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Price Objections Aren't About Price: The Psychology of "I Can't Afford This" · Sell Well: Helping Agencies Close More Deals and Grow Revenue

• 0:01
  SPEAKER_00: I find price objections so interesting because normally we're not really talking about money.
• 0:07
  SPEAKER_00: I was on a coaching call with a client this week who brought this up, and it made me want to talk about what's actually happening in the moment, why price objections mess with our heads so much, and how we can handle them on a call without sounding gimmicky.
• 0:19
  SPEAKER_00: I first want to acknowledge before I get into all this that most of the sales advice floating around on Instagram is not this.
• 0:26
  SPEAKER_00: You've seen it.
• 0:27
  SPEAKER_00: Somebody tells you the price is too high, and the advice is to say, well, what's the cost of your future?
• 0:33
  SPEAKER_00: I hate this so much, and I think it's one of the creepiest, slimiest, most manipulative things you could say to somebody.
• 0:40
  SPEAKER_00: And I'll tell you why in a second.
• 0:42
  SPEAKER_00: But it's a perfect example of what happens when you treat price objections like a battle instead of an emotional moment.
• 0:48
  SPEAKER_00: That line is combating fear with fear.
• 0:51
  SPEAKER_00: You're telling somebody who's already scared, let me scare you more.
• 0:54
  SPEAKER_00: And I've been on the other end of that exact sentence on a sales call, and my gut reaction was, forget it.
• 0:59
  SPEAKER_00: You're not taking my worry seriously.
• 1:01
  SPEAKER_00: We're done here.
• 1:02
  SPEAKER_00: I feel like you're trying to drag me into this weird pyramid scheme.
• 1:06
  SPEAKER_00: That's not persuasion, that is pressure.
• 1:09
  SPEAKER_00: And people can feel the difference on the call.
• 1:12
  SPEAKER_00: So if it's not that, then what's actually happening?
• 1:15
  SPEAKER_00: When a business owner gets a price objection, it's an emotional moment for them too.
• 1:19
  SPEAKER_00: And it normally goes one of two ways.
• 1:21
  SPEAKER_00: It either makes us really angry because we feel misunderstood.
• 1:25
  SPEAKER_00: You don't know how much time and energy I've put into this, the blood, sweat, and tears, the late nights, or it makes us feel really insecure.
• 1:32
  SPEAKER_00: And so we start to bend over backwards.
• 1:34
  SPEAKER_00: We're like, oh my gosh, fine, I'll give you a discount.
• 1:36
  SPEAKER_00: And suddenly we're promising the world, I'll run your social media, I'll just move into your house.
• 1:40
  SPEAKER_00: It'll be great, just to make the discomfort go away.
• 1:44
  SPEAKER_00: Here's what's interesting though.
• 1:45
  SPEAKER_00: The client sitting across from you, the one delivering that price objection, they're in an emotional moment too.
• 1:51
  SPEAKER_00: And most of the time, they're coming from a place of insecurity.
• 1:54
  SPEAKER_00: They're not attacking you, they're scared.
• 1:56
  SPEAKER_00: So you've got two insecure people in this conversation.
• 1:59
  SPEAKER_00: And if we match their energy and we get defensive or we cave, nothing good happens.
• 2:03
  SPEAKER_00: But if we can meet them where they are without becoming as emotional as they are, being the voice of reason, being the guide, that trusted source in the moment, that's when we can actually help them through it.
• 2:14
  SPEAKER_00: That's the whole skill.
• 2:15
  SPEAKER_00: Not out arguing their objection, not getting defensive, not holding firm to your boundaries, just staying steady enough to be the calm one in the room.
• 2:25
  SPEAKER_00: And if you're in that steady place, it gets a lot easier to tell what's going on.
• 2:29
  SPEAKER_00: Because I can't afford this right now is normally coming from one of two places.
• 2:33
  SPEAKER_00: The first is insecurity.
• 2:35
  SPEAKER_00: They're not sure if this is going to work for them.
• 2:37
  SPEAKER_00: They're worried about wasting money.
• 2:39
  SPEAKER_00: They're worried that this won't fix the problem.
• 2:41
  SPEAKER_00: These people don't need a discount.
• 2:43
  SPEAKER_00: They need reassurance.
