Tag: Business Strategy

How can I Effectively handle Objections?

Posted on | by Sienna

If you’ve found this KONA Blog article, chances are you have been in a situation where you are selling to a customer who has raised some objections about your product or service.

Seriously. Stop taking it personally…

An Objection and a Rejection are Two Distinct Concepts

An objection is a concern or disagreement raised about a particular idea, proposal, statement, or situation. It doesn’t necessarily mean outright dismissal, but rather a point of contention that requires further discussion or clarification.

Objections can be valuable in decision-making processes as they provide an opportunity to address concerns and improve the quality of the outcome.

On the other hand, a rejection typically involves declining or refusing something. It indicates a clear refusal of an idea, proposal, request, or offer without further consideration. Rejections are often final and indicate that the matter is not going forward.

Objections, which often arise during negotiations, can be seen as opportunities rather than roadblocks. Effectively handling objections requires finesse, preparation, and a strategic approach.

We will delve into the art of navigating objections, providing you with actionable insights to turn objections into stepping stones toward a successful outcome.

Objections can be daunting, but remember an objection doesn't necessarily mean a dismissal, but rather a point of contention that requires further discussion or clarification.

Understanding the Nature of Objections

Objections are natural components of negotiations, stemming from differences in priorities, perspectives, and expectations between parties.

Rather than viewing objections as adversarial, it’s essential to recognise them as expressions of concerns, interests, or questions.

This perspective shift is fundamental to crafting a constructive response.

Active Listening: The Foundation of Objection Handling

When the opposing party presents an objection, resist the urge to immediately counter or defend. Instead, listen intently to grasp the underlying concerns.

A staggering 95% of buyers say that salespeople typically talk too much. 74% of buyers say that they are much more likely to buy if the salesperson would simply listen to them.

By acknowledging their viewpoint and validating their concerns, you lay the groundwork for a more collaborative and solution-oriented conversation.

Preparation: The Key to Confident Responses

Effective objection handling begins long before the negotiation table. Thorough preparation involves:

  • Anticipating potential objections
  • Understanding their motivations
  • Crafting well-reasoned responses

By immersing yourself in the other party’s perspective, you can develop compelling counterarguments that address their concerns and pave the way for productive discussions.

Display empathy when handling objections by 'bridging the gap'.

Empathy: Bridging the Gap

Empathy is a powerful tool in objection handling.

Put yourself in the other party’s shoes to understand their:

  • Emotions
  • Motivations
  • Fears

This understanding enables you to tailor your responses in a manner that resonates with their concerns, fostering a more receptive atmosphere for negotiation.

Clarification: Unearthing the Root Cause

In many cases, objections are veiled manifestations of deeper issues. By asking open-ended questions and seeking clarification, you can uncover the underlying reasons behind the objection. This not only demonstrates your genuine interest in their perspective but also helps you address the core concerns more effectively.

By asking open-ended questions and seeking clarification, you can uncover the underlying reasons behind the objection.

Value Proposition: Highlighting Mutual Benefits

When handling objections, pivot the conversation toward the value proposition of your proposal. Emphasize the benefits that align with the other party’s interests and objectives. By showcasing how your proposal addresses their needs, objections can transform into opportunities for mutual gain.

Offering Alternatives: Flexible Problem-Solving

Sometimes, objections arise due to specific elements of your proposal.

Instead of viewing these objections as deadlocks, consider them as invitations to explore alternative solutions.

Present various options that cater to both parties’ needs, demonstrating your commitment to finding a middle ground.

Data and Evidence: Fact-Based Rebuttals

Supporting your responses with relevant data, statistics, or case studies lends credibility to your position.

This approach is particularly effective when dealing with objections based on misconceptions or misinformation.

Concrete evidence can dispel doubts and reinforce the validity of your proposal.

Negotiation Techniques: The Art of Compromise

Objection handling is intricately linked to negotiation techniques. Employ strategies such as “splitting the difference,” where both parties make concessions to meet in the middle. Additionally, consider “conditional agreements,” which involve agreeing to certain terms if specific conditions are met, showcasing your flexibility while safeguarding your interests.

Seek common ground by expressing your commitment to addressing concerns and finding solutions.

Collaborative Problem-Solving: Seeking Common Ground

Position objection handling as a collaborative problem-solving exercise.

Express your commitment to jointly addressing concerns and finding innovative solutions. This approach promotes an environment of cooperation and shared responsibility, enhancing the likelihood of reaching a favourable agreement.

Maintaining Professionalism: A Lasting Impression

Throughout the objection handling process, maintaining a professional and respectful demeanor is paramount.

Regardless of the intensity of the objection, courteous behavior conveys maturity and integrity, laying the foundation for long-term relationships and potential future collaborations.

Objections are not roadblocks; they are stepping stones toward a successful resolution.

Effective objection handling involves a delicate balance of:

  • Active listening
  • Empathy
  • Strategic preparation
  • Skilled negotiation techniques

By understanding the nature of objections and embracing them as opportunities for constructive dialogue, you can transform objections into catalysts for mutually beneficial agreements.

