💰💰🔥🔥HOW TO OVERCOME PRICE OBJECTIONS—My favorite one 🔥🔥...and a fun story to drive it home. Ep 47

In this sales-focused discussion, the host shares insights on overcoming price objections, emphasizing the importance of confidence and value proposition. He highlights three primary sales obstacles: delay, decision-making authority, and money, and shares a personal strategy for addressing cost concerns by agreeing with the client that the product is expensive but justifiably so due to its superior quality. The host, referencing Dan Kennedy and Myron Golden, advises salespeople to embrace their pricing, use a few effective rebuttals that resonate with them, and reiterate the long-term benefits and unique value of their product to justify the cost, ultimately guiding the client to see the investment as a solution to their problem rather than a financial burden.

• Chris Barnett introduces the topic of overcoming price objections during sales consultations.
• He emphasizes the importance of providing actionable advice that can be immediately applied.
• Chris mentions his experience in selling expensive items and the need to justify their value to customers.
• He notes the readiness of his sales team to learn from the video content.

"I am excited to bring you some very actionable nuggets that you can use immediately in your next sales consultation."

The quote shows Chris Barnett's intent to provide practical and immediately useful sales advice to his audience.

"And obviously, like, we sell lots of really expensive stuff. And so naturally we have to be able to overcome price objections."

Chris Barnett is setting the stage for the discussion on handling objections related to the high cost of products or services.

• Chris Barnett identifies three main obstacles in sales: delay, not being the decision-maker, and money issues.
• He explains that these objections have been consistent throughout the history of selling.
• Other objections, such as lack of time or uncertainty about the product, are considered minor and more easily overcome.

"Those are the three main obstacles that come up at all times. Every other obstacle is not really an obstacle because you can get over it."

This quote highlights the three core objections that salespeople face, suggesting that other concerns are less significant and more manageable.

• Chris Barnett discusses the strategy of having multiple overcomes for each objection.
• He references Dan Kennedy's story about a vacuum sales rep who had to memorize many obstacle overcomes but only used a few in practice.
• The importance of finding overcomes that resonate personally and feel authentic is stressed.
• Chris suggests that salespeople should choose the overcomes that best fit their style and approach.

"And so what ends up happening is that you're going to start finding, like, we have 1015 overcomes in each of our trainings, but there's going to be a couple of them just feel right."

The quote conveys the idea that among many possible responses to objections, salespeople should focus on the ones that align with their personal communication style.

• Chris Barnett shares a personal overcome for price that he developed while running his first gym.
• He outlines a four-part approach used most frequently when addressing price concerns.
• The first step involves agreeing with the customer that the product or service is expensive.
• Chris highlights the importance of not being defensive or immediately offering discounts in response to price objections.
• He advocates for acknowledging the high cost but coupling it with a declaration of the product's superior quality.

"And so that's the first step, is you agree. You're like, absolutely. It's totally expensive."

This quote introduces the first step in Chris Barnett's method for handling price objections, which is to agree with the customer about the cost.

"I'm like, we are 100%, by far the most expensive in the marketplace. Like, we are the most expensive. And then you always hear me say this right afterwards, I'm like, but we're also the best, right?"

Chris Barnett explains his approach to reinforcing the value proposition of a product or service after acknowledging its high price, emphasizing quality as a justification for the cost.## Value Proposition

• Chris Barnett discusses the importance of embracing the high cost of a service as a reflection of its quality.
• He explains that being the most expensive can be a point of pride if it signifies being the best.
• The strategy involves agreeing with the customer's observation about the cost, then justifying it with the superior value provided.
• The approach pivots from discussing cost to focusing on the unique benefits that justify the expense.

"Hopefully we're the most expensive because we're." "And then they're like, wow, that didn't actually get him off kilter, right?"

Chris Barnett is implying that high cost is associated with high quality, and customers may be surprised that the provider is confident and unapologetic about their pricing.

