Women in the Business Arena™ EP77: How to Handle Money Objections: Continuing the Money Conversation
“I think money objections, probably 80% of the time, are really about not recognizing the value of what you're offering. You haven't tied your offer into what they want or need.”
This week on the Women in the Business Arena Podcast, we continue our conversation around money. When navigating the sales of our service or product, it is inevitable that we will come up against money objections. There are times when individuals genuinely can’t afford our services, and they aren’t a good fit. However, if we are seeking out the ideal client, money probably isn’t the real issue. Money objections are the easiest objection, because we, as the individual offering the service or product, are so quick to legitimize it. We quickly accept this “no,” instead of asking more questions to determine if money is the real issue.
“As a consumer, when I feel that someone is really confident in what they're doing, I don't mind when they press a little bit past that money objection. Because it doesn't feel salesy, it feels passionate - that they really just want to make sure that I understand what is being offered before I walk away from that opportunity. ”
We continue the discussion about our internal beliefs around money, because it is absolutely crucial, and directly affects every aspect of our business. The more we grow in our confidence surrounding money, the more we will be able to communicate that to potential clients, and see it positively affect revenue, fulfillment, and even satisfaction with our business. We have to be neutral with conflict and money before navigating money objections. Our issues with money will play out in our relationships and our responses in conversation with clients and potential clients.
“We've got to stop being afraid that we're going to provoke some kind of conflict because sometimes that's exactly what needs to happen for the most growth and transformation. ”
There are many ways to effectively prepare for and navigate money objections. When we take the time to recognize the value of our product or service, determine our ideal client, and to make sure the individual we are speaking to fits into that framework, we are set up well to handle money objections that may arise. Giving the space for individuals to get to the root of issue, their hesitancy to become a client, can create an opportunity to develop a relationship, provide clarification, and even potentially make the sale.
“We need to reframe money, money objections, and sales so that we recognize that we can't serve people if we're not charging what we're worth, if we're not getting a sale, and if we're not actually going in to help people when they need it.”
Some Topics we talk about in this episode:
- Introduction - 0:55
- The Art of Handling Objection - 2:10
- The Importance of a Good Client Fit - 5:43
- The Inevitability of Money Objection - 8:21
- Money Objection and the Internal Self - 12:17
- Being Clear About Value of Our Services - 16:33
- Where Many People Lose the Sale (and How to Overcome It) - 22:31
- “Pre-Selling” Your Service or Product - 32:33
- Practical Techniques for Handling Money Objection - 39:20
- Wrap-up and Takeaways - 46:56
How to get involved
- Join the Women in the Business Arena Group on Facebook and continue the discussion starting next week! https://www.facebook.com/groups/womeninthebusinessarena
- Reach out to us - we’d love to hear more about where you’re at in life and business! Find out more at www.womeninthebusinessarena.com
If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!