By Aaron Johnson, CMO
What does “too much money” really mean?
There are plenty of objections, concerns and other reasons why your prospect doesn’t want to or can’t buy your product or service. Some of us can get jaded by these reasons coming up again and again and think that everyone is just lying, or simply that we’ve lost it and just can’t sell anymore.
Here’s the good news:
Neither of those are the case!
Each sales cycle is going to be different and most buyers will bring up different barriers or the same barriers, just in different ways. The thing to do is take each sales cycle as its own individual instance and ignore every other time you’ve heard that because it’s not all the same and you are good at what you do.
Basically, it all comes down to figuring out if the prospect’s concern is faulty or legitimate. For this issue, I want to go over the money objection in a little more detail.
If you want more background info, check out our “Deal Killing Mistakes in Sales” blog and “How to Asses Objections From Your Prospects” video. Otherwise, here we go…
“It’s too much money.”
There are multiple reasons behind that claim. It might actually be more than they can afford, or it might not solve their problem; it can even be that the problem they gave you isn’t the main issue that they need your help solving.
The first thing that you want to make sure of is whether the claim is true or not. Ask them questions and find out if they do have the money or how they might get the money together. Can they put it on credit or get a loan? If so, maybe that handles it, but maybe they say something like “oh, I’d never put that on credit” or “I can’t borrow money for that.”
Here’s the good news: If they say anything like the above, you know the claim is faulty. They can afford it and the actual objection isn’t about the price, it’s something else.
This is the tricky part…
Don’t start to haggle over the price, try and get more discounts or keep feeding life into their problem about the price. The money isn’t the problem; you just found that out. If you do start to validate a faulty objection, it will become more and more real and the deal is already gone.
The best way to handle things from here is to go back to the beginning and get them to tell you more about why they originally came to you. Why do they want your product or service, what life problem will this solve? How would their life be improved if they go with what you’re trying to offer them?
If you find the key problem, money ceases to matter and you’ll have yourself a deal.
Remember the key
Again, it’s all about finding out if the claim is faulty or not. If it’s true and there’s no way for them to afford your product, then let them go happily. They’ll remember you for that and will come back when they can.
If they could get the money and just don’t want to let it go, then find the true problem and help them see how you can solve it. Remember, just keep asking questions until you completely understand what they need and then bring them to an understanding of how your product or service will help them.
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