One of the biggest obstacles preventing us from charging the fees we desire is ASKING for them.
And it’s not without good reason.
Navigating the “money conversation” in sales appointments is oftentimes the most emotionally intense part of the entire sales cycle.
So much so, that it’s one of the most common problems I’m asked for help with by the clients that I coach.
They want to stop settling for uninspiring compensation and raise their rates, but the words won’t come out when the topic comes up with prospects.
The video below is an excerpt from a recent presentation I delivered in my group coaching program explaining this very issue.
In it, I highlight the importance of neutrality when talking about money with prospects and the common pitfalls to avoid when navigating this vital part of enrolment conversations.
If you benefited from this video and want the full training showing you the three core pieces you need to land clients who pay you premium rates, head over to this link now:
Access Your Free Training
Transcript:
{1}
00:00:00,000 –> 00:00:04,500
Another common mistake is getting overly
emotional when talking about money. Now
{1}
00:00:04,500 –> 00:00:09,400
you may be emotional when it comes to
money, you probably are. In fact, everyone
{1}
00:00:09,400 –> 00:00:17,700
is, to some degree. But being obvious
about your emotions towards money, when
{1}
00:00:17,700 –> 00:00:24,700
talking about money, and asking for money
from your prospects is absolutely deadly.
{1}
00:00:24,700 –> 00:00:30,100
Because look, you may have emotions
about money like “money is
{1}
00:00:30,100 –> 00:00:35,600
my saviour, I need money so much”
and if you have that
{1}
00:00:35,600 –> 00:00:40,100
kind of, emotional attachment to it, so “I
need to… I need to keep all the money I
{1}
00:00:40,100 –> 00:00:46,000
have” and “You have money? Yes! I
need it, I need it, I need it!”
{1}
00:00:46,000 –> 00:00:51,400
So if you’re making money a condition for
your emotional well-being.
{1}
00:00:51,400 –> 00:00:56,200
If you have that kind of,
survival mentality when it comes
{1}
00:00:56,200 –> 00:01:03,600
to money. And then you’re asking for it
in that way to your prospect, they’re
{1}
00:01:03,600 –> 00:01:08,700
going to get super-repelled by that. They’re
just going to get so off-put. And it’s going to
{1}
00:01:08,700 –> 00:01:14,100
reek of neediness. It’s going to completely
tarnish any rapport that you’ve built.
{1}
00:01:14,100 –> 00:01:18,600
Because it’s now “okay, so now you’re
talking about money, now you’re getting
{1}
00:01:18,600 –> 00:01:22,800
all hyped-up about it, and now you’re
doing everything in your power to
{1}
00:01:22,800 –> 00:01:28,100
try and extract it from me in some kind
of way.” So, there’s that, kind of, piece.
{1}
00:01:28,100 –> 00:01:32,800
And then there’s, resenting money.
That’s another kind of,
{1}
00:01:32,800 –> 00:01:36,700
that’s an emotion about money but on the
other side. Where it’s like, being
{1}
00:01:36,700 –> 00:01:44,200
almost disgusted by it, or repelling it.
Or not really being okay with it.
{1}
00:01:44,200 –> 00:01:48,200
Kind of, pushing it away to some degree.
And then, so when you’re asking your
{1}
00:01:48,200 –> 00:01:53,200
prospect for it, you avoid
talking about it. You don’t really
{1}
00:01:53,200 –> 00:01:56,800
want… It’s like, you ask for it, but you
don’t really want it, so it’s like you’re
{1}
00:01:56,800 –> 00:02:03,000
really confused about it.
And if you gasp.
{1}
00:02:03,000 –> 00:02:08,100
You get all sweaty, your palms start
sweating, you get really
{1}
00:02:08,100 –> 00:02:13,300
worked up, when it comes to talking about
money with your prospect. Again, that’s
{1}
00:02:13,300 –> 00:02:19,600
going to repel. So as much as possible,
you need to be as neutral as possible to
{1}
00:02:19,600 –> 00:02:24,500
make this work, and to ask for the fees
you want. Because usually, most people
{1}
00:02:24,500 –> 00:02:28,300
don’t end up asking for the prices that
they want, because they’re so afraid that
{1}
00:02:28,300 –> 00:02:33,500
someone will say “no” to them, or someone
may shame them by saying “Wow, I can’t
{1}
00:02:33,500 –> 00:02:37,600
believe you charge that much!” “That’s
outrageous!” “That’s exorbitant!” “That’s
{1}
00:02:37,600 –> 00:02:44,400
extortionate!” And if someone says
that about you, how do you feel?