• 2:44
  SPEAKER_00: They need you to walk with them through the process and the outcome.
• 2:47
  SPEAKER_00: You can walk them through some case studies and say, hey, I only take on clients when I feel really confident that we can drive value for them.
• 2:54
  SPEAKER_00: This is a really good example of somebody who's kind of like you that I was able to provide an awesome service for.
• 3:00
  SPEAKER_00: I think that this would be a great partnership.
• 3:02
  SPEAKER_00: Obviously, no promises, but this is what I could deliver for you.
• 3:06
  SPEAKER_00: That goes a really long way with people.
• 3:09
  SPEAKER_00: You're not trying to be like, if you don't work with us, your business is going to fall apart.
• 3:13
  SPEAKER_00: You're coming at it from a place of, hey, anybody that tells you that they can triple your business overnight or makes you all of these promises shouldn't be trusted.
• 3:23
  SPEAKER_00: I've said that to clients before.
• 3:25
  SPEAKER_00: Like anybody who's overpromising this to you probably isn't going to drive great results for you.
• 3:31
  SPEAKER_00: But then I follow that up with that's why we have this plan.
• 3:35
  SPEAKER_00: That's why I have this level of support.
• 3:37
  SPEAKER_00: This is why we go the extra mile for our clients.
• 3:39
  SPEAKER_00: This is why we think you're a good fit.
• 3:41
  SPEAKER_00: And we took this call in the first place.
• 3:42
  SPEAKER_00: And I coach them through, hey, you weren't dumb for getting on this call.
• 3:47
  SPEAKER_00: This is what you're looking for.
• 3:48
  SPEAKER_00: These are the services that you're trying to acquire.
• 3:52
  SPEAKER_00: We do that really well.
• 3:54
  SPEAKER_00: This is what it costs, and here's the investment.
• 3:56
  SPEAKER_00: So you're just making sure that they feel coached by you.
• 3:59
  SPEAKER_00: It's more consultative and it's not so aggressive and angry.
• 4:03
  SPEAKER_00: I find that the second type of person is somebody who wants to know they got the best deal.
• 4:08
  SPEAKER_00: It keeps them up at night if they feel like they spent money, they didn't have to.
• 4:12
  SPEAKER_00: They're a coupon code person, they're waiting to see if you run a sale, they want an insider deal.
• 4:17
  SPEAKER_00: And for this person, coming in on that more emotional level, that reassurance, the more consultative side of things, doesn't work super well because that's not actually what they're asking for.
• 4:27
  SPEAKER_00: What works for them is to validate for them here's why we have priced this the way we have.
• 4:32
  SPEAKER_00: Here's everything that this comes with.
• 4:34
  SPEAKER_00: Here is our track record.
• 4:36
  SPEAKER_00: Show them some case studies and assure them that the price is the price.
• 4:39
  SPEAKER_00: This is what you're investing in.
• 4:41
  SPEAKER_00: You got the best deal.
• 4:43
  SPEAKER_00: Weirdly, that's what validates it for them.
• 4:45
  SPEAKER_00: It tells them that they are smart and that this is a wise investment.
• 4:50
  SPEAKER_00: You are the strongest person in the room, once again, just in a little bit of a different way.
• 4:55
  SPEAKER_00: The hard part is both of these people show up wearing the exact same sentence.
• 4:59
  SPEAKER_00: So how do you tell them apart on a call without it feeling like an interrogation?
• 5:02
  SPEAKER_00: You can't just ask them, like, are you feeling insecure about getting the best deal or about investing in this overall?
• 5:10
  SPEAKER_00: You have to slow down and get curious and never try to talk somebody into a price.
• 5:14
  SPEAKER_00: That's where it starts to feel sleazy and it stops working the second it feels like I'm pitch slapping them.
• 5:19
  SPEAKER_00: So instead, I try to back up and make it a lot more casual and make it feel like, hey, we're just chatting.
• 5:26
  SPEAKER_00: Whether you work with me or not, I'm rooting for you always.
• 5:29
  SPEAKER_00: And I want that to come through.
• 5:31
  SPEAKER_00: I don't need to say that.
• 5:32
  SPEAKER_00: I just want it to come through in what I say.
• 5:34
  SPEAKER_00: So I might say something if somebody's like, oh, I just wish I could afford you right now.
