Podcast Summary
Understanding the importance of pain points and value in addressing price objections: Empathize with customers' financial constraints, build rapport by referencing relatable success stories, and shift focus from price to value to close more sales
Effectively addressing the objection of price in sales requires establishing sufficient pain points and need before presenting a solution. This creates value for the customer and justifies the investment. My friend Nick, a successful salesperson, and I discussed this issue. He suggested using the phrase "we vote with our dollars" to remember this concept. When customers express their lack of funds, it's essential to empathize and understand their situation. By referencing similar individuals who have overcome the same issue, you can shift the conversation away from the price and focus on the value of the solution. This approach builds rapport, trust, and ultimately, closes more sales.
Our financial commitments reveal our true priorities: Investing our dollars in what we value effectively votes for it. Adjust financial priorities to reflect what truly matters.
The things we truly care about are reflected in how we spend our money. The speaker shared a personal story about how a makeup store encounter with a young girl taught her the importance of budgeting for regular expenses related to our passions. By investing our dollars in the things we value, we are effectively voting for them. If we want to change what we care about, we need to adjust our financial priorities accordingly. The girl in the story was excited about her new makeup starter kit and understood the need to budget for it regularly. This anecdote underscores the idea that our financial commitments reveal our true priorities. If we want to make a difference in our lives or in the world, we must be willing to allocate our resources to the causes or pursuits that truly matter to us.
Identity and priorities shape spending habits: Recognize that spending decisions reflect our identities and priorities, and consider adjusting them to align with new values or goals.
Our identity and priorities shape our spending habits. A shift in identity, such as transitioning from a girl to a woman or becoming satisfied with one's appearance, can lead to new priorities and savings. For example, a woman who is no longer content with her current habits may prioritize healthier eating and exercise, leading to less spending on junk food and doctor visits. This concept can be summarized as "we vote with our dollars about the things we care about." It's essential to recognize that this is often a priorities issue rather than a budget issue. The speaker encourages listeners to consider their identities and priorities when making spending decisions, and offers a free video version of the podcast on YouTube for those who prefer a more visual learning experience.
Shifting priorities for high-ticket recurring offers: When selling high-ticket recurring offers, help customers align the cost with an identity shift and prioritization to increase willingness to commit.
When trying to sell high-ticket recurring offers, it's essential to align the new cost with an identity shift and prioritization. People may initially balk at the price, but if they understand that the recurring cost is for a permanent fix to their problem, they may be more willing to commit. This concept was illustrated in a conversation with a woman who initially thought she couldn't afford a program due to budget constraints but ultimately realized it was a priorities issue. By shifting her mindset and aligning her priorities with the new cost, she was able to make the investment in herself and experience success. Ultimately, we vote with our dollars on the things we care about, and understanding this principle can help in selling high-ticket recurring offers effectively.
