Blog

How to Reduce Objections- Focus on Building Trust

How to Reduce Objections- Focus on Building Trust

Posted by Bill Hart on Jun 17, 2016 8:46:41 AM

Reducing Objections Through Building Trust

Howard Stevens writes in the book Achieve Sales Excellence that there are 4 key criteria buyers use when deciding to make a buying decision and the percentage weight given in that buying decision. Those are:

1) Sales Rep's Competence - the ability to build trust and add value - 39% of the decision

2) Total Solution offered - products, services, bundled solutions, etc. - 22% of the decision

3) Total Quality - company and product/service reputation of quality - 21% of the buying decision

4) Price - what the customer will pay - 18% of the decision



What is most disconcerting from the customer's standpoint is that most sales reps are taught to focus on selling the product or service as the priority in the sales call, not the on building trust and adding value. Most sales processes and sales training is on products, services and how to find the prospects needs and present your solution. What is left out in that equation is "Does the prospect actually trust you?" 

When coaching sales people I am continaully asking "What are you doing to establish trust? How are you adding value post sales call?"

People often overlook the truth that trust is the foundation from which all human relationships are built and fall apart. In The Speed of Trust by Steven M.R. Covey, he makes the point that the greater the trust, the less hassle, delays, obstacles and objections there are to doing business. The greater the trust, the faster a prospect can due business with you. Without trust or with low trust, there are greater hoops to jump through, people from which to get approval and a greater emphasis on price. If you establish trust, you will reduce the number of objections you receive and thus you will spend less time on handling objections and have more fun closing deals.

One  key point to remember in negotiations and trying to close a deal is that people will ask for a price reduction to reduce risk (risk is the lack of trust). Unfortunately, a lower price rarely reduces risk. Risk relates to getting the desired outcome. Getting the desired outcome begins first with the sales rep and their competence in adding value. If you don't add value in the sales process, then you are not very trustworthy, for the prospect sees you are selling for your benefit, not theirs.

What is trust? Trust is truth, sincerety, percieved value, past history of success and the overall confindence in you as a person. Sales reps must remember that the prospect decides on you, that is if you are trustworthy, long before they decide on your product, services and company. Trust is built much the way a building is built. You must first establish a foundation then build upon it through cumulative events. Small and regular events works best.

Trust is built from cumulative engagements. It is not only established during the sales call but needs to be reinforced post sales call. What you do after the sales call actually has a greater effect on trust than what you do during the sales call. Your sales process should be highly focused on building trust post sales call. (These techniques will be the topic of my next blog.)

Another way to build trust is to understand how the prospect thinks and engage them in their preferred thinking preferences. This is called whole brain thinking and is integral in having an effective and trust building conversation.


building trust

 

 


CONCLUSION:

Since sales rep's competence has the greatest impact on whether a prospect becomes a customer, learn how to build trust and add value.. Doing those two things will greatly reduce the number of objections you receive. Becoming a student of how to build trust. It is harder than you think and trust is easily lost through over confidence in a relationship.  Contact me for a free webinar on building trust.



 

Topics: Sales, trust, handling objections