“The most important thing that you have to do with a prospect is figure out what they really want.”(3:45 – 3:55) – Janet Clark, The Freedom Shift
Address the elephant with a cash sign on its forehead.
You have heard all the excuses. Money is tight. There is never enough time. But the greatest reason you can not close a sale is that you and the prospect are ignoring the giant elephant in the room. Money. There is a gradual crescendo of tension unleashing a forte of negatively charged energy when money is the last topic discussed. It makes for a very uncomfortable conversation and it is entirely preventable.
Immediately approach discussing money prior to making the offer to avoid a catastrophic letdown. In theory, a product should sell itself if you have done a great job with marketing in attracting the ideal prospects for your transformational offer. But this is rarely the case. Psychology is really the defining factor in whether a prospect will commit or pass on an offer.
“Money is the medium we use to get what we want.”(3:25 – 3:30) – Janet Clark, The Freedom Shift
There are four different stages a prospect must go through to eliminate the money objection and fully commit to a sale.
Identify True Desire
What does the prospect really want? Is it possible to attain? What would it take to get them there? First, help the prospect determine the thing, situation or transformation they so desperately seek. Second, examine the realistic cost in both time and money. Lastly, weigh the investment to the value. While not all dreams can be fulfilled, many are attainable. The question to ask is if the dream is worth the effort?
Overcome Fear of Loss
All humans fear something. But failure and the loss of something gained are fears that are fairly universal. It is an innate fear that causes us to hold our money tightly and spend cheaply. Furthermore, society teaches that human significance is heavily weighed by the sum in the bank and the make of our car. Parting with money can feel very risky even when common sense tells us there will be a great return on our investments.
Remind the prospect that the money is never the end all be all, it is simply the medium we use to get what we want. The significance actually lies in what the money can do for the prospect to help them reach their dream. Have a heart flow conversation. Engage with the prospect to understand what is really going on. Offering empathy is the best way for you to earn the space needed to help dispell those fears.
Overcome Fear of Disrupting Relationships
Why does a prospect interject that they first need to check with their partner when discussing money in sales? The truth is, most people tie their money together when entering a relationship. It is critical for you to know if the prospect needs input from a significant other before delving into decision making. Engage the prospect in a candid conversation at the beginning to help reveal whether their relationship is an inhibiting or encouraging factor, for both your sakes.
Overcome the Money Objection
The final stage in eliminating the money objection is to uncover the COA. The Cost of Action was originally coined by Alex Mendoza. Everything comes with a cost, and time is money. Those who use their time wisely gain money. But those who waste their time lose money. Or similarly, if the prospect is refusing to part with their money, remind them that they are then repelling money from ever coming in. In this case, they will never achieve that deep desire they identified in stage one. If the prospect is a good fit for your service, NOT becoming a client could be one of the most expensive mistakes they ever make. Helping them to gain clarity on that truth is an essential step to closing the sale, and helping them see the value of their investment.
“You are giving the option for people to really understand and acknowledge that this purpose, desire, dream, is something worth parting with their money for.” – Janet (13:28 – 13:49)(13:28 – 13:49) – Janet Clark, The Freedom Shift
Understand that there is something else lurking beneath the money objection. Perhaps it is the inability to identify the true desire, or the fear of loss, or fear that a relationship will be negatively impacted. Whatever it may be, navigate through the four stages with the prospect to help identify the heart of the issue. Bring money into the conversation early to ensure that you and the prospect are on the same page. Even if the prospect is not a qualified buyer, you will at least offer some food for thought. Begin your sales calls with set intentions, instead of wandering through the motions aimlessly. When you aim to unearth the prospects real desire, and offer a way to attain that dream through your services, you will have the power to eliminate the money objection.
How to Get Involved
If you’re ready to leverage your time and offer huge transformation to your clients while scaling your business in a big way, Janet can help. Janet has an extensive background in sales, has closed millions of dollars in high ticket programs, and has the expertise needed to move your business forward. Find more about her work with The High Ticket Freedom Shift program on her website.