With the right approach, objection handling becomes a nuanced art that empowers you to navigate even the most intricate negotiations with confidence.

When handling objections, don't look at an objection as a rejection.

Contact KONA for more information and objection handling strategies.


Call 1300 611 288 or Email info@kona.com.au

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Six Key Achievements of Planning

Posted on | by Sienna
KONA logo with two 'The art of war' books.

“The general who wins the battle makes many calculations in his temple before the battle is fought. The general who loses makes but few calculations beforehand. Thus, do many calculations and lead to victory, and few calculations to defeat; how much more no calculation at all! It is by attention to this point that I can foresee who is likely to win or lose.”

– Sun Tzu

Sun Tzu was a Chinese general, military strategist, writer and philosopher who lived in the Eastern Zhou period of ancient China. Sun Tzu is traditionally credited as the author of The Art of War, an influential work of military strategy that has affected both Western and East Asian philosophy and military thinking.

Full name: Sun Tzu Born: 544 BC Died: 496 BC            

Every Business must have a Plan

Regardless of your working situation, COVID or not, every business must have a plan.

Does your team know what success looks like?

A PR report has found in the current situation we are facing, only 10% of communication executives have done extensive planning.

Recent research has found that approximately 80% of business fail within their first year of operation, while 25% do not have a business plan. It is no coincidence that these two facts are linked – proper planning, budgeting, and forecasting are all an essential part of success.

How can you create a successful business when you do not know where it is going?

Thinking about the future means learning to think differently. Change is everywhere and pops up at any time, as COVID has proven.

How do you combat change in a business environment?

Change challenges all our current practices whether we like it or not. Change challenges:

  • Mindset
  • Decisions
  • Policies
  • Products                         

Implementing the The Three Horizons (3H) Growth Model.

This process when taught to your leaders and team correctly and rolled out immediately, re-frames your team’s thinking to produce results and hit every KPI set.

Three horizons growth model.

The 3 Horizons Growth Model is a learned process that bridges today to tomorrow.

Why Train Your Team and Yourself in the Three Horizons 3H Growth Model?

By implementing the 3 Horizons Growth Model across your business you instantly address and benefit from the Six Key Achievements of Planning:

1. Measured Improvement

What can be measured, can always be improved. A 3H business plan gives you direction and focus in Sales, ensuring you and your team meet KPI. It is only through improvement and growth that a business and employee can maximise profitability.

2. Projected Growth

With a 3 Horizon’s plan in place, you can meet goals ahead of target, which then allows you to think about – what to do next? In other words – GROW. By consistently monitoring and improving your business plan you begin to set achievable goals for growth. When change occurs, you are then able to evolve with the challenges.

3. Progressive Mindset

When you and your team start operating under a 3 Horizons mentality you all begin to operate from the same manual. The entire organisation’s thinking becomes focused on the wider scope and the impact the team’s current day activity has on future results.

4. Team Cohesion and Drive

What is the business’ value proposition?

Does the team agree on a set definition?

Are you all uniform in the eyes of the customer?

A business plan with 3H in place ensures the company’s philosophy is not only front of mind but also actioned daily.

5. Customer-Centricity

Customers are actually more attracted to a bespoke offer that connects them, rather than a one-size-fits-all agreement. Does your team know how to profile a customer? You must have a customer centric plan in place to be able to help the customer that comes knocking.

How will the business operate without a plan? Most businesses fail because of poor Sales Management. Consider the activities the team is going to perform in order to generate revenue in a month, three months and six months. A plan is only the start of the process – but everything has a start or it goes nowhere. Do you have a plan on how to deliver your goods or services on time and to the standards required?

6. Education

Employee knowledge base is the most essential part of a business. What tailored training and education support do you have in place to maximise the intellectual power of your team? Their knowledge is your ROI.

Planning is a crucial part of business life – without a plan for results you are simply left with a plan to fail.

The 3 Horizons Growth Model is being rolled out globally by the KONA Group. DOES YOUR TEAM HAVE A PLAN?

The recent changes in work from home situations globally has seen access to our R.E.A.L Academy (Remote Education Active Learning) skyrocket, so we will continue to fill the learning spots on a first in first scheduled basis. Call 1300 611 288 or email info@kona.com.au to secure a spot.

Call 1300 611 288 or Email info@kona.com.au

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HOW WILL YOUR BUSINESS SURVIVE POST COVID-19?

Posted on | by Sienna
 

Is Your Team Still Focused?

Feeling flat? You are not alone. By now we have accepted the buzz word uncertainty has become the other buzz phrase, new normal. But, if we have come to terms with uncertainty, why is there still a feeling of monotony? Well, because there is no end game. There is no finish timeline. No set closure date. During these unclear times, as a leader you need to be asking yourself these hard but crucial 10-Point Action Plan questions:
  1. As their boss, do you know how to drive a remote team?
  1. Do you have the time to get around to every person every day or as often as required?
  1. How are they positively impacting your customers in this time?
  1. Do they have an engagement plan for the next two months?
  1. Are your employees focused daily?
  1. Are they contributing daily to the business?
  1. Can you see daily results?
  1. Are they meeting the KPIs?
  1. Are you driving and supporting them?
  1. What will happen to YOU AND your business if you fail to get momentum during this COVID-19 crisis?
 

