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Sales And The Dreaded Money Objection

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Sales And The Dreaded Money Objection

One of the most difficult hurdles to overcome in a sales conversation is the dreaded money objection. If you’ve been in business for any length of time, you’ve heard this objection over and over again. Frustrating as it is, I’d like to reframe the way you approach the money grievance in a way that helps you both understand it and have a greater chance of overcoming it.

“That’s more expensive than I thought.” or “I just don’t have the money right now” coming out of a potential client’s mouth who initially reached out to you is frustrating at best, and disheartening at worst.

So what I’m going to do is break it down to the simplest explanation. This person either doesn’t value you, your product, your service, or your entire industry. This, of course, can feel totally unfair when you’ve spent time and energy showing the value of your products or services. So let’s address this step by step and see if we can understand the core of the ‘money objection’.

First, please know, there are absolutely steps you can take and should take, to help potential clients know your value before this objection rears its ugly head. If it comes up time and time again for you, the first thing I want you to ask yourself is:

Am I confident in my own knowledge, education, integrity, and ability to do what I do?

If during the sales process your brain is thinking, “I’m not sure I can do this job very well and I might be charging too much”, then you should go back to the drawing board and do some deep reflection. Because potential clients will sense your hesitancy and act in accordance with it. So, look within yourself, check your mindset and approach, and ask yourself the following:

Am I aligned with my passion?
Am I confident in my skills to do the job?
Does my confidence come across in my presentation?
Sales secrets to handling money objections from clients for your services. Do I feel good about my own value?

Being correctly aligned with your passion, confidence, value, and talent is paramount to the sales process. In your reflection, ask yourself, “Do I remember a time when I did a great job?” Do you remember how good that felt? Am I confident and know I can help my clients in exactly the right way?” Maybe look back at a testimonial from a satisfied customer to reassure you. If you don’t have any testimonials yet, call someone who can pump you up and re-affirm to you that you ARE doing the right thing.

It’s time to reflect, journal, and get connected to your worth. Once you value yourself, it’s much easier to lead with the substantial benefits a client will get from working with you, and when the topic of price comes up you can and will state your prices with ease.

Do you need help choosing the right words to describe yourself and your service in a way that shows your personality, your enthusiasm, and your worth? Click here to get access to my free webinar called, “ Your Business in Words ”. This exercise will teach you how to develop a compelling, attractive statement of services.

Now, let’s say you are already super confident (not cocky) in your skill and ability to help them, but they still say it, “Oh, I wasn’t expecting it to be that expensive!”. How do you handle it?

Here are a few helpful options:

Turn the conversation back to the reason the client reached out to you in the first place. Make sure you heard them thoroughly, asking your exploratory questions again and listening really well – honing in on the emotional reasons that your services are needed. Circling the conversation back, in this circumstance, makes sure the sales process is unfolding to the clients’ expectations. In the Nail Your Sales Training Course, this would be going back to step one. The obstacle can often be overcome by showing the client that you are connected to solving the problem they originally called you in to solve.

This is a great time to tell a story of a person who felt the same way as your client and in the end, was very satisfied with your service and results. Perhaps it will relieve their stress and overwhelm and give them a solid direction to go. This also acts as a testimonial, but if told as a story is it both less abrasive and more empathetic to your current client’s plight.

Possibly offer a down sell service or product – something to get them started and give them time to get to know you. Building trust with a small purchase will allow your client to feel more comfortable pulling out their credit card and making a larger purchase in the future. If they have a budget that only works with a lower level of service you currently offer, this is the perfect time to pitch your down sell. While this may seem counter-intuitive, making a small sale is better than making no sale at all.

Lastly, you can decide to politely end the meeting and walk away if you observed that they don’t value your whole profession or you as a provider. Trust me, this could save you a lot of heartaches! Some clients just aren’t worth your time & energy. I mean, who really wants to be unappreciated? You may also feel they were either “tire kickers,” looking for free advice, doing research into what you do, or just needed someone to talk to! We all know people like this.

Here are some examples of great sentences you can use to overcome the money objection. I’ve used these all with success.

“I completely understand, and I would never spend anyone’s money for them; let’s face it, everyone likes to spend their money on different things. My only concern is that I really heard you when you said you needed or wanted {{fill in the blank}}. How will you achieve this without using me? Do you have another plan in mind?”

Then be silent and just listen

Let them think and respond – do not fill in the blanks for them. This will give you valuable insight into the plan they may or may not have and help YOU make a decision if they are an ideal client for you. In asking these probing questions, you help them discover what their own needs and desires are worth.

Here’s another great approach

“I hear you, spending money is always tough. It’s just so difficult when I hear you say {{fill in the blank}, and I was so excited to help you with that! Perhaps I can offer you a different option, {present another price option.} How does that sound? Does that work better for you?”

I truly NEVER tell anyone how to spend their money and I don’t take it personally when they don’t use me. But I do provide value, relay it confidently and more often than not I will leave a consultation with the sale. Should I not close a deal I really wanted, I will leave with a good idea of how to follow-up with the client in a valuable and effective manner. Your client will come back when they are ready. Never burn a bridge.

Money equals security for so many people and so you need to make them feel secure in you – with the confidence that the money (security) they spend with you will be worth it.

When presenting yourself, focus on what you can improve for your client. Perhaps their self-esteem? Confidence? The beauty of their home? Their ability to have a more organized space? Their health, wellness, looks? Perhaps their marketability, social media presence? Or their income? Clients? Good habits? Consistency? Organizational ability? Time Management? You should know and be able to work these benefits into the conversation.

Conversely, what can your service decrease for them? Overwhelm? Anxiety? Unproductive time spent on something that they don’t know enough about? Decrease their debt? Their weight? Or their mistakes? Again, know these well.

The more the conversation focuses on solving their problems, the greater the likelihood you will successfully close the sale.

Learn more about the 5-steps to Nailing Your Sales Closing Conversation and how you can close your sales with more confidence and ease. 

“Helping smart, passion-based solopreneurs double their high ticket closing rate in as little as 90 days without sales anxiety”.

Overwhelmed growing your business and need help? You don’t have to figure it out all alone anymore. Sign up for a business strategy call and I’ll help you make decisions on the next steps for you and your business.  

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