But IF you had the money…
…would you say “YES!” to the opportunity?
As a freshman in college, I wanted to switch from being a music ed major to being a voice performance major. I was among the many who fell for this rumor that if you're not a performance major, you must not actually be any good. So my first ever "jury" examination, which involved singing two out of four prepared solo songs for the faculty, was also an audition to switch majors from education to performance. My teacher at the time didn't give me much reason to feel optimistic about my chances, so I was pretty nervous like any 18-year-old would be. I sang all the right notes and words perfectly and such and got an A grade. But looking too much like a deer in headlights on stage meant I failed to prove I was good enough to switch my major. I ultimately overcame the self-doubt by auditioning for other schools and I decided to transfer a few months later!
When I first started out selling coaching services, I had my share of similar self-doubt and was a bit nervous in the sales conversations. I was also in the middle of a life situation where actually needing the money compounded the underlying doubt, fear, and worry. And so just as I had worked extra hard to prove I knew my songs, I leaned in on following this sales script I was given and trying my best to do it the "right" way. However, even when you practice, when you rely on a script, you run the risk of sounding too inauthentic or "scripted" to close the sale! So I bombed most of my initial sales conversations almost like I was reliving that freshman jury all over. Hence I was inspired to make earlier blog post about selling being comparable to auditioning.
One of my biggest sales struggles was about what to do when there was an objection to the price or investment amount or if they said "I can't afford it" to seemingly any number. If any number is too much, the price is usually not the real problem. Sometimes the real problem might be the kinds of clients or the quality of the offer. Other times, the real problem is just your skill at simply selling what you’re offering; this definitely applied to me. The “script” I was overly relying on didn't include an important follow-up question like this: "But if you had the money, would you say 'YES' to this opportunity?"
In this post, I’m offering some thoughts, tools and insights to help you navigate one of the most common objections we get in sales conversations.
Don’t take it personally…
If you're getting an objection or any resistance to the price, remember it’s almost always nothing personal, but it's important for you to remain poised and in control of the conversation. Ideally, you want to navigate it to where you can receive a clear and honest answer as to whether or not they would be a "Yes" if they simply had or could get whatever amount of money you asked for your offer. Then, instead of it becoming a difficult conversation that calls into question your self-worth, what kind of charitable person you are, and/or the true value of your offering, you're more able to keep the prospect focused on how they could be resourceful and come up with the money if they are serious about the transformation you have to offer.
Are They Lying or Crying?
I try to stay away from binary statements, especially if they can come across as insensitive. But when most people say "I can't afford it," by and large, they are almost always either lying or crying. If you think about it, does anyone ever really say “I can’t afford it” while in any kind of positive or happy mood?
So in these situations, part of our job as the salesperson is to try and find out which it is relatively quickly so we know if it may be an obstacle that can be overcome, or if it's just time to move on.
Since people in general don't like being told "No," saying "No" can be one of the most difficult things to say to another person. It may feel less socially awkward to assign the blame for your "No" to the bank account like it's some third party entity you have no control over.
For many of us who are in or have been in challenging financial situations, "I can't afford it" may not be so much a lie as it may be an habitual reflexive response to any higher than expected price, even when they do have or could get the money. What they may really be saying could be something along the lines of:
"I‘m not sure if I see value in this."
"I’m not sure if I really want to change."
"I’m not sure if I'm worth spending that much."
So we want to make sure we’re facilitating the space so they can think about a scenario where the money wouldn’t have to matter.
If it's not a lie, then it's generally a cry, as in a cry for help. And sometimes even the lying might actually be a form of crying for help. Hence the latter example above where a lack of self-worth could be the real issue. Or with the former, perhaps you weren't clear enough on what the value proposition could mean for them.
In the end, whoever is more confident sells the other person on why they can or why they can’t. But most people don't say "I can't afford it" without some amount of wanting to be able to afford it. Usually they are also afraid or don't feel worthy enough to ask for help, or they don't know how to ask for help, especially when it might involve a higher-than-normal sum of money for something they may not even be used to spending any money on—like coaching! Like how dare you even think about spending so much on a training program when that money would be better spent on food or rent?
When I was deciding on transferring from an in-state public college to a much more expensive out-of-state private institution, I definitely had to deal with similar questions from people in my life when trying to determine if it would be financially feasible. In the end, I stopped trying to make it a decision based on money, and instead made the decision regardless of the money. I then proceeded to consider all the options and willed my way to enough scholarships and financial aid—including way too much in loans!—to indeed make it feasible.
If it's not about the Money...
...and it's still an offer they would otherwise be a "Yes" to, then it's usually about the necessary time they need to set aside for the commitment or it's about the people in their lives they need the support of. Just as many people can struggle to make room in their budget so they can pay, they can also struggle to make room in their schedule to fulfill the commitment to the process. Or if trading their time for money in a job is all they can do to make enough to afford to pay, then it could be about committing the time to doing that extra work.
Otherwise, the time commitment or the ability to pay could actually be under the control of someone else they need the approval of. It may be a parent or a spouse who needs to be on board with the scheduling commitment as well as being on board with the money being spent. With the college decision, I needed to at least have enough of my father's support for the idea in order for him to take the steps necessary to apply for the financial aid requiring his signature. In the end, it almost always boils down to getting approval from someone somewhere. Money is a tool used by people for people, and thus the only way to receive more of it is through other people.
If they need help finding the money...
Most people will simply swipe a credit or debit card. If it’s a higher-priced product or service, some might be able to tap into a savings account, IRA, 401K, other investment account, or their home equity line of credit. And for some, there might be grants, loans, or other potential funding from their employers, government agencies, schools, non-profits, or other organizations.
If the product or service you have to offer is worth the investment, and it would constitute an appropriate use of the funds, it’s arguably a fiduciary duty of sorts to at least ask if any of the above resources are available to consider. Many people don’t have such options available, but those who do may simply need to be reminded or made aware. You may just need to precede any deeper discussion by asking for permission to inquire about their potential resources.
In a future post or podcast, I’ll talk more about tactfully navigating the financial planning topics that could come up in sales conversations for “higher ticket” products and services. But for now, no matter your price, here are some ideas of questions you could consider asking—in your own tactful words—to gauge their willingness and/or ability to otherwise be resourceful for what you have to offer:
1. What if you could create a Substack or a similar page for your supporters to make regular contributions in exchange for being a part of your career journey?
2. How would you feel about creating a GoFundMe or other crowdsourcing page and asking people in your life to make a contribution to this opportunity?
3. Is there anyone who believes in you who you might be able to personally borrow the money from?
4. Is there anything I or someone I know could do to help you get or setup more gigs or opportunities to get more income?
5. What if you could raise the prices of your own professional services or asked for a raise at your jobs and gigs?
6. Are there any clients you could offer a “pay-in-full” discount?
7. Are there any clients you could offer a VIP or a Premium Experience?
8. Is there anything else as far as your talents, skills and abilities you might be able to sell in order to earn more money to fund this opportunity?
If there is a will, there is a way, as they say. As Raymond Holliwell once wrote, “No mind can be conscious of a need or a desire unless the possibility of its fulfillment already exists.” Most people just need guidance, permission, and inspiration to help them realize the possibilities all around them for bringing the money they desire into their lives.
And I'll say it again: being in favor of getting paid more of what your offer is worth does not have to mean you’re against financial aid for those legitimately in need. We deserve better than to be expected to be the default financial aid resource before even asking them to consider how resourceful they could be if they are truly serious about the opportunity.
Thanks for reading!
