How To Overcome Price Objections Like A Sales GENIE Ep 33

Summary Notes


In a discussion about overcoming the common sales objection "I don't have the money," the speakers, including a seasoned sales professional Nick Sineki, delve into the importance of establishing a need before presenting a solution. They explore the concept of "voting with our dollars," illustrating how spending aligns with priorities and identity. By sharing a narrative about a young girl's transition into womanhood through purchasing makeup, they suggest that customers should see spending as an investment in a desired identity shift, such as adopting a healthier lifestyle. This approach reframes the objection from a budget issue to a matter of priorities, aiding salespeople in effectively addressing cost concerns and facilitating successful closes.

Summary Notes

Introduction to Overcoming Sales Obstacles

  • Discussing the challenge of overcoming the objection "I don't have the money" in sales.
  • Importance of establishing a need before presenting a price or solution.
  • The concept of "voting with our dollars" as a means to understand the value of a solution.

"What is one of the hardest obstacles to overcome in all of selling price? I don't have the money."

This quote highlights the common sales obstacle of potential customers indicating they cannot afford the product or service being sold.

Establishing Need Before Price

  • The need for a product or service must be established during the presale and conversation before introducing the price.
  • Failing to create a sufficient need leads to the perception that the solution is not worth the investment.
  • Nick Sineki's experience with sales teams at Lady Boss Weight Loss and Six Pack Shortcuts is referenced.

"We didn't really establish enough of a need before offering a price or offering a solution."

This quote emphasizes the importance of creating a sense of need or pain point before attempting to sell a solution.

Sales Techniques and Role-Playing

  • Discussion with Nick Sineki on sales techniques and overcoming objections.
  • Role-playing as a method for sales training and preparation.
  • The strategy of agreeing first with the customer before moving forward.

"He's like, hey, man, what's your best overcome for this? Right? He's like, I'm talking to our team. And we were role playing back and forth."

This quote describes the process of discussing and practicing responses to common sales objections within a team setting.

The "We Vote with Our Dollars" Approach

  • The approach is a mnemonic to remember how to handle the objection regarding the price.
  • It starts with agreement and understanding of the customer's position.
  • Relating to the customer by referencing similar past experiences with other clients.

"I call this, we vote with our dollars, okay? It's the easiest way you can at least remember it."

This quote introduces the concept of "we vote with our dollars" as a technique to address price objections in sales conversations.

Importance of Financial Prioritization in Personal Interests

  • Individuals tend to allocate funds to areas they truly value, which reflects their priorities.
  • Expressing interest in something is different from financially committing to it.
  • To shift interests or priorities, one must adjust their financial commitments.
  • A personal anecdote is used to illustrate the concept of budgeting for a new interest.

"We tend to vote with our dollars about the things that we care about, right? Because, I mean, we can say that we care about x, y, and z, but what really matters is where we spend our money, because we really care about everything else is just things that we would like to care about, but we don't actually care about them."

This quote emphasizes that financial investments are a more accurate reflection of our priorities than mere verbal expressions of interest. Money spent is indicative of true value placed on something.

"And so if we want to change the things that we care about, we have to change the way we vote with our dollars."

The quote suggests that to reprioritize our interests, we must reallocate our financial resources accordingly. This is a call to action for intentional spending aligned with one's values.

"And she's like, okay, now, I want you guys to understand that every month, you need to start budgeting for this, because this is something that you're going to be spending money on regularly now, okay?"

This quote highlights the practical advice given to a young girl, which serves as a metaphor for anyone taking up a new interest. It underscores the importance of planning and budgeting for ongoing expenses associated with new pursuits.

Personal Experience with Financial Commitment in Fitness

  • The speaker shares a story that helped them understand the value of investing time and money in fitness.
  • The story is used to relate to someone who concluded they couldn't afford a fitness program.
  • The speaker uses this narrative to demonstrate how financial commitment is integral to pursuing personal goals.

"And so I told her a story that made a lot of sense to me, and it was something that really helped me when I started my fitness journey."

This quote introduces a personal story meant to provide insight and guidance based on the speaker's own experience with financial commitment in fitness.

"Kind of, I guess, make sense of the time investment, the money investment, all that kind of stuff and the return on it."

The quote explains the purpose of the story, which is to rationalize the investments of time and money in fitness by considering the expected returns, such as improved health and well-being.

Transition to Regular Budgeting for New Expenses

  • A young girl’s excitement about budgeting for makeup signifies a transition into a new phase of life where she prioritizes this expense.
  • The story illustrates the concept of embracing new financial responsibilities as interests evolve.

"And the girl was super excited about it, and she was like, yes, I'll totally budget. And she was all in."

The enthusiasm of the girl for budgeting her makeup expenses conveys her readiness to adopt this new financial commitment as a part of her routine, reflecting a shift in her interests and priorities.

Identity and Priorities

  • The discussion begins with the concept of a person transitioning from one identity to another, specifically from being unsatisfied to satisfied with one's appearance and habits.
  • This transition often involves a shift in priorities, particularly in how money is spent.
  • Emphasis is placed on the idea that the shift is not just a superficial change but also a change in lifestyle and spending habits.

"her going from a girl to accepting the new identity of a woman. Right. And so with that new identity came new priorities."

This quote highlights the natural progression of change in identity and the accompanying shift in priorities that come with it. It suggests a deeper transformation that affects various aspects of life, including financial decisions.

