The No Money Objection
Posted on September 16, 2019 by dragonspitapothecary
As consumers we love finding a deal that makes us think we are saving money. This makes us feel better about our purchase and that we’re making the right choice. It could be we found a fabulous outfit we really wanted that was a little out of our price range but is now on sale. It could be catching a deal for our groceries or even something major like a new car. We feel savvy when we are able to get what we want and save a little as a bonus. I have to wonder if we would still love what we bought as much if we had not caught a sale or deal that made it sweeter? It’s like we have have gone on some mission and come out victors with a couple extra dollars we didn’t need to spend.
It is so tempting to hit the on sale button some days on my website for my books and courses. A quick hit of the button to give a bump against the slight downward trend I notice. Hitting that button can only lead to good things right? I’m giving my customers a wonderful feeling that they are getting a fabulous deal on something they want and saving them a couple bucks so what could be wrong with that? There’s absolutely nothing wrong with saving a few dollars, except when that discount is costing your business to run in the red. It’s great to have a sale or promotion as long as it’s for the right reasons to get you the right results. I have since learned to use that discount button cautiously and with intention.
Product Prices & Their Money
For some reason a common response to asking if someone is ready to purchase is that they don’t have the money right now or they have to wait until pay day. It is just the right thing they think to say that will get them out of the conversation they are having with you about buying your products. It can be a showstopper and deal breaker. The truth is it is not your prices or their lack of money.
When someone tells you they love it but don’t have the money for it right now that’s not what’s really going on in 80% of the situations. Absolutely there are times when a purchase needs to wait for budgetary reasons but how many times have you heard this statement and then never heard from that person again? This statement is telling you something much more real than what’s in their wallet. It has nothing to do with your price or what’s in their wallet. The bottom line is if it is something really needed or wanted a person will find a way to get that item. They will use cash, a credit card or ask for financing. They will find a way to get that item. When this objection occurs here’s the possible causes:
They don’t feel you understood their needs or problem.
They don’t feel they have enough information
They are not ready to fix their problem
They feel pushed into buying before they are ready
I can’t tell you that this objection will never come up again but here’s the best way to avoid it:
Make the conversation about them and their problem.
Get them to acknowledge they are ready to fix it now.
They are fed up with the pain this problem is causing them.
Get them to say they are ready to act on fixing it.
They will ask you what you have to fix it.
They will ask to buy your product.
This isn’t trickery or being dishonest. It is about getting them to own their own problem and the accountability for fixing it. None of that involves cost or price.
Discounts
Chances are your direct sales company will offer discounts, promotions and special deals almost every month. Using these promotions can be enticing for new customers to purchase. It is a great way to give the feeling of having a bonus or discount for something you know the customer wants.
There is a downside to discounts and promotions however that can hurt your business long term. The discounts and promotions are monthly but it is usually an upfront discount and then the customer’s future purchases are at regular price. Promotional deals create this mindset of waiting until there is another promotion before they purchase again. Continuous bargain hunting can hurt your business and are not the customers you can rely on for consistent monthly volume in your business.
Sometimes the best approach is the price things are normally and discounts are better used for long term customers who are loyal regular purchasers. This gives them a "bonus" for being your customer and helps them try new products that they may consider adding to their regular orders.
It is wonderful to offer discounts and promotions to your loyal customers but just be mindful when offering them to new customers that you do not know their purchasing mindset at this point. Are they a continuous bargain hunter or are they serious about fixing their problem and finding solutions to change their life? It’s find to have both types of customers in your business but knowing their purchasing behavior will help you be realistic in what to expect in future transactions. Most direct sales businesses rely on regular purchases for viable consistent volume that makes up our base commission.
Another way to look at discounts is to look at luxury brands. Most luxury brands or high end products "never" go on sale. They are exclusive and desired despite the price tag. We acknowledge as consumers that we will pay more because of the brand, quality and assurance when it is a high end brand. The same can be said of your direct sales products. Depending on what you sell you can definitely consider your direct sales products a high end brand. The essential oils I sell are pharmaceutical grade and 100% pure. The process of growing, harvesting, distilling, bottling and distributing these oils is not comprised and every step is made with quality in mind. Doing so makes them safe and effective to use and it makes them a high end product I can offer you.
Freebies
In my natural health business I used to give away a lot of samples. These samples came from my own personal products and were a cost to me because I would need to replace them for what I needed in my home. It isn’t that I minded sharing but I quickly realized I wasn’t getting the responses I wanted back from people interested in making purchases after I had shared samples with them.
There is nothing wrong with sampling to a potential customer but you have to be mindful of how you sample and what you realistically are going to see in return. Is that relationship at a point where you are exploring possible solutions or is this early in the conversation and you are not sure? How serious is this person? You have to set you own guidelines for what makes sense when it comes to sampling.
My own guideline is that I will offer a sample when my conversations with a customer is at a point they are ready to find a solution and we are actively finding the right one for them. I want them to purchase with confidence and have exactly what they need. If I can provide a sample to ensure when they make a purchase they have the right products I’m very good with that. I have stopped providing samples to random potential customers who I don’t think they will use the sample or that are not ready to look for solutions. This is my own personal guideline in my business.
Interested in more?
Learning to avoid and mitigate the no money objection, balance promotional specials and when to sample are key to attracting and securing customers. These are foundation skills that will help your business flourish significantly.
If you’re ready to start your own business it beings with having a set of reliable and proven tools at your fingertips from my Choose Your Path sets. Combined with the beautiful natural products of doTERRA you will have exactly what you need to live life more naturally on your terms in your business. Click here to get started: