What do you say when your prospect says, "NO!"

When you are heading into a sales meeting, do you get nervous? Are you afraid you won't close the sale?If you do, you are not alone!

I must confess, that for the first 9 years of running my business, I dreaded phone calls. Why? Because I didn't know what to say when people said, "That's too expensive" or "I'll get back with you." What was more frustrating was the times that same prospect rented a corporate apartment from someone else, because  I had set up the sale for the my competitor!

Today, I have bad news and good news. What's the bad news? The bad news is this: Rejection is part of sales. Most people do not buy from you the first time you approach them (unless someone else set up the sale for you like I did for my competitors!) The good news is, because you know the prospect might be saying that, you can prepare in advance to respond confidently to the stated concern.

Here are some important tips to help you turn a "No" into  "Yes!"

Mindset is everything!

When a prospect told me, "That's too expensive", I tended to take it personally. After all, I invested a lot in providing the best in corporate housing, and I felt like I was being rejected. But truth be told, the prospects are simply rejecting the offer. Unless they don't trust you, the client isn't thinking about you as a person. They are weighing the cost against the value of the offer Like a friend told me, "When I turn down  cup of coffee, it has nothing to do with the waitress."

Key point: Don't take it personally. It's about the offer; you are just the messenger.

Agree with the Prospect.

What is your natural response to an objection? Is it to argue with the client, or to concede that the deal is done and pack up your stuff? Instead, consider agreeing with the client that they have a valid concern. "Yes, that is an important consideration." Agreement disarms any potential conflict between you and the client. It also helps both of you relax so you can move the conversation forward.

Key Point: Agreeing with the client lowers sales resistance and helps everyone to relax.

Prepare in advance.

Most of us know the common objections in our industry. Because we know these in advance, we can prepare responses to solicit more information. For example, money is one of the most common objections. When a customer says, "I don't have the budget for that," you can ask questions like, "Could you tell me more about that?" (open ended question) or "If money were no object, would this product/service provide the solution you need? (closed question to get the customer to make a stand).  Having rehearsed questions and probing statements ready will give you confidence and helps you learn more about what the prospect is really needing

Key point: Consider the concern a conversation starter to help you get more information.

Stack your presentation with value.

Most people will pay whatever they have to in order to get what they want. If your prospects aren't sold yet, you need to add more of the value they are looking for. How do you do that? Ask probing more questions. Approach the situation with curiosity instead of desperation. Responses like, "If money was not the concern, would you still want to work with me?" Requesting more information politely helps you discover the REAL benefit they are looking for.  Then focus on helping the client enjoy that benefit so you can close the sale.

Key point: Ask questions that help the client share their real concern.

According to @TomHopkins, customers will say "No" five times to a product, before they say "Yes". So often, we quit too early in the process. We warm the prospect to buy the same product from the next saleperson who is more persistent. To keep the presentation conversational, stay relaxed and focused on the client.