Objection Handling

Objection Handling

 

 

Hi, it’s Mike here from M Business and Marketing Solutions. Join me now for Mike’s Marketing Minutes.

For this week we’re going to talk about Objection Handling.

What are the objections? What type of objections are there? And how do we handle them?

Continue with me to learn more about how to handle objections.

Now,

Let us move forward…

 

How do you handle objection within a sale?

 

If you are in the sales industry, you must be prepared to face some objections.

There probably came a time wherein a customer objected your sale speech and you are left wondering what has gone wrong. Here are three types of these objections:

  • First Objection: The person is just not interested. End of the story. This happens 5% of the time.
  • Second Objection: You weren’t able to give them enough reason to make a decision.
  • Third Objection: A buying signal. They’re actually interested and just want you to give them more information about what you’re selling them.

 

Upon trying to sell you might get answers such as:

 

  • “I want to think about it”
  • “No” (flat as that)
  • “Just give me brochures”
  • “I’ll check it with my partner first”
  • “I’ll just need to check it over”

 

These can all be eliminated if you can correct your way. Often times, objections are actually a way of saying they’re sort of ready to go for it but needs a little more push.

 

Once you receive an objection, don’t lose hope too early. You can butt-in a turn-around statement. For example, if the customer objected with “I’ll think about it” – throw in questions like “What is it you want to think about?” or “Is there anything specific you want? Maybe I can help you.”

 

You might get the answers you weren’t expecting and turn things around. You can give them further reasons, benefits, and features of the product you are selling. With asking questions, you are giving them the things they might be considering. Don’t hesitate to ask because you’ll never know if you might tap on the things in your customer’s mind and identify what they want.

 

Turn-around statements can go on like…

 

“Well, let me show you a way to get a cost-effective in that area”

“How about this one, this might be of your interest”

“I understand your dilemma, Let me show you our other payment options”

These are just a few of the turn-around statements you can counteract to an objection. With these, you might close a deal.

 

There’s another technique to flip your situation aside from the turn-around statements. It is called Feel-Felt-Found. This is an old school selling 101. Here’s the example of a feel-felt-found statement.

  • “I understand how you feel but what we’ve found–”
  • “Look, I understand how you feel, other customers have told us that too before, they’ve felt that–”

These are just a few. You have to make the customer feel that they are heard and acknowledge. You got to give them that feeling that they matter and their issues are important to you. In feel-felt-found technique, your key areas are – Auditory (what you are hearing), Sight (what you are seeing), and Feel (what you are feeling).

After your feel-felt-found statement, you can start using your product in the story. You can emphasise your product’s features and what are the good things others say about it. Enlighten them about the good stuff.

 

Mixing up this technique is okay. You can take the following examples:

 

  • “I hear what you are saying, others have told us that before and we’ve found that– ”
  • “I see where you are coming from, but other customers have picked this one because– ”
  • “Another person has also pointed that out to me but what I found is this– “

After this, you can back over your selling pitch.

Keep in mind to believe in your product and being knowledgeable in every part of what you are selling. Take note of the key features of your products and services. Believe that it is the best among the others. Confidence can be your best bud.

Build rapport with your clients can return you the favour. Once you gain a person’s trust, you got yourself a sure buyer.

Hopefully, you have enjoyed our topic today! Object handling is a tough topic but if you know your techniques to use, it’ll be easy for you. Don’t worry, because there’s more to come on this one. I’ll be sharing some closing techniques in our next meet.

Just keep in mind that when dealing with objections, listening is important. Listen to what your customer is telling you. Let them matter.

 

Bye for now!

Talk to you soon!

How to Decrease the Retention Rates of Existing Ongoing Customers

How to Decrease the Retention Rates of Existing Ongoing Customers

 

 

Hi everyone, it’s me again, Mike from M Business and Marketing Solutions.

 

On our list today, we will talk about how to decrease the retention rates of existing and on-going customers.

 

How do we do it?

 

Look, sometimes you avoid it. At some point, you’re going to meet people who want to cancel your services. You’re going to meet people who are not interested in your products. It’s normal.

 

But oftentimes, this has something to do with how they are being treated — the way you and your staff treated them. This is about customer care. It’s about how approachable are you and your manpower. Have they been able to get in touch with you immediately? Have you been able to attend to their concerns?

 

This is about being able to deliver the same way every single time; the same way that you answer the phone and the same way you give the delivery.

 

Do you have a system in place?

 

This is crucial.

 

There’s nothing more frustrating than making a sale and finding out that one of your existing customers has just cancelled. Yeah, it’s going to be okay but you’re might not go anywhere with cancellation, you’ll be stuck with your business. If these things happen to you, a customer care system must be implemented around.

 

A system where the customer is the uppermost priority. Their well-being must be always taken into consideration. Remember, you are in the industry because of them. If you don’t have customers, where will your business be?

 

It’s important to have that regular contact with your existing clients, they’re your paramount. More than doing it over the phone or face to face, you can also do it through social media.  You can record a video and share it with them. Make it look like you are talking to them personally.

 

So there, you can decrease the retention rates of existing and on-going customers by treating them well and keeping them posted constantly. If you know how to treat your clients well and socialize with them, you are sure to have an increased number of customer than decrease.

