How to Overcome the ‘Economy Objection’ and Close More Sales

“Well, everything looks good.  But I’m afraid with this economy and our cash flow…”

You have heard the poor economy objection a thousand times and it often still kills sales.  Worst yet, that objection causes many problems while prospecting for new clients and setting appointments.  Before you have a chance to explain how you can help, the prospect feels that due to economic times, he or she cannot afford to do any business.

The key to handling this objection is to realize that it is not an objection at all; it is a condition.  Some prospects believe that due to this condition they could not or should not do business with you.  While others simply use this condition as an easy excuse, knowing it is something that you cannot affect, change or deny.  So how do you get around this obstacle?  Use the following approach and you will put that economic baby to rest every time.

Overcoming the Economy Objection

Whether it is on the telephone via a cold call, in the boardroom or across the dining room table, begin your approach by using the economy objection yourself!

That’s right; use the economy as your primary selling point.  Use it as the very reason the prospect needs your services.  If you walk in the door claiming that why you are there in the first place is because of these poor economic conditions, then the prospect cannot come back and use that very reason as an objection.

Here is an example:

“Yes, Ms. Prospect.  Mark Williams here, from ABC Business Solutions.  Ms. Prospect, the reason I’m calling is that due to this down economy, most independent business owners…”

No matter what services or products you sell, you should be able to find several ways that you help your clients either save money or time or earn more.  Either way, in a down economy, they need you more.  Simply use the economy as a positive reason why the client should move ahead and do so before they can use it as a reason to stall.

Also, if the prospect does revert to the economy as an objection, then use it as the urgency factor.  Like this:

Prospect:
“I know.  But still, in these conditions I don’t think I can go ahead.  Plus I really don’t have that down payment right now.”

Rep:
“Mike, it is because of these conditions that you really need to move ahead.  In fact, if you are having difficulty writing a check for this small amount, then this is urgent.  I think we need to put this on a rush order.

Don’t run from the economy objection, embrace it!

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Sean McPheat is regarded as a leading authority on modern day selling. Sean has appeared on CNN, ITV, BBC and has over 250 other media credits to his name. Sean founded MTD Sales Training in 2001 and since then they have helped over 50,000 staff. Please visit Sean’s Sales Blog for his latest musings and tips. Sean also offers free audios, videos and sales tips.