• 5:38
  SPEAKER_00: I'll say, Hey, I totally get it.
• 5:40
  SPEAKER_00: Investing in a coach is a big decision.
• 5:42
  SPEAKER_00: What was it from the podcast or wherever you found me that made you think this is something I need right now?
• 5:49
  SPEAKER_00: Maybe I can help you figure some of this out on our call.
• 5:51
  SPEAKER_00: What I've just done is take a more consultative approach and show them, not tell them that I really want to help them.
• 5:59
  SPEAKER_00: Now, a lot of people will come back to me and say, Oh, Susie, I don't want to offer all of my services or my ideas for free.
• 6:04
  SPEAKER_00: I'm just telling you, people don't expect that.
• 6:07
  SPEAKER_00: This question is so disarming to people.
• 6:10
  SPEAKER_00: When they get on a call with me and I'm not like, well, in order to get my expertise, you need to pay me first.
• 6:15
  SPEAKER_00: They just feel that I'm generous and kind and want what's best for them.
• 6:20
  SPEAKER_00: And I never have to say it because they're experiencing it live.
• 6:23
  SPEAKER_00: The other crazy part about this sentence is almost every time when they start answering, they start selling themselves.
• 6:29
  SPEAKER_00: They'll say something like, I've listened to every episode or I've been binging the podcast and I'm just not great at sales.
• 6:35
  SPEAKER_00: And you said this, and I just wish someone could dive into this with me.
• 6:38
  SPEAKER_00: And I know that this would be a good investment for my business, but I'm just not sure if I can make it happen right now.
• 6:44
  SPEAKER_00: They start telling me all the reasons they should spend money on it.
• 6:49
  SPEAKER_00: And so I'll follow up with them and say, that makes a lot of sense.
• 6:52
  SPEAKER_00: Have you invested in something like this before?
• 6:55
  SPEAKER_00: And this question is gold because normally they're going to tell you about the time they got burned.
• 7:00
  SPEAKER_00: The coach who overpromised the agency that ghosted them, and that's the real objection.
• 7:05
  SPEAKER_00: It's never about the money, it's about the trust.
• 7:07
  SPEAKER_00: And we come back to that first type of person who's feeling insecure.
• 7:10
  SPEAKER_00: They got taken advantage of once before.
• 7:12
  SPEAKER_00: And so they're like, I just can't afford this right now because I can't afford to trust somebody else again who's just going to rip me off.
• 7:19
  SPEAKER_00: And that's a very different objection to overcome than the price.
• 7:24
  SPEAKER_00: So when you have somebody that you can dive in and see that they're feeling insecure, the best thing you can do is keep asking them questions, providing them value and showing them that you care about them, not telling them that you care.
• 7:37
  SPEAKER_00: Nobody wants to hear from a service provider.
• 7:39
  SPEAKER_00: No, I really care about my clients.
• 7:41
  SPEAKER_00: They want to experience it, they want to feel it, they want to see that you are actually already invested in their business.
• 7:48
  SPEAKER_00: All right, let's talk about our second type of person, the person who wants a deal.
• 7:52
  SPEAKER_00: They typically will answer these questions, same questions, but they will answer these questions with something around timing in their business.
• 8:00
  SPEAKER_00: Here's what this sounds like.
• 8:02
  SPEAKER_00: Well, when I was hearing you talk about this on the podcast, I was thinking it could be nice to have a business coach in the future, but I'm just not sure if the timing's right for me right now.
• 8:10
  SPEAKER_00: Or we have a really big launch coming up.
• 8:12
  SPEAKER_00: So I'm just not sure if I can dedicate the time to this.
• 8:16
  SPEAKER_00: These people, and I know this sounds weird because it, they're not specifically asking for a deal, right?
• 8:22
  SPEAKER_00: But I'm telling you that these people are looking for some kind of a reason to make a decision now instead of waiting or seeing if you'll give them something else.
• 8:31
  SPEAKER_00: So what you have to do for them is to create some stakes.
• 8:35
  SPEAKER_00: And typically I do this through closing mechanisms, through kickoff dates or bonuses, things like that.
• 8:42
  SPEAKER_00: I don't typically offer discounts.
• 8:44
  SPEAKER_00: That's not a great way to close people, um, depending on your business model.
