S111-ind Overcoming Objections & Value (Benefit) Statements Quiz - Au

1. In the early stages of the sales/upgrade process providing a Value Statement (also know as a Benefit Statement) may help reduce the number of of objections you may encounter from your client?

True

False

Providing a Value Statement or Benefit Statement in the early stages of the sales/upgrade process can help reduce objections from clients because it allows them to understand the value and benefits they will receive from the product or service. By highlighting the advantages and addressing potential concerns upfront, clients are more likely to see the value and be less resistant to objections. This approach helps build trust and credibility, making the sales/upgrade process smoother and more successful.

Explanation

Providing a Value Statement or Benefit Statement in the early stages of the sales/upgrade process can help reduce objections from clients because it allows them to understand the value and benefits they will receive from the product or service. By highlighting the advantages and addressing potential concerns upfront, clients are more likely to see the value and be less resistant to objections. This approach helps build trust and credibility, making the sales/upgrade process smoother and more successful.

2. Which of the following is not a typical 'value statement' that you would use in front of a client?

IBISWorld is the largest producer of Industry reports in Australia and the US

IBISWorld's client retention rate is above 94%

IBISWorld is used by all the major commercial banks

IBISWorld provide's free fruit to all its staff once a week

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Explanation

not-available-via-ai

3. Among other things 'Value Statements' (also known as a benefit statements) can generally be used to demonstrate IBISWorld's expertise; articulate a competitive advantage; demonstrate how time and/or money can be saved. True or False?

True

False

Value statements, also known as benefit statements, can indeed be used to demonstrate IBISWorld's expertise, articulate a competitive advantage, and show how time and/or money can be saved. This means that the statement is true. Value statements are important in showcasing the value and benefits that IBISWorld can provide to its clients, highlighting the expertise and advantages they have over competitors, and emphasizing the potential cost and time savings that can be achieved by utilizing their services.

Explanation

Value statements, also known as benefit statements, can indeed be used to demonstrate IBISWorld's expertise, articulate a competitive advantage, and show how time and/or money can be saved. This means that the statement is true. Value statements are important in showcasing the value and benefits that IBISWorld can provide to its clients, highlighting the expertise and advantages they have over competitors, and emphasizing the potential cost and time savings that can be achieved by utilizing their services.

4. Which of the following statements would be typically deemed an "Objection" when talking to client/prospect? (Hint: There are 3 objections listed below)

It costs too much way more than what we can afford

We have analysts that do our own in-house research

We want to incorporate independent research into our process

I need to speak to my Manager first about any purchase decision

My team could definitely use this resource

The three statements that would be typically deemed as objections when talking to a client/prospect are: "It costs too much way more than what we can afford," "We have analysts that do our own in-house research," and "I need to speak to my Manager first about any purchase decision." These statements indicate potential barriers or concerns that the client/prospect may have regarding the cost, internal capabilities, and decision-making process.

Explanation

The three statements that would be typically deemed as objections when talking to a client/prospect are: "It costs too much way more than what we can afford," "We have analysts that do our own in-house research," and "I need to speak to my Manager first about any purchase decision." These statements indicate potential barriers or concerns that the client/prospect may have regarding the cost, internal capabilities, and decision-making process.

Submit

5. Which of the following terms is not normally associated with the word "Objection"?

Disapproval

Opposition

Disagreeing

Accommodating

Resistance

The term "Accommodating" is not normally associated with the word "Objection" because it implies a willingness to adapt or compromise, while the other terms (Disapproval, Opposition, Disagreeing, Resistance) suggest a more confrontational or conflicting stance.

Explanation

The term "Accommodating" is not normally associated with the word "Objection" because it implies a willingness to adapt or compromise, while the other terms (Disapproval, Opposition, Disagreeing, Resistance) suggest a more confrontational or conflicting stance.

6. Objections can typically be overcome with a single response! True or False?

True

False

This statement is false. Objections cannot typically be overcome with a single response. Objections often require multiple responses and a thorough understanding of the objection and the underlying concerns of the person raising the objection. It is important to address objections with empathy, provide relevant information, and address any misconceptions or doubts that the individual may have. A single response may not be sufficient to overcome objections and convince the person to change their viewpoint.

Explanation

This statement is false. Objections cannot typically be overcome with a single response. Objections often require multiple responses and a thorough understanding of the objection and the underlying concerns of the person raising the objection. It is important to address objections with empathy, provide relevant information, and address any misconceptions or doubts that the individual may have. A single response may not be sufficient to overcome objections and convince the person to change their viewpoint.

7. When handling an Objection, select the appropriate stage where each of the following steps belongs

Question, Question, Question

Acknowledge

Provide solutions to the answers you received to your questions

Submit

8. According to your training material, match the following expressions with the relevant stage

Most misunderstood stage

Most missed stage

Most eager stage to arrive at

Submit

9. Clients can raise objections for many different reasons including budget constraints, current need for industry research, perceived value and/or lack of authority. Select one of the most common objections with the most relevant reason

It costs too much

We have tried similar resources before

I need to speak with my manager

Independent research is not a priority at the moment

Submit

10. When handling an Objection, order the following steps in the correct order

Address

Understand

Overcome

Submit