How To Overcome Price Objections

How to overcome price objections. Let's talk about that. And let's talk about options for how to pay. Down to payment plans, financing, funding. How do you do it? Three things I want to talk about. So number one, you need to emphasize the value of your product and service. And I'm going to put another word in there, the distinctions of your product and service. Number two, you got to offer some customizations and payment plans. And I need you to have price tiers within your offers. Number three is how do you address their specific concerns and objectives? What's their issue? Why can't they pay? And I'm going to give you a trillion dollar tip at the end. Why most people don't pay or don't come towards you. And it's not you. I'll tell you at the end, stay tuned. All right, get a pen and paper. How do you overcome price objections? So let's talk about the value of the product. What are your distinctions specifically? What's the value? What's the solution? What's the result they're going to get? So you got to handle all of that in the presentation before. The more you actually do this and the more you record yourself in your sales conversations, your presentations, you're going to start hearing objections. So use FAQs. Those are still not a bad tool to know how you're going to answer them in advance. And if you already know that they're going to ask it, put it into your presentation to handle it as part of a story. Maybe you give a story about somebody who had an issue with blah, blah, blah. And then you gave a price value. One of our price value objection handling things is what would it cost you to get a three-year tax return review? Well, number one, who would even do it for you? Most people don't. Our experts do, our tax experts do. So when we have a high ticket, we say, and they'll say, oh my gosh, how am I going to get an ROI on it? I already know they're going to ask that. I'm going to say, we're going to start with a three-year tax return review. Because on average, our clients typically get 30, 40,000 back. Our clients can get 50, 60, 70. I have doctors that have got 100, 128,000 back. I had developers get a quarter million dollars back. I've helped crypto millionaires save $720,000 out of a million dollar tax bill. Still had to pay 280, but it's better than a million bucks. So I have a huge value proposition in handling the price of a higher ticket item to have access to my teams. So what are your issues? If it's not just price, they're also going to have time issues. They're going to all sorts of other issues. So make sure your objection handling, it's going to happen over time. I say it that way, for those of you that are brand new, you've just got to be in the conversation. You don't even know what the objections are. You can try to think through them. Just be in conversations, which means if you practice your conversations, practice them with people that you already know probably won't buy. What I call your lower ticket item, people that aren't going to go up. They don't have the ability. They still don't understand how to make the money. They have a bad credit. They can't get funding. They can't get financing. So practice your objections. And I'm talking 10, 15, 20 sales calls till you get a theme. You're going to get a rhythm for this sales call to start understanding price objections and how they're doing it. Also make sure you have a variety of price options. So we have anywhere between $7 and $40,000. So if they can't afford one, you can drop to another. You can drop to another. When I start my sales conversations, we start all of our team. We start at the highest ticket and go down to what they can not just afford what they need. Because I know a lot of times what you need, you say you can't afford, and then we help you get creative about finding options. You have to know your product and your system so well that you can help handle and talk through it. Don't make price the problem. Price is never the problem. People buy stuff that they want emotionally all the time. They will move from economy class to first class to a private aircraft. And if they have a value proposition that works, they'll do it. And they'll spend that kind of money. I've seen people jump on private planes. I know they probably don't have the money just outright to do that on a regular basis, but they found the money. So never price is an issue. I mean, look at Costco for gosh sake. People walk through Costco and number one, they don't have a list. They emotionally buy everything that they want to buy around them. So price is never an option. People buy what they want to buy. They're more emotionally charged than logically charged, but know your buyer. The last thing I want to say about emphasizing the value of your product before we move on from that is get testimonials about the people who have already bought every level of product. So I have them from people who just love my book all the way to people who love my big table or love private, you know, mentoring with me directly. Now, number two, offer customization in your payment plans and you're like, have that flexibility. So again, we have an amazing CRM software stack that we can take notes. You can put people through a wholesale structure and do payments and subscription payments inside. So there are a lot of places. If you don't know them, I can help you figure out how to get funding financing. You have to be a client of mine to get these resources. I just don't give them all freely. I've spent decades working on getting