How to handle price objections from clients

Transcript:

Hey guys, have you been getting price objections from people? Have you had people saying, Oh, you're too expensive, why your package so much more than everybody else in your market or anything else to that effect? You know, a price objection when you see one, because that was in people not buying from you. Right? So if you have had price objections in the recent past, you're going to want to watch this. Hey, good to see you there. Hi, by the way, my name is Satya. I am the founder of Zach Studios and I help service based businesses, raise their rates, work with amazing clients and make all the money they want to make while only doing things that they love. And today we're going to be talking about all about price objections and I'm so excited to get it again, but I just wanted to let you know if you hear thunder in the background, I apologize in advance.

I'm sitting on my balcony because this place has the best natural light. Hi. Good to see you. Um, and uh, yeah, so if you hear the thunder in the background, I apologize, but that's just like in Singapore, um, but I'm sure you'll be able to hear me fine because if I, it's pretty good. Okay, great. So let's go phrase objection, right? Because one of my most favorite topics ever. Hi Sima, um, to talk about which is how, how do you think about why people are saying that you're too expensive or how to handle price objections when they come up. And the first thing I want you to know that it's never about the money, right? It's never about the absolute amount that you're quoting is not about whether you're according $10,000 or $5,000 or $20,000, $50,000. Because believe me when I say this, there are clients out there who are going to pay 10 times what you're charging right now and they do pay 10 times of what you're charging right now.

They already are being it. So it's not ever about the money. So what is it really about? It's kind of like three things and I'm going to dig into each one of them. Obviously I don't want to ramble about this for the next two hours. So I'm going to keep a chart and I'm going to give you my most actionable tips, but if you want to try it more at the end, I will let you know how you can speak to chat more about that. But anyway, so the first thing that you want, I have no tear migrates from disrupting them. Uh, the first thing because honestly I had so many things to say about the subject that I was like, Gosh, I need to make some notes out. So the first thing that you want to think about is, is, are you targeting the right clients?

Okay? And I'm saying this because a lot of clients are just not willing to invest right there, just a lot of evil out there who are not willing to invest in their business or not willing to invest in that certain aspect of your business, of their business that you will be working on. So if your clients are just not willing to invest, then there's not much you can do about it, right? My friend. Good to see you. There's not just not much you can do about it. And how do you find out whether your clients are willing to invest in the area of business that you're in. You ask them, you ask them what they have already done because the chances are that if a client is coming to you to work on a certain thing, they should have already invested in other things. If they have never, ever invested in their businesses the first time they're there and you're considering investing in something, they are going to be scared shitless.

That's just normal. That's just normal. Then they're going to be scared shitless. Uh, so you want to ask what they have invested in before because then you can get into their mindset and understand whether they are used to investing in their business or not. And it's really important to work with people who are used to investing in their business. It's almost crucial if you want to be able to charge higher rates. And all of that. Okay, so that's point number one, nature that you are targeting clients who are willing to invest in their business. Point number two that you want to think about is, are you willing. Oh, sorry, I do you believe that you are worth the amount of money that you are charging? So I'm this, I'm not talking about this in like a very superficial sense like, yeah, sure, I believe I'm worth $10,000, not that kind of stuff.

I'm talking like deep in your gut, like in your, the core of your being. Do you believe that you are worth the price that you're charging? Because trust me, if you're not, if you're going to have like a shadow of a doubt in your head that you're not worth that amount of money. Your parents will sniff it out. They do. They, it's just, it's magic. It's magic. And they start thinking about also the price objections if they don't trust you anymore. And all of that good stuff. Right? Jaime, good to have you. I'm Michael Nika, sorry. I'm not saying your name right, but he didn't have you here. Um, so yeah, so if you don't believe in the core of your being that you are worth the price that you're charging, lower your price like seriously, like the lower your price to a point where you can 100 percent again behind the price that you're charging, because that's absolutely essential if you guys, seriously, if you don't believe in your own price, it's not gonna your clients are not going to believe in you.

That's it. Okay? That's the first part of step two. The second part of step two is, are you willing to invest in your own business? So you've been in the investment being in your own business. And this is really important guys. So for example, when I, before I started charging $10,000 for my most popular package, I invested in a business coach who I was playing around. I think I ended up paying her on her $4,000 or something like that to work with me and to help me improve my business. And when I did that, it was fucking scary. Like I'm going to say it like it was so scary to invest that be done begin amount of money in one transaction because obviously overtime as industry more than $50,000 in my business, but when I had to make a 12,000, 500 something dollar transaction on my car and once I was like, oh my God, this is so scary.

Right? But it's, here's the thing, it's really important. It is really important that you invest in your own business because when you are willing to put your own money on the line to grow your business and take the next level of higher service provider, you understand what your clients are going through and just helps you have more empathy from, for them, but also it, you know, it's Kinda like subconsciously proving than your businesses words, that kind of investment. If you want other people to invest in your business, you've got to invest in your business first. Right? So that's

a second.

