Episode F.026 Coach to Close: The Money Objection

Show Objectives
You may have heard the old saying, “The devil you know is better than the devil you don’t.” What that means is, as bad as things may be sometimes, there’s always the chance they could be worse with change. That fear of change is always in the back of the prospect’s mind, especially with big-ticket purchases on the heels of a pandemic. Today we are going to explore the psychology behind the common No Money objection. It often sounds something like, “I can’t afford it.” “This is way too expensive and I can’t justify the expense.” or “We don’t have this in our budget”

The REAL thoughts behind objections
For any decision we make we lose something. This type of objection is what economists call “alternative or opportunity costs.” For example, if I decide to buy a sandwich for $10, that means that I cannot use this $10 for a coffee. Whenever a person wants to buy a product, they will always make comparisons to what else could they get for this money. They need to choose, and choosing is not always easy. You will need to determine if they don’t have the money or don’t see the value.

What is Actually Being Said

1. If they say “I don’t want to pay for coaching” what they are actually thinking is “Please show me why I should pay for coaching. I don’t understand how coaching can help me.”
2. “I don’t want to pay full price or What other packages do you offer?” most likely means “Please show me why I should pay full price. Are you worth it?”

How to Coach to Close

1. Listen Fully to the Objection. Make sure you do not interrupt their objection: use active listening skills.
2. Understand the Objection Completely. Treat their objection as important and valid. People want to feel as though they were heard.
3. Respond Properly. Determine whether it’s a condition or an objection. A condition is something you cannot assist them with, like they really don’t have the money.
4. Confirm You've Satisfied the Objection
   
   

What to do next
Guide the conversation and coach them to reframe the cost objection so they see the value in a new way.

1. Find out how much they expected to pay and only talk about the difference
2. Help them determine what it would be worth.
3. Consider offering a shortened contract. 
4. Compare the benefits of your products to something trivial that costs the same (ex. for the price of a dinner you can transform your life)
5. Compare your offer to other similar products that cost more
6. Offer money back guarantee

If a prospective client simply cannot afford your coaching consider: 

1. Offering a lower fee option 
2. Offering some type of flexible payment plan 
3. Offering enrollment in a group or buddy program (if you have one). ​

​Written by: Donna Kunde