The Fit Identity and Financial Priorities

  • Nick Sineki introduces the concept of a "fit identity," suggesting that adopting this identity affects financial priorities.
  • The cost of adopting a fit identity is broken down into a daily expense, making it seem more manageable.
  • The notion of a fit identity extends beyond physical appearance to include healthier habits and, by extension, financial savings in other areas of life.

"You want to have that fit identity. And so part of that identity comes with the priorities of where we spend our money, right?"

Nick Sineki is emphasizing the importance of aligning financial spending with the goal of achieving a "fit identity." This quote underlines the connection between personal identity and how it can influence financial decisions.

Lifestyle Changes and Financial Implications

  • The new identity entails not only changes in appearance and habits but also leads to savings in other areas, such as going out less, spending less on junk food, and fewer doctor visits.
  • Nick Sineki argues that these lifestyle changes are not necessarily costly and can lead to overall savings.
  • The concept of an "epiphany bridge" is introduced, which is a realization that shifts a person's perspective from seeing expenses as a budget issue to recognizing them as a matter of priorities.

"What can we do? Because that new identity is also going to come with other savings."

This quote suggests that adopting a new identity, such as a fit identity, can have positive financial implications beyond the initial costs, leading to savings in other aspects of one's lifestyle.

Epiphany Bridge and Voting with Dollars

  • Nick Sineki discusses the epiphany bridge, a moment of realization that changes how individuals perceive their spending habits.
  • This concept illustrates that people demonstrate what they value through how they spend their money.
  • The discussion points out that financial constraints are often less about the budget and more about what individuals prioritize.

"But that bridge is what shows that we vote with our dollars about the things that we care about."

Nick Sineki is explaining that the epiphany bridge helps individuals understand that their spending is a reflection of their values and priorities. This quote encapsulates the idea that financial decisions are a way of expressing what is important to us.

Multimedia Engagement and Content Accessibility

  • The host invites listeners to check out the video version of the podcast for a different experience with additional visual aids.
  • The mention of the YouTube channel serves as a reminder of the various ways content can be consumed and how it can cater to different learning preferences.

"Hey, guys, love that you're listening to the podcast. If you ever want to have the video version of this, which usually has more effects, more visuals, more graphs, drawn out stuff, sometimes it can help hit the brain centers in different ways."

The host is acknowledging the audience's current engagement with the podcast while also offering an alternative medium that may enhance their understanding and enjoyment through visual elements. This quote speaks to the importance of multimedia use in content delivery.

Identity Shift and Aligning Priorities

  • The concept of an identity shift is crucial for personal transformation, especially in the context of fitness and self-improvement.
  • Aligning new priorities with this identity shift is necessary to justify recurring costs associated with maintaining the new lifestyle.
  • The identity shift involves seeing oneself as a person who invests in health and coaching to become the best version of oneself.
  • Overcoming the mental barrier of recurring costs is essential, as people often prefer a one-time payment over an ongoing expense.

"need to do for you is bring these new priorities along with you so that we can solidify that identity shift so that we can get what you're looking for."

This quote emphasizes the importance of incorporating new priorities into one's life to solidify the identity shift that is necessary for achieving personal goals.

"And that person spends money on health, spends money on coaching, right. So that you can be the best version of you."

Here, the speaker highlights that part of the identity shift is the willingness to invest financially in health and coaching to improve oneself.

The Value of Permanent Solutions

  • Selling permanent solutions, like memberships, involves a continuous cost, which can be a psychological hurdle for customers.
  • Customers may resist ongoing costs even if they are more financially sensible than a large one-time payment.
  • Presenting the recurring cost as part of a permanent lifestyle change can help customers accept it.
  • The speaker suggests that pricing strategies may need to be adjusted to accommodate this perception, though details are reserved for another discussion.

"But it's the recurring, that's the one especially you're selling eft, selling memberships because what you're doing is you're selling a permanent fix."

This quote explains that recurring costs are associated with selling memberships or services that provide a permanent solution to the customer's needs.

"And so with a permanent fix comes a permanent cost."

The speaker is making a direct correlation between the ongoing nature of a solution and its associated ongoing cost.

Consumer Behavior and Decision Making

  • Consumers vote with their dollars based on what they care about, indicating their priorities through their spending habits.
  • The speaker has observed success in their "launch and legacy program" by applying the concept of an identity shift in sales strategies.
  • A story is shared about a woman who realized her hesitation was not due to budget constraints but rather a matter of prioritizing her spending.

"We've already had a bunch of guys who are in our launch and legacy program using it to some phenomenal success just remember, we vote with our dollars, with the things that we care about."

This quote reinforces the idea that spending behavior is a reflection of personal priorities and values.

"And so, honestly, I had this same conversation yesterday with a woman who decided to sign up because what we realized, what we realized. Not her."

The speaker recounts a specific example where a potential customer's decision to sign up was influenced by recognizing that the issue was not financial but rather about prioritizing.

Effective Sales Techniques

  • When selling, it is effective to reframe the conversation around identity and priorities to address concerns about cost.
  • Using storytelling can be an effective way to communicate the main point and facilitate the sales process.

"And so here's a story to illustrate that. Right. And so you kind of walk through it in that way, and it's an easier way of getting to the main point."

This quote suggests that storytelling is a strategic tool to help customers understand and relate to the value proposition being offered.

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