• Agreeing with the customer about the price is the first step in the strategy.
• The pivot involves explaining the choice to be the best rather than the cheapest.
• The conversation shifts to the customer's past experiences with cheaper alternatives that were unsatisfactory.
• This technique seeks to create a common ground and then redirect the conversation towards the value of the service.

"And so piece number two is agree."

Chris Barnett highlights the importance of agreement with the customer's perspective as a technique to maintain rapport and open the door to further discussion.

• Chris Barnett emphasizes the need to remind customers of the value proposition throughout the conversation.
• He suggests using the concept of "generational health" as a unique selling point, comparing it to the well-known idea of generational wealth.
• The goal is to connect the service's benefits to long-term, meaningful outcomes for the customer and their family.
• The service is framed as not just a temporary fix but a sustainable, lifelong solution.

"To be honest, if this program does what I say it does, right, and this is why you got to deliver hard so you can sell hard."

Chris Barnett is stressing the importance of delivering on promises as a prerequisite for selling with confidence and conviction.

• The concept of "generational health" is introduced as a novel and compelling aspect of the service's value.
• The idea is to create a vision of long-term health benefits extending beyond the individual to their family.
• Chris Barnett uses the example of Jack LaLanne to illustrate the lasting impact of healthy living across generations.
• This angle aims to emotionally engage customers by highlighting the broader implications of their health choices.

"Generational health, right? People talk about generational wealth. What about generational health?"

Chris Barnett is drawing a parallel between the well-understood concept of generational wealth and the less-discussed, but equally important, concept of generational health to underline the long-term value of the service.

• The service promises lasting results, such as maintaining a healthy weight and lifestyle.
• It is presented as a sustainable alternative to quick fixes like short-term diets or detoxes.
• The focus is on realistic and permanent lifestyle changes rather than temporary solutions.

"We're going to show you to do this so that that weight on the scale is what it is forever."

Chris Barnett is highlighting the program's promise of permanent results, as opposed to the fleeting success of rapid weight loss methods.

• Chris Barnett argues that a low price can undermine the perceived value of a service.
• He suggests that customers would not believe in the effectiveness of a program if it were priced too low.
• The conversation is steered towards the ultimate choice the customer has to make: continue with ineffective, cheap solutions or invest in a lasting, quality service.

"Okay, so if this did what I say it does, wouldn't you not even believe me if it were cheap, right?"

Chris Barnett is making the point that price is often correlated with perceived quality, and a low price may lead to skepticism about a service's effectiveness.

• The transcript ends with an invitation to access additional content on a different platform.
• The speaker promotes a YouTube channel as a complementary resource with enhanced features like visuals and graphs.
• The call to action is to check out the free video version for a potentially more engaging learning experience.

"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 speaker is encouraging listeners to engage with the content in another format that may provide a more comprehensive understanding through visual aids, which could appeal to different learning styles.## Establishing the Value Gap

• Chris Barnett emphasizes the importance of establishing a value gap to justify the high cost of a service.
• He points out that if clients had what they needed, they wouldn't seek out the service, indicating a gap.
• Barnett suggests that the higher cost is justified by the quality and comprehensiveness of the service offered.
• He contrasts the service with cheaper alternatives, highlighting the lack of results those options provide.

"The reason you came in today is because you don't have what you need, period."

This quote underscores the fundamental reason clients seek out the service: they lack something essential that the service can provide.

"We could be the cheapest or we could give people what they actually needed."

Chris Barnett explains the decision to prioritize quality over price, suggesting that being the cheapest is not synonymous with meeting clients' needs.

"All of the things that everyone else cuts corners on is the reason that no one gets the results that they're looking for."

Barnett criticizes cheaper services for cutting corners and failing to deliver results, reinforcing the value of his more expensive service.

• Chris Barnett uses the high cost as a sign of the service's effectiveness and value.
• He presents the cost as a reflection of the potential to solve long-standing problems for the client.
• Barnett suggests that the investment will pay off in the long term, both financially and emotionally.

"Wouldn't it be worth three grand?"