{1}
00:02:44,400 –> 00:02:49,900
“Oh my God, this was my pricing decision,
I must be a selfish person.”
{1}
00:02:49,900 –> 00:02:54,200
“I can’t believe that I’m doing
this to people, and I’m harming them by
{1}
00:02:54,200 –> 00:03:00,100
charging them money for
offering a service.”
{1}
00:03:00,100 –> 00:03:06,000
You have to be really aware of this point.
{1}
00:03:06,000 –> 00:03:11,600
And the thing is, I know that this
sounds easy. I know it sounds
{1}
00:03:11,600 –> 00:03:16,300
easy. I know that, me just saying “getting
emotional when talking about money to
{1}
00:03:16,300 –> 00:03:23,300
your prospect”, is just a bullet
in a presentation. And we’re talking
{1}
00:03:23,300 –> 00:03:27,000
about things that could take you months
or years. Most people spend lifetimes
{1}
00:03:27,000 –> 00:03:32,400
trying to really detach emotionally from
the things that they have.
{1}
00:03:32,400 –> 00:03:37,700
And I’m asking you to just not
be emotional, I get that. But that’s
{1}
00:03:37,700 –> 00:03:43,700
really part of the entire value of
getting coached. Is by not being so
{1}
00:03:43,700 –> 00:03:52,000
emotionally attached to people, places
and things. That’s really where a lot
{1}
00:03:52,000 –> 00:03:57,100
of value of coaching comes in. And
coaching is going to supplement, and aid
{1}
00:03:57,100 –> 00:04:01,800
you being able to get results in any
area, especially when it comes to sales.
{1}
00:04:01,800 –> 00:04:06,800
Because really this is critical. Getting
emotionally freed-up and detached from
{1}
00:04:06,800 –> 00:04:11,100
outcomes happening. From things
happening that you don’t like, or
{1}
00:04:11,100 –> 00:04:15,100
things happen that you do like.
Just getting into an emotional mess,
{1}
00:04:15,100 –> 00:04:20,600
really, will inhibit
performance and results.
00:00:00,000 –> 00:00:04,500
Another common mistake is getting overly
emotional when talking about money. Now
{1}
00:00:04,500 –> 00:00:09,400
you may be emotional when it comes to
money, you probably are. In fact, everyone
{1}
00:00:09,400 –> 00:00:17,700
is, to some degree. But being obvious
about your emotions towards money, when
{1}
00:00:17,700 –> 00:00:24,700
talking about money, and asking for money
from your prospects is absolutely deadly.
{1}
00:00:24,700 –> 00:00:30,100
Because look, you may have emotions
about money like “money is
{1}
00:00:30,100 –> 00:00:35,600
my saviour, I need money so much”
and if you have that
{1}
00:00:35,600 –> 00:00:40,100
kind of, emotional attachment to it, so “I
need to… I need to keep all the money I
{1}
00:00:40,100 –> 00:00:46,000
have” and “You have money? Yes! I
need it, I need it, I need it!”
{1}
00:00:46,000 –> 00:00:51,400
So if you’re making money a condition for
your emotional well-being.
{1}
00:00:51,400 –> 00:00:56,200
If you have that kind of,
survival mentality when it comes
{1}
00:00:56,200 –> 00:01:03,600
to money. And then you’re asking for it
in that way to your prospect, they’re
{1}
00:01:03,600 –> 00:01:08,700
going to get super-repelled by that. They’re
just going to get so off-put. And it’s going to
{1}
00:01:08,700 –> 00:01:14,100
reek of neediness. It’s going to completely
tarnish any rapport that you’ve built.
