Here’s What to Do.
What’s the biggest challenge you’re facing in your business right now? If you said clients who decline to work with you because of financial reasons, you’re not alone.
You know how it goes… you accept being paid less just to be able to work with a client. You charge what you think people will pay – not what the product or service is actually worth. And sometimes (ok, maybe a lot of the time!), you find yourself over-delivering to your clients and giving your time and expertise away for free to “help” your colleagues – without getting much in return.
If this sounds like you, I have good news – a) it doesn’t have to be this way, and b) there is a simple solution that you can begin implementing in your business right away to overcome what I call the “money excuse”.
Ready to start turning prospects that say “no” into paying customers? Let’s begin!
The Money Excuse Explained
A prospective client decides not to work with you, citing financial reasons like any of the following:
- “I’d really like to, but it’s just not within my budget right now.”
- “That sounds pretty expensive.”
- “I just can’t afford it.”
- “Maybe in the future, but right now, I’m saving up for X.”
In each of these examples, the client is declining to work with you because of money. But, is it really about money? Not exactly.
The problem here is that the client is not viewing your services as an investment in themselves and an opportunity to achieve their goals. That client can’t visualize how working with you will deliver added value, so your services are seen more as an expense they can do without.
That’s why I call it the “money excuse” – the client cites money as the reason they aren’t willing or able to work with you, but it’s actually an excuse that’s hiding a much deeper reason.
Features vs. Benefits: What’s the Difference?
Your problem as a business owner is to conquer the “money excuse” – to transform that “no” into a paying client who wants to work with you. The solution starts with an explanation about the differences between features and benefits.
Many business owners spend lots of time unnecessarily explaining how they’ll work with their clients – the features – rather than clearly discussing the benefits (or outcomes) the client will receive that will solve their problems.
For example, let’s look at the features of a bicycle vs. the benefits of cycling. A bicycle has two wheels, handle bars, a seat, etc… and no matter how wonderful these features are they may not be a compelling reason for a person to buy a bike. However, when you start by listing the benefits of cycling; burning calories, building endurance, reducing your carbon footprint, reducing fuel costs, etc… The need for a bike is made stronger. Then, you can follow-up with the particular features that make your bike the best.
Put yourself in your client’s shoes. Sure, it’s nice to hear about the features, but don’t you want to know more about the benefits – what payoffs you’ll get by working together and how the product or service will solve your problem?
The Art of Transforming “No” into “Yes, Please!”
If you want to overcome the money excuse, you’ll need to adequately define the value you’ll add and what payoffs your client can expect to receive.
Learn more about the art of transformation, outcomes, and putting these and other techniques into action in our next post, Transforming ‘No’ to ‘Yes’.
Want some more in-depth insight to help you conquer the “Money Excuse”? Visit the Huffington Post to read my latest article.
Share your opinion: If you’ve put the techniques I explained above into action, what results did you see? How do your prospects respond when you approach them more with the benefits and outcomes rather than just a rundown of “how” you’ll provide the product or service?
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