 

I’ll go for now but will be back soon for more talk! Oh, and don’t forget to like and join our facebook group — Business Growth Tools.

 

Wish you a blessed day ahead!

Bye!

How to Make an Upsell To Your Existing Customers

How to Make an Upsell To Your Existing Customers

 

 

Hey guys, it’s me again, Mike from M Business and Marketing Solutions.

This time we’re going to talk a little bit more about how to upsell to our existing customers.

 

Now,

 

You a trader and you say, “I don’t have existing customers. I go out, do something, and I come back.” Let me give you a challenge here, something to think about.

 

When you first gave your quote to that customer and he chose a lower type of service, or a product, is there a way to get back in and talk to him a year later about upgrading to what he chose?

 

Let’s say, for instance, you’re a kitchen company — did the customers choose to the things that you have highlighted or they have just gone with the generic products that you normally sell. How are you going to make another offer?

 

Keep this in mind – There’s no harm in checking up on them

 

There’s no harm in of talking to these customers and offer something new. For example,

 

“Hey, just want to catch up with you and see how are you going with our products and services.” or “Hi, just want to see how are you liking our services? Just want to share with you something new about our products… blah blah blah~”. Just give it a go!

 

That’s one of the best ways you can start upselling to your regular customers. When you have regular customers, there’s always a chance to upsell. It is because of the trust that was built already between the two of you.

 

Now, if you can show the significance of the additional products and services you’re offering, Tada! — there goes your upsell! Just keep in mind that consistency is also a key to a good relationship. Keep a good track to your customers because if you are seen to be reliable and trustworthy, they are sure to give another shot with your products and services.

 

As much as possible, try to keep in touch with your customers for them to be reminded about you. You don’t need to upsell right away. Constantly checking up on them shows that you care about your business’ reputation.

 

It’s all about making a connection and keeping a good foundation with your customers. Hopefully, I’ve made my point right here. Don’t forget about our facebook group — Business Growth Tools.

How to Increase the Prices of Your Products and Services

How to Increase the Prices of Your Products and Services

 

 

Hey. It’s Mike here again from M Business & Marketing Solutions!


How are y’all?

Today, we’re going to talk about — the ways to increase the price of your products and services.

You might say…

 

“What are you talking about?

“Can I really increase the price of my products and services?”

“What if my customers strip me. They’ll beat me if I increase my prices.”

 

That may be the point, but this is a really, really good way to get more income without getting another business or more customers. In order for you to do that, you can start by adding value to your products and services more than what you have. This is for people who have an ongoing customer. If you’re a painter or a trader in some way, you got to start thinking about a system where you can earn more continuously.

 

What can you give your customers so they keep coming back and let you earn more?

 

I’m asking you to increase the value of your products and services. Listen, this is important. As you don’t want to be too cheap but you also don’t want too expensive. Even if you’re a trader or a painter, increasing your price and showing more value on your products and services, is essential. Today, let us emphasize the value of what you offer. Value is not just based on the pricing. It is based on what your customer thinks.

 

Understanding the term “Concession”

 

Let me share with you the term that we use in negotiation. It’s the word “concession.”

 

What is it? It is something that you can trade that will not cost you very much, but a big thing for the clients. For example, when I used to do a door-to-door selling of water purifiers — what I found was, people were constantly asking for a discount. They wanted me to give my products at a lesser price from its original offer. They wanted a 20% off.

 

If you take off 20%, I’ll buy it today.” – Do they’ll say. Then I’ll be like, “I can’t do that“.

So I thought, “What about if I found a way to add a little bit more value, to some of my products and services that I could possibly throw in for free, but had the same value worth to them than discounting the 20%?

 

What I did was, I took a polypropylene bottle in the fridge that was retailing at $20 to $30. Thinking how much the discount would be when I only got that polypropylene for $4. I was making 26 more dollars per unit than what I had before. Simple right?

 

So in a concession, you’ll want to your put up your products at a reasonably higher price. Make sure its a reasonable price. Like for an instance, you might want to add value because on some type of sealant or something that you actually put in place — that isn’t going to cost you much, but will be a big deal for the customer.

 

Think about that! That’s how you can add more value to your products without spending too much money then you can earn more. That’s how you can earn more money for a little investment on your part – the unobvious way – without your customers noticing it.

 

For instance, you might be with a business where you have regular customers. How are you going to put it up? Well, you can tell them –

 

From this moment forward, we are undergoing special circumstances. Because of X, Y, Z and of what’s been going on in the industry, we’ve had to put together some quality assurance for our customers’ benefits. That is why we’re adding this content to this product.

 

It’s pretty much that, or you can say,

 

Look, from now on, I’m going from “X” price to this “X” price.

 

Just make sure that you are ready for your regular client’s questions. Be ready with a reasonable answer. Remember the added value or the change in the ingredients of your product as for their sake.

 

These might be adding small things but it’s a sure win to make a big difference to your customer and to your earnings as well. Do your research and make it happen.

 

Think carefully before laying out your additionals. Again, we have a facebook group named Business Growth Tools. Join us for more information on how you can earn with your products and services.