{1}
00:01:14,100 –> 00:01:18,600
Because it’s now “okay, so now you’re
talking about money, now you’re getting
{1}
00:01:18,600 –> 00:01:22,800
all hyped-up about it, and now you’re
doing everything in your power to
{1}
00:01:22,800 –> 00:01:28,100
try and extract it from me in some kind
of way.” So, there’s that, kind of, piece.
{1}
00:01:28,100 –> 00:01:32,800
And then there’s, resenting money.
That’s another kind of,
{1}
00:01:32,800 –> 00:01:36,700
that’s an emotion about money but on the
other side. Where it’s like, being
{1}
00:01:36,700 –> 00:01:44,200
almost disgusted by it, or repelling it.
Or not really being okay with it.
{1}
00:01:44,200 –> 00:01:48,200
Kind of, pushing it away to some degree.
And then, so when you’re asking your
{1}
00:01:48,200 –> 00:01:53,200
prospect for it, you avoid
talking about it. You don’t really
{1}
00:01:53,200 –> 00:01:56,800
want… It’s like, you ask for it, but you
don’t really want it, so it’s like you’re
{1}
00:01:56,800 –> 00:02:03,000
really confused about it.
And if you gasp.
{1}
00:02:03,000 –> 00:02:08,100
You get all sweaty, your palms start
sweating, you get really
{1}
00:02:08,100 –> 00:02:13,300
worked up, when it comes to talking about
money with your prospect. Again, that’s
{1}
00:02:13,300 –> 00:02:19,600
going to repel. So as much as possible,
you need to be as neutral as possible to
{1}
00:02:19,600 –> 00:02:24,500
make this work, and to ask for the fees
you want. Because usually, most people
{1}
00:02:24,500 –> 00:02:28,300
don’t end up asking for the prices that
they want, because they’re so afraid that
{1}
00:02:28,300 –> 00:02:33,500
someone will say “no” to them, or someone
may shame them by saying “Wow, I can’t
{1}
00:02:33,500 –> 00:02:37,600
believe you charge that much!” “That’s
outrageous!” “That’s exorbitant!” “That’s
{1}
00:02:37,600 –> 00:02:44,400
extortionate!” And if someone says
that about you, how do you feel?
{1}
00:02:44,400 –> 00:02:49,900
“Oh my God, this was my pricing decision,
I must be a selfish person.”
{1}
00:02:49,900 –> 00:02:54,200
“I can’t believe that I’m doing
this to people, and I’m harming them by
{1}
00:02:54,200 –> 00:03:00,100
charging them money for
offering a service.”
{1}
00:03:00,100 –> 00:03:06,000
You have to be really aware of this point.
{1}
00:03:06,000 –> 00:03:11,600
And the thing is, I know that this
sounds easy. I know it sounds
{1}
00:03:11,600 –> 00:03:16,300
easy. I know that, me just saying “getting
emotional when talking about money to
{1}
00:03:16,300 –> 00:03:23,300
your prospect”, is just a bullet
in a presentation. And we’re talking
{1}
00:03:23,300 –> 00:03:27,000
about things that could take you months
or years. Most people spend lifetimes
{1}
00:03:27,000 –> 00:03:32,400
trying to really detach emotionally from
the things that they have.
{1}
00:03:32,400 –> 00:03:37,700
And I’m asking you to just not
be emotional, I get that. But that’s
{1}
00:03:37,700 –> 00:03:43,700
really part of the entire value of
getting coached. Is by not being so
{1}
00:03:43,700 –> 00:03:52,000
emotionally attached to people, places
and things. That’s really where a lot
{1}
00:03:52,000 –> 00:03:57,100
of value of coaching comes in. And
coaching is going to supplement, and aid
{1}
00:03:57,100 –> 00:04:01,800
you being able to get results in any
area, especially when it comes to sales.
{1}
00:04:01,800 –> 00:04:06,800
Because really this is critical. Getting
emotionally freed-up and detached from
{1}
00:04:06,800 –> 00:04:11,100
outcomes happening. From things
happening that you don’t like, or
{1}
00:04:11,100 –> 00:04:15,100
things happen that you do like.
Just getting into an emotional mess,
{1}
00:04:15,100 –> 00:04:20,600
really, will inhibit
performance and results.
#salescoaching #salesskills #salestraining #sales