great funding, flexible structures. Now I actually create another structure based on an affiliate of mine, a friend of mine who says, are you fundable? Can you be funded? It doesn't matter that you have a 580 or 640 credit score. Can you be fundable in other ways? Can you partner to it? So we have a lot of creativity and flexibility in our payment structure. Do you make sure you also have the ability to receive payments? It's shocking to me. How many people say I want to make money and you don't have a square or stripe of merchant provider pay, but you don't have any way to take the money. So make sure you have the obvious systems that you can actually make sure the money's coming in. So the only caution I would have on payment plans before we move from this is make sure that the down payment, the minimum payment is covering the first part of fulfillment. So what happens a lot of times for people who do, I say too much financing and too much flexibility is you don't put enough down and the customer wants more than you can actually give them. So then they fade away or they'll refund. So you have to give them like something amazing. Like when you join my big table, we have like, what do you do in the first five days? And there's more to do in the first five days. And there's such high value in the first five days. Like, what do you do in the exact order you do it? That they're not going to fade away. I mean, our refund rate of people backing out because a price is less than a half a percent, quarter percent. They just don't do it. So for example, let's just say you have a $10,000 item and you're going to give them books. Like a lot of times I'll give a game, whatever value you're going to give them, make sure your costs are covered. So if you're giving, it's a $10,000 ticket and you're going to take say four payments of 2,500, but they can do a thousand down while they go get financing or funding or whatever you're going to do there. Make sure whatever that first payment is, is enough to cover your costs. So you don't end up backwards from the beginning. And I've seen so many beginners do that wrong. The other thing I would just tell you, and it's one of my trillion dollar tips, anything over a thousand we contract. Because if you don't contract it, you can't defend it on a refund or a charge back with your merchant provider. And you're going to get stung hard. I've had people not pay attention to their merchant provider and these price objections. And I know it's on the other side of the business, but it's a huge key point is make sure you're set up completely across your systems. Because I've literally seen people in a launch have their entire merchant provider shut down because they weren't handling the prices, the objections, people would refund and they lost their entire ability to process money. So be careful. Now, before we go to number three, subscribe to this channel, be here, comments below, please. What do you want me to talk about? I will talk about them. All of these topics that I talk about have come from somebody who went to the comments and said, please talk about how to handle price objections. For example, in this one, make sure you click that notification button, listen every day, set a structure in your day, whether it's when you're getting ready, you're just out of the shower, you're in the shower, you're driving to work, you're on a jog, whatever you're doing, make sure you spend the time to actually watch the video just because it rings in and says, hello, I'm here. Make sure you watch it and then create a journal, a YouTube journal with The Millionaire Maker. What notes, what did you learn today? How can we serve you today? Now, the last thing I want to talk about really quickly, how to handle their concerns and objectives. So I again, stay to the goal. What do you want? You want to be a millionaire? I know how to do it, right? So I'm handling objections by using my credibility. I'm using testimonials. I'm using evidence. I'm using stories of different people and how they did it. I have a very clear structure called ask, tell, ask, ask them what they want, right? What's their problem? Tell them you're the solution and ask them for money. If you want to learn how to do that, come to my marketplace and my Millionaire Intensive. I have two tickets in the link below for you. And if you have any money question, go to asklaurel.com. And I'd love to help serve you and help build you a model that can make you not only hundreds of thousands, but millions and millions of dollars. Know how to do it. Done it in many industries. I do the same thing all the time. I find out your problem. I am the solution. You pay, and then you get the how-tos. Do not do hows in your sales presentation. So again, just to kind of wrap all this up, the biggest way to handle your price objections is handle like, what do they want? Focused on the mission. What do they want? What price are they willing to pay for that? And keep your value structure high. Do not say, yeah, I know it's really expensive. Don't ever do that little sympathetic thing with anyone. It doesn't work. And if they want it, they'll buy it. I can tell you when people want what they want, they will buy it. They will find any means to do it. The last thing I would say, just think about this. Think about the means that people go to when they say they can't afford things. When their kid's sick, their mom's sick, their dad's sick, they will figure it out. So make this an invaluable offer and you will handle all objections. Talk to you tomorrow.