No matter what level of sales you’re in, you are bound to encounter objections. In today’s episode of The Sales Evangelist, host Donald Kelly is joined by the co-founder and former owner of Solo Stove, Spencer Jan, for an in-depth look at Spencer’s experience handling his biggest sales objection.
But first, what does Spencer consider an objection?
- In general, Spencer sees sales objections as a lack of communication; the disconnect of not understanding the other person.
- When objections arise, it’s not that they’re rejecting you, there’s simply a gap between you and the prospect.
In 2016 Spencer and his brother decided to sell their business.
- When they went to sell, investment bankers and brokers told them their company wasn’t sellable.
- They were surprised because the business was very profitable. However, Spencer and his brother didn’t understand their buyer.
- They realized a buyer wants to invest in a company, not necessarily run it. They aren’t looking to deal with day-to-day problems. And that was the objection they had to overcome.
From 2016-to 2019, they transitioned to a structure someone would buy.
- They listened to feedback and knowledge and assembled a self-sustaining team to run the company beyond their departure.
- They rehearsed their pitch, had dry runs, integrated stories, and planned how to pitch their deck to investors and private equity groups.
- Spencer and his brother were prepared and knew which objections to prepare for based on their research and conversations.
In 2019, they landed a nine-figure exit.
- When you understand what people want, you can shift your mindset to account for those wants and create value.
- Be willing to set your ego aside. People will reach a level of sales competency, but every customer is different. Take time to understand what your audience wants and tailor your message to that specific person.
Spencer’s major takeaway? When things don’t work out, just keep trying. Understand your audience’s needs, and keep moving to eventually make the sale. Find Spencer on LinkedIn and YouTube for more great content.
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This episode is brought to you in part by Skipio.
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This episode is brought to you in part by Closers.io.
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This episode is brought to you in part by Scratchpad.
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Audio provided by Free SFX, Soundstripe, and Bensound. Other songs used in the episodes are as follows: The Organ Grinder written by Bradley Jay Hill, performed by Bright Seed, and Produced by Brightseed and Hill.