Tips for Objection Handling in Banking

There are various aspects of a sales process in banking, one of which is objection handling. However, a lot of sales executives focus so much on selling that they are not as prepared for objection handling as they want to be.

So, this serves as a brief guide on you can make yourself better at handling the concerns of your leads.

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Before we get started, it’s important to understand that when a prospect objects to something, it’s not actually a bad sign. This is because it shows they are interested in the product you are offering. Most people who aren’t interested in buying a product or service at all, don’t bother for an objection. So, when one actually does, it means you have a chance to nudge them in the right direction and close the sale.
Now, the following are some of top tips on objection handling that you can start applying today itself:

• Listen and understand: Before you can handle the objection, you have to understand what it’s exactly about. And for that, you have to listen to the prospect rather than filling in the gaps yourself.
• Say it back: Even after listening, it’s possible that you get a different idea from the one that’s in the mind of the prospect. So, you must say it back to them to ensure that you both are on the same page. So, you can go on like “I see, so it’s the annual charges you are uncomfortable with?”, etc.
• Identify the real problem: Many times, prospects give an easy answer rather than the real answer. For instance, they may say that they don’t want to invest in a product because they don’t have enough time. However, the real reason could be that they are already repaying a loan.
  If you can learn about the actual reason, it’s easy to address their concern and persuade them then.
• Use Examples: It’s easy to convince a prospect when you share some examples of other customers that tried the product/service in question and were happy with the results. Similarly, it can help to provide some facts and numbers rather than opting for an emotional angle.

Objection handling can only be mastered with time. However, the tips given above are sure to give you an edge.