|Don’t get sidetracked by petty issues you may win the battle but lose the war.
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Whenever there is a hesitation from the prospect, it is very crucial to understand what is going through his mind. One needs to probe further, tactfully.|Whenever there is a hesitation from the prospect, it is very crucial to understand what is going through his mind. One needs to probe further, tactfully.
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What causes your concern?|What causes your concern?
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Would you mind sharing your reservations?|Would you mind sharing your reservations?
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Why do you feel that way?|Why do you feel that way?
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While handling objections, don’t be defensive and start giving reasons why they should buy your product.|While handling objections, don’t be defensive and start giving reasons why they should buy your product.
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We need to learn to handle one objection at a time.|We need to learn to handle one objection at a time.
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This puts the pressure back on the prospect.|This puts the pressure back on the prospect.
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Differentiate between an objection and a condition.|Differentiate between an objection and a condition.
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When a buyer raises an objection he is really saying, ‘I am not convinced yet If I get convinced, probably I will buy it.’|When a buyer raises an objection he is really saying, ‘I am not convinced yet If I get convinced, probably I will buy it.’
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A condition, is a circumstance that cannot be changed and prevents the buyer from making a purchase.|A condition, is a circumstance that cannot be changed and prevents the buyer from making a purchase.
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No matter how good a salesperson I am, a condition cannot be changed and so I cannot sell.|No matter how good a salesperson I am, a condition cannot be changed and so I cannot sell.
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no matter how good a selling job I do, he is unlikely to buy,|no matter how good a selling job I do, he is unlikely to buy,
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unless his condition changes significantly.|unless his condition changes significantly.
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A good professional should be prepared in advance to prevent objections.|A good professional should be prepared in advance to prevent objections.
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In the early days of selling life insurance, when I used to go out with my manager on a sales call, I would ask him what proposals I needed to carry with us.|In the early days of selling life insurance, when I used to go out with my manager on a sales call, I would ask him what proposals I needed to carry with us.
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His answer used to be, ‘Everything!’|His answer used to be, ‘Everything!’
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His reasoning was that when you are in front of a prospect and you uncover a need.|His reasoning was that when you are in front of a prospect and you uncover a need.
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but are unable to propose a solution to the problem or end up giving an incomplete solution, what you have done is one|but are unable to propose a solution to the problem or end up giving an incomplete solution, what you have done is one
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One. Prepared him, but left him unable to take a decision because of incomplete information.|One. Prepared him, but left him unable to take a decision because of incomplete information.
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Three. By not being able to close right on the spot, you have left an opportunity for a competitor to come in,|Three. By not being able to close right on the spot, you have left an opportunity for a competitor to come in,
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and make a sale to your hot prospect!|and make a sale to your hot prospect!
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Four. Put a doubt in the mind of the client about your competence.|Four. Put a doubt in the mind of the client about your competence.
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A good professional gets as much information as he can about the prospect in advance.|A good professional gets as much information as he can about the prospect in advance.
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