How many times have you heard someone say "I can't afford it" after you share with them the investment to work with you?
There's "I can't afford it", "That's more than I was expecting", "I don't have the money for that right now", and on and on.
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Money is the #1 objection that comes up, and here's why. Money is an easy excuse to fall back on. It is personal, people don't like talking about it, it feels like it is a conversation ender.
Now, these are all very legitimate reasons that are very true for people. They truly believe this, and for some people in certain situations this may be very true. However, there is also something else going on here. Without the proper conversation structure, the money objection is also a catch all for many objections rolled into one.
The money objection is often covering up other things that are keeping people from moving forward, that they may or may not see for themselves in that moment. Here are a few:
- They are scared they may actually get what they really want - this is a HUGE one. Someone's whole life may look different if they really get what they want. Relationships, work, finances, health, everything is often impacted when someone invests in creating what they do want.
- The value is not great enough. If the cost to them to invest is greater than what they perceive to get back, then "I can't afford it" really means, "I'm not choosing to spend my money on this, I don't believe there is enough return". They have the money, but not for this.
- They have other questions that haven't been addressed yet.
- They worry, "what if I do this and it doesn't work for me"?
- They are afraid of failing, "what if I can't actually do what you tell me to do and I fail?"
How to handle the money objection with authenticity and truth.
First, let's address why it's important to handle the money objection. When you have had an empowered sales conversation with your ideal client, they have likely just shared with you why this change is so important for them and all the things that will shift for them in their life when this takes place.
If you are able to support them in creating that change, you are doing them a disservice by not supporting them through this potentially scary part of the process. Investing in yourself can be scary. This is your chance to support this person to taking the next step toward their greatest self (health, relationship, business, etc.).
When someone has this opportunity, they can move into a stress state and all kinds of "stuff" can come up for them. This is your chance to coach them through this likely recurring pattern.
So here is one strategy to handle the money objection. Handle the objection before you discuss the investment. For example, after you share about your offer, ask them, "is this something you would like to do?"
The reason this is so empowering, is it helps to work through any other things that are keeping people from saying yes BEFORE you get to the money. So if they are concerned about being able to do the work, or scared of what might happen after they do this, or they just aren't sure, you can address any of that separate from the money.
Using this approach isolates the money objection, to be more truly just about the money, instead of filled with all kinds of possible objections rolled into one neat and tidy money objection.
I would love to hear from you! What else are you experiencing during your sales conversations that you would like support around? Send me a note at firstname.lastname@example.org or post in the comments below.
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P.S. If you would like to figure out what's keeping you stuck with your sales conversations, I invite you to schedule a Business Breakthrough Session. You have big work to do in this world, let's shift what's keeping you stuck!