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
How to Coach to Close
Guide the conversation and coach them to reframe the cost objection so they see the value in a new way.
If a prospective client simply cannot afford your coaching consider:
Written by: Donna Kunde
new choice for BUSINESS SEARCH
All IBGR Shows Notes are available for download