Handling the Money Objection: Advice From 4 MLM Superstars
If you are in network marketing or any kind of sales, you have likely heard a prospect say “I don’t have the money.” If this has not happened to you yet, it likely will at some point. So, how do you handle the money objection in your MLM business (or whatever sales job you have)? First know that you are not alone. Millions of distributors struggle with how to handle the money objection, so read on for a few strategies, a few of them from some of the top leaders in MLM.
Let’s say you’ve gone through your opportunity presentation and are closing your prospect who says “it sounds great but I don’t have the money right now.” Depending on how well you handled your initial conversation or two with your prospect, it will tell you how well you handle the money objection when it comes up.
When you share your MLM business with your prospects it is important to uncover their “Why” for the business before you actually do a presentation. Ask them, “what is it that you want out of life that you don’t have right now? What is important to you? What is it that you’d like to do or have if money were no object?”
Get good at helping to paint a picture for your prospect. It is less about the product you are selling and more about their dreams and how your opportunity can help them reach their dreams. If you are good at asking questions you will either be able to avoid having the money objection come up, or if it does, you will be better able to handle it.
Okay, so if they say, “Well I don’t have the money,” then here are a few responses from some of the MLM Superstars that may work for you:
“Wow, how does that feel?” (Then pause and wait for an answer.) Then say, “how can you expect things in your life to change if you don’t change something? Are you going to let that stop you from getting the things in your life that you want?” (Todd Falcone)
“Is it really that you don’t have the money, or are you just saying that so that you don’t hurt my feelings?” (Dani Johnson)
“I can appreciate that you don’t have the money, but if you did have the money, would you join us (our team, etc)?” (You acknowledge what they say, then turn it around with a question.) (Jeffery Combs)
“I hear you. Let me just ask you, if money were not a factor, what would you do with your time? Would you travel, buy a new house, car, visit family, travel to the best beaches or cities in the world?” (Jeffery Combs)
“Say a black Mercedes was parked out front and you only have to get $500 to own the keys, you would find the money, wouldn’t you?” (Toby and Layla)
Here is one that I like to use: ” (Name), you said that if money were not an issue, then you would _____, _______, and ________. Now, if nothing else changes in your life, how long will it be for you to be able to do the things you want to do?” (Pause and wait for their answer). “So if you want to create change in your life, then something has to change.”
Help your prospect paint a picture of what life would be like for them if money were no object. Remember, it is more about them pursuing their dreams than it is about your product or service. Show them how the money is not an expense, but an investment in their future.
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