WHAT IS YOUR 10-POINT ACTION PLAN FOR COVID-19?

  The first step of coming out strong on the other side of COVID-19 is to sustain the focus of your staff and team. Here’s how:
  • DON’T FEEL GUILTY ABOUT BEING HAPPY: When there is death and illness overwhelming the world and the current mood is solemn, there is a sense of guilt if you are seen to be jovial for fear of being seen to be mocking misery. But in the real world, emotions are inherent. A strong leader doesn’t avoid them but arouses the positive ones. Show your team that in hard times optimism and action are the way forward.
  • PURPOSE: We all want to know that we make a difference in the world – that’s called a yearning purpose. Wise leaders will let their remote employee know what they are doing is meaningful and productive and cleverly refashion daily tasks to satisfy that yearning purpose, which will yield results.
  • DAILY ASSURANCE: Sounds exhausting, but if kept brief and consistent it will bring out quality work in employees rather than stocking-filler to-do lists. A strong leader will on a daily basis elevate the remote communication to remind their staff that their work matters.
  • UNCERTAIN TODAY, CERTAIN TOMORROW: Talk about the future of the business and that the company’s future direction involves them. This ensures your employee knows their value and reinforces their hard work whilst unseen in a remote environment, is contributing to the bigger company picture.
  • DAILY GOALS: Perhaps the most vital tool in your kit is “the action list”. Make sure each employee has a daily to-do list that they will action. Inform them of pressing tasks but also provide them with the opportunity to set their own goals – ask them “what are the five key things you want to achieve today?” This both generates motivation and accountability – a proven formula for results.

In uncertain times make action and positivity a certainty.

To go through YOUR 10-Point Action Plan contact KONA :

1300 611 288 | info@kona.com.au

Is “Always Be Closing” Strategy Still Relevant for Your Business?

Posted on | by Sienna
Some industry experts believe that the mantra of using ‘Always Be Closing’ concept is becoming unfit to use for sales strategy. ‘Always Be Closing’, or ‘ABC’ is a familiar phrase to salespeople, made iconic by Alec Baldwin in the 1992 film, Glengarry. Its since become the go-to line for two camps: those who firmly believe in its power to drive action, and those who feel that it takes sales back to the dark ages. Today, as fast as how technology can get different consumers, it is genuinely a norm that different unique sales techniques are being made and some old techniques come to old.

Is “ABC” strategy still relevant for your business today?

A 2015 study by CSO Insights indicates successful salespeople spend at most, 35% of their time selling or “closing.” In this article, we will review certain points on how relevant “Always Be Closing” can be for different businesses:
  • Confirms Buyer Commitment – Regardless of which stage you are currently in the sales process, continually and respectfully confirming your prospect’s commitment is smart and proactive. The “ABC” strategy starts from setting your first meeting with prospective buyers that gives an interest with your products and services. Even though it is just the first meeting, confirming their interest and willingness to know more about your products and services early on will allow you to determine whether they are actually serious in making business with you. If they show otherwise, then you will be able to move on to your next prospect and start selling again.
  • Mobility to Adapt – Always be closing may seem to deteriorate and become old for some salespeople, but, the idea of “ABC” can take on a new meaning in today’s hyper-connected mobile world. Work is no longer a place, and salespeople no longer have to physically be in their prospect’s office to build, nurture and develop relationships. Mobility for sales is bringing new meaning to “Always Be Closing,” where you can further the sales on any device.
  • Influences Social Selling – With the active use of consumers with different social media platforms in their everyday activity, it seems that “ABC” has its way of bringing a new flair for acquiring more sales. Social media enables sales professionals to build and execute their own variation of ABC but in a more engaging and meaningful way. As such, one salesperson may still consider using “ABC” as a linearised step in creating a new sales strategy for their campaigns.
  • Creates an Interactive Mode of Communication – As mentioned earlier, it is no doubt that modern technology is gradually taking its course to change the view of most salespeople with their strategies. Still, “ABC” serves as the foundation of the new age of interactive sales in which both the customer and salesperson can engage more efficiently and easily. ‘Always Be Closing’ comes to a new way of the collaborative and modern view of what it promotes from the later years; leaving no physical, emotional, and technological barriers to closing deals.
It is truly alarming that change seems to act fast and change the views of every consumer that is loyal to your service; but, always remember that sales are not a flash card game that everyone can efficiently perform. It is still about how you close a deal with assurance and effectiveness of your sales strategy. ‘Always Be Closing’ may seem to wash all down its great skin, but today, salespeople still rely on the effective and sharp usage of this strategy. This strategy did not fade, nor come to the grave of use; rather “ABC” adapts to the modernized needs of today’s consumers. If you want to learn the modern application of “Always Be Closing” strategy in sales, you may contact KONA Customised Training and Consulting to let your sales team be trained and exposed to different effective plan to close the sale.