Previous Dilemma: How do you get around the ‘bad economy’ excuse?

Belt-tightening. Scaling-down. Cutbacks. Prospects often use the economy as an excuse not to buy, but in reality, there’s always a need for our services, no matter the economic condition.

Besides, many successful businesses started and thrived during difficult economic times. How do we counter the “we’ll buy when the economy improves” objection? Or is there not a way around it?

— Anne

Summary of Advice Received

How to Overrule Buying Objections
Help companies see why they need to buy from you
by Meryl K. Evans, Editor, Professional Services Journal

I’ve loved tech stuff since I was a kid. Barbie? No thanks. I preferred AFX Electric Car Race set, Mattel’s Football and Electronic Detective, which scared the bejeebers out of me with its opening gunshot sounds. Then I graduated to the family’s first computer, Apple ][+ with no lowercase letters. In the early ’90s, I bought whatever came out, because not much came out at the time, such as the Palm Pilot and a pitiful digital camera that could hold only eight low-quality photos.

Later, I came to my senses when I saw more products coming out faster than my wallet filled. A couple of family layoffs and the lousy economy forced my family to think through all purchases no matter the cost. Sure, I’d love an iPad, but I don’t need one — the cheapest is $500. For that, I can get several weeks’ worth of groceries or get two Kindle Fires priced at $199 and have money left over.

Companies face the same issues, but they still need products and services to stay in business. Readers recommend these ways to help them see they need your services:

• Do more with the same.
• Boost efficiency.
• Be the best.
• Offer more financing options.

Share your experiences and tips for overcoming buying objections by posting in the comments section, or ask your own question.

Do more with the same

Show the company how your services can help reach its goals without adding overhead. “Be confident in telling them that you can help them ‘do more with the same.’ This gives them the confidence and traction to maintain direction while also maintaining morale,” says Abe Taylor, director of business development for EAC Product Development Solutions.

Boost efficiency

The adage “You must spend money to make money” is true and applies here. Ken Adamski says to tell clients that expense-cutting time is the “best time to invest what you can to increase your efficiency and savings and/or reduce headcount by using our services.” Besides, prices tend to be lower when the economy is weaker. My colleagues tell clients that if they wait, they may face higher prices. Show them how an investment now can mean getting ahead.

Be the best

“There is always a market for the best,” says Brian Mahoney of Computers Made Simple. “Make sure you are the best, and you won’t have to worry, bad economy or not.”

Consider this tidbit from Macro Scheduler: “Google wasn’t the first search engine, yet it has dominated among search engines.”

Offer more financing options

Several readers recommend offering contract options that help lower costs, such as an extended service contract with lower annual costs or quarterly payments instead of all at once. I’ve read that accepting more forms of payment makes you more versatile.

To help companies with tighter budgets take advantage of email newsletters, I know of a client in the email newsletter business who came up with a scaled-down version of his primary product. Look at your primary offerings and see if there’s a way you can provide a cheaper version that benefits clients.

“There is no silver bullet. And, yes, the economy (still) sucks. However, business owners are moving forward, and you and your customers should be no exception,” says Matthew Cohen, managing director of Cohen Strategy Group LLC. “Price objections are usually just a cover for additional objections. Good questioning should help uncover what else is causing hesitation. Second, detail or review features and emphasize benefits. Customers really just care about the benefits that your products and services deliver.”

What other ways can you counter buying objections? I would like to hear from you. Please provide your thoughts in the comments section. If you face other work challenges, ask a question.

About the editor
Meryl K. Evans is senior editor at InternetVIZ and the content maven behind the Connected Digest, IT Solutions Journal and Professional Services Journal. Follow her on Twitter @merylkevans.