What to do when the prospect says that your offer is "too expensive"?
I've got a simple rule for handling objections.
I learned it from my #1 mentor a few years ago.
It's called "The Traffic Light Rule".
Let me give you some context before we dive into the details...
I've noticed that most coaches handle objections by brute forcing through them.
Using deadlines, discounts, etc...
Trying to push the objection aside and just squeeeeeze the decision out of them as quickly as possible.
This is as if you were approaching the traffic light...
You're 20-50 meters from the lights and see the light turn yellow...
Which means you SHOULD stop...
You push the pedal to the metal.
You RAM THROUGH the lights as quickly as possible, close your eyes and hope for the best.
And it sometimes works!
There might be police nearby and you'll get a good ol' speeding ticket.
So, what my mentor taught me instead?
It has served me sooo well.
I've used it to save thousands of euros in sales every week since 2021.
It goes like this...
Once I see the yellow light (aka hear the objection)...
Instead of going quicker...
I'll push on the breaks!
What this means in a sales context is that once I hear the price objection ("it's too expensive") I'll stop and focus on putting the TRUTH on the table.
I'll open up the space in the conversation and let them tell me...
Is it REALLY about the program being too expensive? Is it REALLY about just money?
Or is there something else?
There can be only two answers, and both of them are suuuuper useful:
1) It's really just about money. Now you can collaborate and negotiate the terms!
2) It's something else. There's something missing in the offer. They're not confident. Once you give them space to put the truth on the table and tell you HONESTLY... you'll be able to develop your own offer + you can help them with their objection and COLLABORATE.
Here's how I usually help them put the truth on the table:
"Thank you. I appreciate your view. You're absolutely right, the program isn't cheap. Let's push money aside for a minute... is there anything else that's stopping you from moving forward with this? Or is it just a money issue? You can be 100% honest, I won't hurt my feelings or anything :-)"
That's just my way.
And I've noticed it works like magic:-)
Try it out next time you face an objection!