The Fierce Business Babe Podcast Ep 144: Handling Money Objections

Today, I am going to be diving into objections in your business. More specifically, the most common type of objection that we hear at every level of our business, money objections. We are going to dive deep into why your potential clients have these objections, what you can do to help your client overcome these objections and so much more!

Handling Money Objections

By: Melissa Lin

Today, I am going to be talking about and really diving into one of the most asked questions that I receive throughout the week and potentially one of the big blocks that is holding you back right now in your business, and that's how to handle money objections. There are so many different types of objections that you may hear in your business, but money is definitely a big one. And one thing that I do want to start off with is that as a business owner, If you are an online coach, a service-based provider, you will hear objections. I'm going to say that again. You will hear objections at every level in your business.

So for example, my first year in business, yup, you bet I heard money objections from potential clients. My second year, you bet, more objections. My third year, objections, my fourth, definitely money objections. It's normal. It's absolutely normal. Your potential clients are human and will have objections. Their objections are really, at the end of the day, their own fears that are holding them back. So very similar to some of the limiting beliefs that maybe you yourself had when you first started your business. Your potential clients have fears too. So something that I believe is one of our jobs as business owners is to help our potential clients through their objections. There are many, many ways to do this. And that's exactly what I'm going to dive into today.

Objections Are Normal

Having objections is totally normal. To this day, in 2021, still, even now, after years and years and years in business, I hear money objections from potential clients. It's normal, right? For most, money makes them feel safe. So what that means is people will avoid spending money until they absolutely need to, or they see it as a necessity. Some things that you can do is you can teach your audience on social media about the importance of investing. Yes, you can provide your audience with all of the value, and I mean all of the value in the world, right? If you go and take a look at our social media, my Instagram page, my Facebook group, the podcast, there is so much value. My Instagram has just got hundreds of hours of content, video content, written content, so much for you, mini trainings, all of the things. Then there are emails that we send out, right. We're providing so much value. So you can also provide all of the value in the world, create an incredible, like, know, and trust factor with them and still you're going to hear objections. Will they be slim? Most likely.

So what I see in my business, for example, is: either the higher the pain point for somebody, or the higher the like, know, and trust factor with a potential client, higher touch points you have with somebody, the slimmer the objection. But still normal and no matter what, I empower my potential clients to make a decision. Whether it's a yes today, whether it's a no today, I want to empower them to make a decision. However, it definitely was not always this way. I remember years ago when I first started my business, my early years in business, I was absolutely so terrified of handling objections and maybe you're feeling this way too. I want you to know it's normal and I want to support you in working through that so you can start to really feel great about it.

So for me, I was terrified of handling objections and some of this was because, you know, I was still new to the online space. It was my early days and I hadn't really practiced or even worked on my sales skills yet. I was afraid of rejection at the time, too. So instead I would avoid even asking for the sale, and I also tied rejection to my own worthiness for quite some time. What I mean by that is that if somebody did say no, I thought that it said something about me, or it said something about my program or said something about my business. And in reality, it doesn't. Right? If somebody said no, even if I handled the objection, I thought it meant something about me and I kept going up and down on this rollercoaster. What ended up happening was just me completely avoiding handling any objections at all for a while. Like literally any time I was on a sales call or, you know, pitching them the DMs, however I was selling at the time, maybe it was on a workshop then, you know, pitching my program at the end of a training that I had just hosted, any time there was an objection I went like, almost just put my hands up and be like, okay, no worries. Like, have a great rest of your day. I would avoid it completely. You know, one of those like, oh, catch you on the flip side sort of things. Completely avoided. What I learned, and this is what I want to share with you today is that the sales mindset always starts with the mindset.

Sales Mindset

If you're avoiding handling objections right now, think back to the last objection you got, or the last “no” you got, did you actually go and handle the objection? Did they say “No, not right now.” And you put your hands up, like, “Oh, no worries. Like maybe next time, maybe now it's not the right time.” Or did you actually go a little further into the conversation and see what was actually holding them back? So many people will say one thing, but mean something else. So every “no” that you hear, it's actually an opportunity to continue the conversation with that person. So they may say, no, you know, now's not the right time. Well, determine why right now is not the right time. Maybe they have further questions about your program. You know, maybe they say, “You know, I don't think this is the right fit for me”. And maybe it's because there's a lack of clarity in something. Maybe they were looking for coaching calls and maybe you have coaching calls where they just weren't aware of it. So you always want to continue the conversation to determine what the actual objection is.

If they say, you know “I'm not sure. I need time to think about it.” Always gain clarity around that objection. Like what else? What else? So again, it starts with a sales mindset. So if you're avoiding handling objections, It could be because there's some sales mindset work we get to do. If we feel gross around sales, we're going to naturally avoid any objections that come our way. It's all subconscious at that point, if this is around sales mindset. So let's start to dive into supporting you in handling money objections. So if you feel great about sales right now, Mindset is awesome around sales, amazing, let's move forward and start to actually handle some of these money objections.