That was a big funder. Good to see you too. Yes. Um, so yeah, so that's thing number two. You've got to believe in your core that your business is worth that investment, right? Um, and okay, so finally going onto number three, which is your, you've got to be showing your clients why it's worth the big bucks. And this needs a little bit more explanation. I'm going to jump in, like I said before, kind of going back to point number one. One number is too big. Okay? No one number is so big that your clients can't afford it or you can't do any more business and price point. That number does not exist. However, you've got to show your clients, you got your clients, why it's worth it for them to invest a certain number of money with you. I see that. Thank you so much.

All guys, for all the thumbs up and hearts and all, everything you're sending my way. I really appreciate it makes me feel really warm and fuzzy. Um, but yeah, it's never really about that one number that your clients are considering investing in you because I have talked to people who have refused to invest in a $200 product and a $400 product in a thousand dollar product and then the $5,000 plan and I'm like, didn't you just telling me like do months back that could be $100 product was a $400 product was too expensive for you and that's just what it is, right? In your client's head. There are so many other factors which influence when they want to work with you or not and none of them have to do with that specific number. And I have this experience by the me as a customer as well, like from a customer's perspective, I've had the exact same experience.

So before I hired my business coach with my business and mindset coach that I'm working with right now, who is incredible, I was speaking to a different coach and that coach honestly was so cheap. He was absolutely ridiculous achievement. I went to his first, like a session with him and at the end of it he was like, well I usually charge $90 a session until we can. You can get a 10 session back for me, $900 and, but you know, if you're not comfortable with that number we can move it down because I have a full time job and you know, it's fine. I'm flexible. I hope this. I was like, why would you be flexible? Like just own your work, right? Like all your words and just say that's just what my price is and just go with that. I was fit enough that interaction, I got to go back.

I don't think I want to work with him. And I was like, yeah, I don't know if I want to invest $900 at this point, etc. And I'm not even kidding. ExActly. One month later is when I met my coach and I signed up for a 12,000 something dollar package with her, which is crazy. It's absolutely crazy. Why would we think $900 too expensive and then based on what? $12,000, but that's because she proved her worth. She was completely comfortable affording her number and standing by it. She was completing of the ritual, indicative studies and the results and what you think what to do and absolutely just owning everything that she stands for like a bad ass, and when she did that, I was willing to pay about $500 to work with her even though just a band back in $900 in liquor, too big an investment.

But thEre's a caveat and I'm going to talk about that caveat in a second, which is you got to let people experience you and you've got to let people show why you're worth that price. So it doesn't matter what your. You know what the strongest selling point is, whether it's that you offer a great client experience or you are a, you know you are an expert. If yOu've been in this business for 25 years, whatever that is, whatever your main selling point is, leverage it. I'm sure people why you're worth that price something before they buy from who they want to know that you are good enough. Right? And one of the best ways to do that is to offer an introductory package, and I talk all about this when I talk with the productizing services and how to scale a service based businesses in my mini course, but when you're puttIng together a package, all of these had an introductory package that helps them understand what you do and how you work and why you are different before you sign off for the massive package deal with my coach, he actually did a one month intensive which was a thousand somethIng dollars.

Um, and I saw the a little bit and I was like, oh my god, this is amazing. I really see understand the value of it. And I then I signed up for that off there, finished my one month intensive. Signing up for the $12,000 package was a no brainer. I was like, yes, I know it works. I got amazing results the first 30 days. I'm happy to move forward and make up their, their investment, right? So that's what it comes down to. You've got to show why you're worth and show why you're different. And that is something that's really important to help your clients feel comfortable with the kind of high practice that you want to charge. So I do that in my business as well. There's an introductory offer around brand strategy that they can do with me and then if they liked me, they knew who wanted the copy and like the logic, the brian and all of that stuff. So those are my three top tips for you today, which is just to recap.

Make sure you're targeting people who want to invest in your business, um, believe that you're worth it and invest the big bucks in yourself before you expect other people to invest with the rocks and you. And the third one is allow people to experience your services. Allow people to understand why your worth, what kind of prices that you're charging. And these three things should make it a whole lot easier for you behind no prices going forward or move the price objections even before they come up. Okay. And obviously because it's a short live and I've got to go to the gym very soon. Um, I can only talk about it in the high level thing, but if you want to jump into the details, if you want to really get into the details of handling price objections on sales calls and how to make sure it doesn't even come up because you have such an amazing brand and website sells you before you get on the phone with someone sending you, send me a pm.

I've lots these resources and ideas and tips and all of that good stuff. I think there's so much I shot. I'm so grateful that you're finding this useful. Yeah, send me, send me a pm. I'm more than happy to help if you don't just, I'm here to help and be of service. If you are a service provider and you want to know all about building a brand that stands out and wins the big bucks for that it no question does. Send me a pm and thank you so much for coming you guys. I'm so grateful that you're here and I'm going to brave the rain and go to the gym. I really don't want to do it friday night, but I'm going to do it. Okay. I'll see you guys soon. Bye.

Satya PurnaComment