You’ve pitched your business opportunity to someone and they are all on board until you get to the price to get started. They begin to show some hesitation so you circle back to the benefits of joining. They hit you with the age old response…Let me think it over and I’ll get back with you. Some people […]
You’ve pitched your business opportunity to someone and they are all on board until you get to the price to get started. They begin to show some hesitation so you circle back to the benefits of joining. They hit you with the age old response…Let me think it over and I’ll get back with you. Some people start to panic at this point and begin to ramble about why joining them is so great and rattle off unnecessary points and information instead of answering the question in their mind. If you presented the information correctly, then they will be saying to themselves “I want this! I can do this, How can I make this work with my current budget?” If you don’t answer this question immediately, everything else you say will be heard like “womp womp womp womp womp”.
One of the keys to selling something is to show your prospect how they can afford what you are selling without them asking. This task is a little easier when you are saving a person some money.That is a no brainer. But if you are increasing costs or adding something new to their budget, the sale isn’t so easy; especially for people who are planners or who manage the money in the household. This is why if you are selling something significant to a married couple, you need both people involved in the discussion. Do not rely on a spouse to sell for you. If you have a single decision maker, make sure you have your bases covered during the proposal. Answer the following questions during the proposal and objections should be a minimum.
What is my customer’s problem?
How can I offer a solution?
What differentiates my offer from my competitors?
Have I asked the customer to take a definite action?
Once you’ve addressed all of these topics during the presentation, (our DVD does all of this for you) and you are presented with a price objection, follow these 3 steps to address them.
- Don’t respond right away. Instead, get the prospect to talk more about the objection. Ask, “And what else is of concern?” This does a couple of things: first, it allows you to get all the objections out at once. By doing this you get, a complete picture of what’s really going on and can respond accordingly. And second, it gives you some time to think about how you want to respond. It’s our tendency to jump in right away, respond to the objection, and move on. But you need to take your time and get the prospect to talk more about it so you can get to the heart of the issue.
- Don’t introduce price too early in the conversation. Price objections often come when you give the price too soon. Before you can talk about price in the sales process, you have to get the prospect to see the value and get them to articulate the value of the solution. When you share the price too early in the conversation you lose control. You move into the negotiation phase where all conversations going forward are going to focus on price instead of value and outcomes.
- Focus on selling the value. When you get a price objection, you haven’t done a good enough job of selling the value. Go back to the prospect’s needs and goals. Get them to articulate what the solution is worth to them. When you get the prospect to see the value of the solution and you put it in financial terms, you get much less resistance on the price.
Here are some ideas that you can mention or include with your sales sheet or proposal to help them carve out or add income to their budget to afford your product or service. I use this list all the time when introducing people to my primary business. Joining me is a little costly but the value and benefits outweigh the cost. In order to see past the hurdle of the initial joining fee, I always show them how easy it is to afford what I selling before I mention the price. Afterward, I show them how to make their investment back for added measure.
- Tap into savings or 401k. Some people have managed to set aside money for a rainy day or for large purchases. This will be the first account people consider spending from. In my personal experience, anytime I have saved some money, I never want to spend it so if this is the case with your prospect, make sure you focus on the value of your product and service because money is not an issue for this type of prospect.
- Borrow from Family or Friends. Individuals that have “access” to money will not have a problem asking someone for a loan if they know they can pay it back quickly. For this prospect, make sure you harp on the ROI (return on investment). This type of person will be interested in how long it will take to repay the loan. Be sure not to make outrageous income claims.
- Sell unwanted items. Depending on the cash needed to start a business or buy a product, selling unwanted items or items of value can help you to reach your goal. This wouldn’t be my first suggestion but I would certainly offer it if my prospect had most of the money but was short. Pawning items is an option as well, but you may run into a huge sense of urgency to succeed since its a loan.
- Part time job. Some people join a business or buy a product to help them save money or improve their life. Some were already considering additional ways to improve their income. Getting a part time job would allow them to raise the money quickly but this person is one in which may not be able to join or buy quickly. Just make sure you know that and properly place them in your pipeline.
- Affiliate marketing. This is my favorite thing to suggest because it teaches them how to market, allows them to earn money and this can be done over and over again. This option can easily be duplicated and in most cases, no purchase needs to be made to get started. I have several options to offer my prospects.
These are just a few suggestions that I’ve used to provide options to my prospects to purchase products or services. Once you give them some suggestions, they may have some ideas on their own. Explore these with your prospect and close the deal!