What Is An Objection

So let's first start with a definition. So what is an objection? An objection is a reason why somebody does not want to invest or is afraid to invest in your product, your program, your

offer, your service, whatever it is you're selling. What I've experienced over the years is that most of the time, these objections are masking a deeper fear. So what I did was I asked both my Instagram and my Facebook group, my free Facebook group that I've got, you know, “What objections do you get most often?” And most were money objections, specifically that objection that maybe you've heard before of “Your program is too expensive. I can't afford it,” or “I have too many other things to pay for.” Right? Those were all money objections. What your potential client might be telling you is “I can't afford this,” or, you know, “I don't have the energy or space for this”. And in reality, they have a deeper rooted fear of, you know, “I don't believe I'm actually capable of seeing those results for myself. Who am I to do that?” Right. There's other stuff going on. So what do we do here? What do we do in that case?

Acknowledge The Objection

We get to, number one, always acknowledge the objection. Right? We're allowed to have objections. We're human. Acknowledge it. Let them know, like acknowledge what's happening and also encourage them to take control of what's happening. Empower them to take that next step. Empower them to take control of what's happening.

So here's an example. Let's say somebody says, “I can't afford your program. It's too much”. Okay. So number one, we're going to acknowledge by stating something along the lines of, “This is an investment and I'm here to support you and reach your goals.” Then we go into encouraging and empowering them. “Now, are you ready to show up for yourself and take the action and take that next step in reaching your goals as well?” You're empowering them. You're encouraging them to take control of what's happening in their lives and in this very moment. And they can take control of what's going to happen next. They can take control of the action they're going to take for the next steps. Encourage them and just know, cause I'm sure you felt this at some point too, like this could be one of their biggest investments they've made in a while and it most definitely can feel scary.

Continue The Conversation

So typically there's a deeper rooted fear here, right? That money objection is helping them mask something. Right. So, what you can do is help them uncover what that real fear is. Right. That's what we want to get to. That's what we want to dive into. What is it that's truly holding them back? Right. That thing that's holding them back from getting more of what they want. Now, this is more of what we dive into in our programs with our clients. And we have tons and tons of templates and resources for them around handling objections and supporting them, uh, in real time support with actual conversations they’re having and so much more, so that they can become more and more comfortable with sales and handling objections. So get started, start practicing, go and handle an objection every time you hear a no. See that as an opportunity to continue the conversation. That's your permission slip. Continue the conversation. See what's happening. Dive deeper. What's the real fear that’s holding them back? Is it the money? Or is it something else? Are they worried they won't see results? Are they worried of X, Y, Z? Dive deeper, dive deeper, dive deeper with them, right? There's always something else. Or there's you typically in my experience about 99% of the time, typically something else, holding them back from moving forward and taking that next step.

Other Ways Of Support

Besides handling objections, you know, on the phone or throughout your sales process, whatever your sales process looks like in your business. What else can we do? There are so many other things that we can also do to help support your potential clients and make that decision again, whether it's a yes or no. We can start handling some of these objections through your content, right? By sharing inspiring content around the importance of investing in yourself, you know, examples for when maybe some of your other clients had similar objections that they had, and the amazing transformations that can happen when you do take that next step, when you do invest. So something that I do want to say is sales is a skill, right? It's a skill that you can practice and truly learn and handling objections is part of that. So if you can take one thing away from today', know that it's normal to hear no, and that no, may not be a no forever and that no can really mean something else. An objection gets to be handled and it's up to us to help reveal what's really holding them back. What's that block? What's the true fear holding them back? And in most cases it's not the money. In most cases, It's something else holding them back with different limiting beliefs.

So to wrap up, I want you to take some time to think about the last objection or the last money objection you received. When you sold your recent program, your product, your offering. You know your course, whatever it is that you're selling. Take some time to think about your last objection you received. How did you respond? Did you put your hands up, “Oh, no worries. No, don't even worry about it. Catch on the flip side or maybe next round”, or did you dive deeper with this potential client? Did you help? Did you acknowledge and really encourage them to dig deeper. Right? It's definitely something that we get to support them with. So how did you respond? We'd love for you to just kind of ponder that and take some of what you learned today and take inspired action for your next sales conversation or the next objection that you do receive or hey, go back to some of those objections maybe that you got last week and dive deeper. I’d love to hear how it goes, feel free to send me a DM or tag me on Instagram @Themelissalin and I want to thank you for hanging out with me today. I am always going to be your biggest cheerleader so you taking the time out of your day to spend with me truly means the world to me. I’ll see you next time!

Topics we cover include:

Objections are Normal
Sales Mindset
Acknowledging The Objection
Continue The Conversation
Other Ways Of Support

And so much more!

Times to check out:

(6:50) Objections are Normal

(9:08) Sales Mindset

(14:29) Acknowledge The Objection

(14:50 ) Continue The Conversation

(17:25) Other Ways Of Support

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