The quote is a rhetorical question Barnett uses to make clients consider the value of solving their problems relative to the cost of the service.

"Wouldn't you not believe me if it weren't three grand?"

Here, Barnett implies that a lower cost would make the service seem less credible or effective.

"So the main question is, do you want to keep running the cheap cycle or do you want to fix this for good?"

This question is posed to challenge the client to consider the long-term benefits and savings of choosing a more expensive but effective solution.

• Chris Barnett mentions the size of his company to demonstrate capability and dedication to client success.
• He associates the company's resources with its ability to fulfill promises made to clients.
• Barnett hints at future price increases to create urgency for clients to act now.

"We have a 40 person company, like, dedicated to one thing, which just makes you more money."

Barnett uses the size of his company to assure clients of the support and focus they will receive.

"If gym launch does what I say it does, if it's going to help you bring $200,000 in revenue in your first year, isn't it worth what I'm charging for it?"

Barnett uses the potential revenue gain as a justification for the service's cost, suggesting a high return on investment.

"If it did that and I was selling it for a grand, wouldn't you be a little suspect?"

By questioning the credibility of a lower price point, Barnett reinforces the idea that higher prices are indicative of a service's true value and potential.## Fear in Decision Making

• Fear is a natural response when facing significant decisions or investments.
• Being afraid is considered normal and is an indicator of understanding the weight of the decision.
• Lack of fear in such situations could suggest a lack of understanding or psychopathy.

"You're supposed to be afraid. That makes you normal. Like, if you're not afraid, you're just a psychopath."

This quote emphasizes that fear is an expected emotion when making big decisions and that its absence might be abnormal.

• Using a client's fear of spending as a reassurance that their concern is valid.
• Positioning a high price as an indicator of the value and necessity of the system being sold.
• Sales are often hindered by clients' lack of resources, which the system being sold aims to alleviate.

"Of course you're supposed to be afraid. But that makes just, like, everybody, like, virtually no gyms have the money to pay us. And the reason that they don't have the money to pay us is because they don't have the systems that we have to give them."

The quote suggests that the fear of spending a lot of money is common and justified, particularly because clients do not yet have the systems that would enable them to afford such expenses.

• Myron Golden's strategy involves framing the cost as a long-term problem that the client would want to eliminate.
• The use of personal and direct questions to make clients reflect on their financial struggles and the desire for change.
• The approach is tailored for business-to-business sales, focusing on logical and strategic decision-making.

"But how long do you want not having ten grand or $1,000 today to be among the things that you struggle with in life?"

This quote is a strategic question used to make potential clients consider the long-term benefits of overcoming their current financial limitations by investing in the program.

• The concept of setting a high initial price to gauge customer reaction and establish a starting point for negotiations.
• The strategy involves expecting and embracing the customer's shock ("gasp") as part of the sales process.
• Differentiating between transactional and relational sales approaches, with the former being more aggressive and less focused on customer relationships.

"They had 75 sales reps on the floor. They did about a million a month in phone sales. Just selling like, high volume, trend and burn transactional sales."

The quote describes a high-pressure, high-volume sales environment where the initial price is set very high to allow room for negotiation and to maximize profit.

• Embracing the initial shock of high prices as part of the sales process.
• Asserting the high value and quality of the service or product as justification for the price.
• Encouraging a mindset of confidence in the value provided, which is reflected in the pricing.

"Just don't be afraid of the gasp. Just embrace it and be like, yes."

This quote encourages salespeople to not fear the customer's reaction to high prices but to see it as a natural part of the high-ticket sales process.

• Chris Barnett encourages listeners to find value in the sales advice provided.
• He expresses a desire for audience engagement and appreciation.
• Ends with well-wishes and a casual sign-off, promoting a sense of community and ongoing dialogue.

"Lots of love, guys. Hope you have an amazing day. Tactical resident. Throw me some likes if you can. I appreciate it."

The quote is a sign-off message aimed at building rapport with the audience and encouraging interaction with the content shared.