Dealing with Customer Rejections of Market Intelligence products for the Hotel Industry

Going into sales is always interesting, but if you are looking at sales in a specific market segment such as market intelligence for the hotel industry, you will get kicked in the face by potential clients’ objections.

This is particularly important for those who are new to the sales field. One aspect that will define your accomplishments is how you counter objections. Instead of shying away from issues, use them as stepping stones to improve your product and familiarize yourself with the custome.

This article highlights how to deal with objections and include tactics to help change the response from a “no” to a “yes,” in the competitive market of data for the hotel industry .

Objections are a natural part of the sales process. They indicate that the potential client sees value in your market intelligence software but is held back by certain factors. Effectively dealing with those objections allows you to:

• Build Trust: Responding to concerns in a respectful yet assertive manner shows that you understand amd that you are committed to offering the best solution.
• Accelerate the Sales Process: The more effectively you address objections, the shorter the sales cycle, allowing you to move toward closing the deal faster.
• Strengthen Relationships: Consistently addressing concerns helps build a stronger rapport with prospects, increasing the likelihood that they will choose your software over competitors.

Common Sales Objections and How to Handle Them

Let’s take a look at some common objections you’re likely to encounter while selling hotel market intelligence software and the best ways to address them.

Price Objections

• What They Say: “Your market intelligence software is costly compare to a channel manager product.”

How to Respond:

• Highlight Value and ROI: Describe how your software offers insights into competitor pricing and amenities, enabling hotels to adjust their market positioning and pricing to increase bookings and revenue. Share case studies or testimonials that demonstrate a solid return on investment.
• Offer Flexible Options: Outline different subscription levels or payment strategies that can better fit their budget.
• Make Comparisons: Compare the potential losses from not using your software with the investment required, such as the risk of losing clients if they can’t adjust rates based on competitor actions.

“I completely understand your concern about the budget. However, most of our hotel customers have found that the investment in our market intelligence software quickly pays off through increased occupancy and improved revenue management. For example, [client name] experienced a 15% increase in occupancy within six months of adopting our software, which enabled them to adjust pricing strategies based on real-time information about their competitors’ rates and amenities. Could we explore how we might adjust our proposal to meet your needs while still providing significant value?”

Timing Objections

• What They Say: “Now is not the right time for us to acquire market intelligence software.”

How to Respond:

• Understand the Reasoning: Find out why the timing isn’t right. It might be due to their current budget cycle, other ongoing projects, or shifting priorities.
• Create Urgency: Point out how rapidly changing market conditions and competitors’ adjustments in pricing and amenities could impact their income if they delay using your software.
• Plan a Follow-up: If they are not ready to commit now, suggest setting a specific date to revisit the conversation.
• Suggest Phased Implementation: Recommend starting with key features that address their immediate needs, with the option to scale up later as their needs evolve.

“I understand that timing is crucial. Could you share your concerns regarding this timeline? Perhaps we can find a way to incorporate what you need now into our market intelligence software or start with distinct features that help you analyze and compare competitor pricing and amenities, and then scale up as needed.”

Need Objections

• What They Say: “We do not see the need for market intelligence software.”

How to Respond:

• Identify the Gap: Determine if the prospect fully understands the value of your software, particularly in tracking competitor pricing and amenities.
• Reiterate the Benefits: Highlight how the software serves as a competitive tool by allowing real-time price adjustments and updates on competitors’ offerings, based on data rather than assumptions.
• Seek Clarification: Ask questions to uncover any existing but unrecognized needs or concerns, such as how they currently monitor competitors and how effective that process is.
• Provide Evidence: Share data and examples from other hotels using the software, showing how they have improved their competitive positioning in the market.

“I understand your concerns. Could you explain your current process for assessing competitors in terms of pricing and amenities? Many hotels we’ve worked with didn’t fully appreciate the value of our software until they saw how it could help them adjust their pricing and differentiate their offerings, leading to a stronger competitive advantage.”

Competitor Objections

• What They Say: “We are evaluating a comparable software from another vendor.”

How to Respond:

• Respect Their Due Diligence: Understand that it’s acceptable to explore other options.
• Highlight Your Unique Selling Points: Illustrate how your software is superior, such as offering more in-depth or daily information on competitors’ amenities and pricing, along with enhanced customer support and integration services.
• Provide Comparisons: Share objective comparisons and third-party endorsements to demonstrate the superiority of your software over the competition.
• Share Success Stories: Provide cases where clients switched to your software from competitors and enjoyed above-average occupancy and revenue growth.

“It’s great that you’re doing your homework, which is smart. What specific benefits are you most concerned with? Let me explain how our market intelligence software can address those needs, particularly with timely and detailed data on competitors’ pricing and amenities, as we’ve done for [client name].”

Every objection is an opportunity to demonstrate your commitment to solving your prospect’s challenges and to emphasize the value of your BI product or your market intelligence SAAS software. By effectively addressing objections and providing tailored solutions, you build confidence and position yourself for helping hotels remain competitive.