How do you Increase your sales?

How do you Increase your sales?

 

Hi everybody, Mike here from M Business.

 

This is video three. And today I want to talk to you about really this one up here — how to increase your sales this year.

 

How do you increase your sales?

 

Well, you get more inquiries. From more inquiries, you get more sales, you get more income coming in. And I want to ask you, how many different types of inquiries do you come in? Do you get inquiries from your website? Do you get inquiries from search engine optimization? Well, maybe it’s word-of-mouth. You might only be doing literally word-of-mouth.

 

Talk to More People

 

I want to tell you, the best way to get more clients is to talk to more people, that’s pretty easy, straightforward. The second thing is to start thinking about different ways of getting yourself out there this year. And when I say different ways, it’s multiple, I’ve got a list. You can put together, more of a referral system. So every single person that you are selling and give service to, you can ask for a referral. Remember, if you don’t ask, you don’t get.

 

Maximise Your Social Media Presence

 

The second one:

 

  • What are you doing on social media?
  • What are you doing with social media management?
  • Are you on Instagram, on Facebook?

 

That’s a really, really good way to build your business.

 

Are you doing Facebook and Instagram advertising? And if you’re just doing business to business, are you on LinkedIn? Are you building relationships on LinkedIn, and value them?

 

  • Do you have a website?
  • Are you using AdWords?
  • Do you have someone who does your search engine optimization for you?
  • Do you have a Leadpage?
  • Are you converting sales through e-mail marketing?
  • Are you doing network marketing?
  • Are you a part of a business group of some kind?
  • Do you go to network events?
  • Do you share what you’re about?
  • Do you have an elevator pitch? If you go there, it’s important that you have an elevator pitch.

 

Have a Referral System

 

Well, you’ve probably seen it in Shark Tank. As we have discussed before, it’s also really important to know what you’re selling.

 

So, we’ve got a referral system:

 

  • Are you using social media?
  • Are you using Google My Business?
  • Which is a really, really good source?

 

Are you networking? Are you running special events, I mean, could you do an info night about something that you can really give value, you know, for your ideal client.

 

These can be simple ones.

 

Are you talking to people over the phone?

 

You might want to get a qualified list of the ideal clients that you want to talk to. You might want to get on the phone. You might want to go around to those businesses and services that you’re wanting to target, and just introduce yourself.

 

You know, there’s nothing like the present, and the more people you talk to, the more chance you are of making sales. That’s a simple one.

 

You know, when I started selling so many years ago, I started selling indoor knocking, and it was a bad conversion rate, and I used to have a conversion rate of, if I door knocked 50 homes, I would make one sale, and then I would do better and I’d do different things, but you can’t have a conversion rate, you can’t have a, you know, a sales set ratio, or that type of ratio, if you don’t talk to anybody.

 

Some people go in and tell me, I don’t have any customers, Well, what are you doin’ about it? Just go out and start talkin’ to people. Get your business card. Start putting it around. You know, people go, “Ah, I want to do a letterbox drop.”

Do you know what’s better than a letterbox drop? Personally grabbing that brochure and going door-to-door and talking to people. Because you are your brand, right here, this is the brand, you know? What we do is our face.

 

Thanks so much for listening. Remember, we got a new Facebook group, it’s called Business Growth Tools, the link’s below. Stick with me, and I’ll see you next video. Thanks very much for your time.

What is your unique selling proposition?

What is your unique selling proposition?

 

Hey, it’s Mike again from M Business and Marketing Solutions.

 

Today I want to talk about one thing that you must always remember — your unique selling proposition.

 

Also, we’ll see how we will go with the unique selling proposition to attract ideal and potential clients.

 

What is the unique selling proposition? What does that mean?

 

You may have heard the point of parity, point of difference and all these jargon words. But let me just break it down clearly.

 

Are you doing the same thing to a certain customer as what you are doing to your other customers? Then, this is what you call the point of parity. It is important to provide similar services to your customers. But what makes you unique? What makes a customer choose you over the next person? Is it your certain style of work? Maybe your workmanship? The price? What is it? Well, that is something that you really need to look at this year.

 

It’s really important to do certain things before you go out and start to get new customers.

You should think about who you are, what type of business you want and what type of brand are you. Do you have a catchy phrase? A mission statement? What is the focus of the business and who is your target audience?

 

I’ll give you an example.

 

“I love service-based businesses. I like people who just sell products as well but I love service-based businesses. I love trainings. You know I love people who give service. And I think, I just love it.”

 

There’s really something about it. Probably because since 80’s I’ve been selling. I mean I’ve been selling services since 1997. You know, door-to-door, all different ways and it’s been a long journey but I still love it. I still love selling, I still love marketing and that’s why I’m here today.

 

But think about it, what is unique about you? What is it that makes a person say, “man I want to come back to him?”

 

I want to share my experience with all my friends and relatives in a positive way. Think about it. I’ll talk to you very soon. And as I have said the other day on my last post, we’ve got a Facebook group. Come, join us. It’s called Business Growth Tools. You can get the link below.

 

Stick with me and I’ll see you in the next video. Thanks very much for your time.