Article by Tim Sales
The "I don't have the money" objection comes up because of three main reasons:
1. The prospect really doesn't have any money. The prospect has gotten themselves into a situation where they're living paycheck to paycheck. Their bills equal their income. Or worse, every month they go deeper and deeper into debt. Or, they are disciplined savers and have not budgeted money towards a business.
They've yet to understand the difference between an asset and a liability. An asset is something that pays you. A liability is something that costs you. Regardless, shortly into the Invite call they will ask you, "What's this going to cost me?" Or, "How much does it cost to join?"
2. The second reason this objection comes up has to do with an unexpressed objection. This is an "easy out" to the prospect. Instead of telling you their real objection they try to get rid of you by claiming, "I don't have the money."
3. The third reason is based on the prospect using "I don't have the money" as an excuse to not go after what they want. Similar to #2, the prospect uses "I don't have the money" to get themselves off the hook.
You see, the similarity of #2 and #3 is that they're using "no money" as the excuse. The difference between #2 and #3 is that in #2 the excuse is for you. In #3, the excuse is for them.
A phrase like, "It takes money to make money" or something similar rolls around in their head and they believe it. So, another way to view #3 is that it's a "frame of mind objection" similar to the "I don't have time" objection discussed in July's newsletter.
As you can see from these three versions of the objection, if you are to truly help your prospect, you need to find out which objection your prospect has. Trying to handle the wrong version can end up being messy. But by correctly identifying the right version of your prospect's objection, you can help them get past it and achieve what they want.
Obviously we need to ask the prospect questions to determine which version of the "I don't have the money" objection they have. But also, you should include in your thinking everything you already know about the prospect. Money is sometimes a pride issue and probing the prospect on the subject can upset them. So ask questions gently!
What do I mean when I say, "Include in your thinking everything you already know about the prospect?" If during the Qualify step they've said that they need to get out of debt, and then they tell you that they don't have the money - this is consistent - so you don't need to dig and risk upsetting the prospect. You know he's a #1.
On the other hand, if during the qualify step he says that he makes good money but he just wants time freedom - then later in the conversation he says that "he doesn't have the money" - that's inconsistent. He perhaps fits into version #2 as he has an unexpressed objection.
And to give you an example for #3, if the prospect says "Money is tight so I can't spend any on this; besides money is the root of all evil." That would be an example of version #3.
The real art to handling this objection is in the questions you ask that prompt the prospect to tell you what's underlying their objection.
Additionally, you will fail at trying to handle this objection if YOU have this objection. It takes an understanding of money to make it. Therefore, please watch the online movie I created called, "What the Poor, the Middle Class and the Wealthy Buy on Payday." I