• 8:48
  SPEAKER_00: I've found that by creating a timeline or something to lose, it's a better way to engage these types of people.
• 8:56
  SPEAKER_00: So, yes, they're looking for the best deal, but they're also looking for a reason to move forward now.
• 9:01
  SPEAKER_00: And that is one and the same.
• 9:04
  SPEAKER_00: So if you think about coming back to this person and saying, hey, I know that this is a really busy time in your business.
• 9:10
  SPEAKER_00: I'm looking at this seeing a lot of opportunity for you.
• 9:12
  SPEAKER_00: And I don't want you to miss out on potential revenue if we were to start working together.
• 9:16
  SPEAKER_00: So I have a kickoff date on this day.
• 9:19
  SPEAKER_00: I would love to give it to you.
• 9:21
  SPEAKER_00: You have to let me know by Friday in order for us to move forward.
• 9:24
  SPEAKER_00: By setting this up, you're taking back your position as the guide and saying, hey, I'm taking you on this journey.
• 9:30
  SPEAKER_00: Here's what I see for your business.
• 9:32
  SPEAKER_00: If you say no to this, you're walking away from something.
• 9:35
  SPEAKER_00: You're walking away from potential.
• 9:37
  SPEAKER_00: And you have now created some stakes and you're in their business.
• 9:40
  SPEAKER_00: Another way to do it is to offer them some kind of time incentive bonus.
• 9:44
  SPEAKER_00: Hey, if you are able to take an action on this date, I'm able to extend our kickoff call by 30 minutes and give you some extra time, or I'll give you this resource for free.
• 9:53
  SPEAKER_00: Anything you can do to acknowledge, hey, you took a chance early, you made a really good decision, this is a great option for your business and you have incentive to get started now.
• 10:04
  SPEAKER_00: This is why you should go ahead and move forward.
• 10:07
  SPEAKER_00: Again, it's not really about price, it's about timing.
• 10:10
  SPEAKER_00: You are speaking to a deeper level of insecurity that they have or a deeper level of fear that they have that they might miss out on a better deal later.
• 10:19
  SPEAKER_00: So by showing them, hey, there's something that you're actually going to miss out on if you don't do this, or by giving them something to walk away from, like a bonus, you are feeding that in them and helping validate that this is a good decision and good time to do this.
• 10:35
  SPEAKER_00: I want to wrap up with this.
• 10:37
  SPEAKER_00: I'm making it sound on this podcast like all price objections are fake.
• 10:41
  SPEAKER_00: There are times when people are like, hey, I legitimately can't afford this.
• 10:44
  SPEAKER_00: And that's okay.
• 10:44
  SPEAKER_00: Meet them where they are, answer the questions in the same way.
• 10:48
  SPEAKER_00: Do your best to get them to close.
• 10:50
  SPEAKER_00: That's your job as the salesperson for your business.
• 10:52
  SPEAKER_00: And then acknowledge that sometimes the money's just not there.
• 10:56
  SPEAKER_00: When you respond in a calm, compassionate way to these objections, typically these clients will keep you in mind and come back.
• 11:04
  SPEAKER_00: The amount of people who came back to me and said, You didn't try to push me.
• 11:08
  SPEAKER_00: I'm really excited to work with you.
• 11:10
  SPEAKER_00: I've always had it on my list to have you do my website or whatever, just because I handled those objections in a way that made them feel heard, seen, and validated, that has so much benefit to your future business.
• 11:22
  SPEAKER_00: What I want you to do in your calls this week, remind people that you're on their team and you want something for them, not from them.
• 11:30
  SPEAKER_00: Stop talking about the price and start talking about their feelings.
• 11:33
  SPEAKER_00: Most of the time, the I can't afford it isn't a number problem or a money problem.
• 11:38
  SPEAKER_00: It is a trust problem or a fear problem.
• 11:40
  SPEAKER_00: And those are things you can solve for, whether it's now or in the future.
• 11:45
  SPEAKER_00: If this is something you're really struggling with or you're getting price objections that you don't know how to handle, or you've got a unique situation, I would love to hear it.
• 11:54
  SPEAKER_00: You can go to susiecoli.com and schedule a time for us to chat.
• 11:57
  SPEAKER_00: Thanks for listening.
• 11:58
  SPEAKER_00: Until next time, sell well.