I’m often asked how to eliminate money objections. The single best strategy I have is the triplicate of choice for money strategy.
Here’s how it goes: You suggest three different ranges of “investments” for your type of product. Then you ask the buyers what range feels most comfortable to them.
Most buyers will give you a range. Some will not. Those who don’t will say something like, “I don’t know what to expect in purchasing X because I’ve never considered it before.” And, those people will be handled differently. But, for those who already know about and/or own your type of product, the triplicate of choice is great for eliminating a money concern. By giving them a range of amounts up front–before you present–you will be able to adjust your presentation to deliver a product that suits their budget.
Here’s an example of what this strategy might sound like:
“Most people interested in acquiring this type of equipment with its standard options are prepared to invest $12,000. A fortunate few can invest between $15,000 and $20,000 which allows them to include all of the premium options. And then there are those on a limited or fixed budget who— with the high cost of everything today—can’t go higher than $10,000. May I ask, which of these categories does your company fit into most comfortably, Mary?”
“We were thinking of spending about $12,000.”
Why did she say that? In actual fact, Mary possibly didn’t have an exact amount in mind. She doesn’t want to be in the bottom category, so Mary opted for the middle figure.
I’ve structured the figures to allow me to say at this point, “What I’m excited about is this: the machine that meets all your minimum requirements involves an investment of only $10,000—substantially less than the amount you’re prepared to spend.” After you’ve completed your presentation and asked for the order, Mary can’t say “it costs too much” now, can she?
I’d still be okay if Mary had assigned her company to the lowest category. You see how it works. Structure this technique so that you come up a winner no matter what figure they pick. This is the best single strategy for eliminating the money as a potential objection later in the process. In fact, many sales are made at this point, it’s just a matter of presenting the product that’s best for them. You may not even have to concern yourself with addressing concerns or using closes that are typical of most selling situations.
Copyright Tom Hopkins International, Inc.