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Learning Opportunities

Turn Objections Into Learning Opportunities

Rejection is a tough pill to swallow; especially when it comes to something we’re passionate about—like our work.

When you’re making cold calls or engaging with prospects and you’re met with objection or disinterest, it’s hard not to take it personally.

Although it may be difficult, it’s necessary to develop a method so you can maintain balance and perspective. Every interaction with a prospect is a learning experience and thus, a chance to grow.

 

Putting a Positive Spin on Objections

I’ve been in the industry for decades. While I’ve been successful, I’ve definitely had my fair share of rejections. Early on when I wasn’t getting the results I wanted, I decided to implement a system of reflection to guide me in the future:

 

  • Feedback is valuable

Everything a prospect says can help you in the future. Don’t get defensive or attempt to break apart every single doubt point by point. Learn when it’s the right time to cut your losses.

 

  • Analyze the objection

Is it reasonable?

If roles were reversed, would you also object your proposal?

Try to identify the pain points.

 

  • Take a step back

We don’t have to sign every single customer we come in contact with—just the right ones. Know when a relationship just isn’t going to work.

 

  • Ask the right questions

Instead of judging the objections practice asking good questions that will help you develop your strategy.

While we don’t want to pester prospects, there are three cases in which you may find yourself faced with an objection. But you may have a gut feeling that you could turn it in your favor.

 

Three Common Objections to Cold Calls, and What to Do

  1. “I’m not interested”
  2. “Now’s not a good time”
  3. “I’m already working with someone”

If you find yourself on the receiving end of one of these phrases, don’t fret! There’s a good chance that with the right script you can flip the script and come out victorious; or at the very least get good practice at making cold calls.

 

  • “I’m not interested”

Ask whether your prospect is uninterested in the actual topic or if it’s the time that is difficult.

Maybe they are interested in the topic, but they can’t speak at the moment. Confirm that they are the right person from their organization to speak with and try to set up another time to talk.

 

  • “Now’s not a good time”

Inquire about their doubts—is it that you caught them at a bad time or the time in general doesn’t match their company’s focus?

Ask some follow-up questions to figure out which and try to set a future appointment.

 

  • “I’m already working with someone”

While it may be polite to say “thanks for your time” and move on, you may use this as an opportunity to plant the seeds for your own business or learn about potential pain points you may have.

Ask what it is about their current advisor that they like and what makes their relationship work so well. At the very least you are establishing a relationship with the prospect, which can be cultivated in the future.

 

If you want to learn more about my experience building a Seven Figure Firm, download a FREE chapter from my book, “Seven Figure Firm: How to Build a Financial Services Business that Grows Itself.”

 

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Summary
Article Name
Turn Objections Into Learning Opportunities
Description
When making cold calls it’s not unusual to be met with an objection or two, but you can turn these experiences into a positive one that will grow your business.
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