Handling the Money Objection: Advice From 4 MLM Superstars

handling money objection

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.

If you like this post, please leave a comment below. I’d love to hear from you.  Feel free to “Share” on Facebook and ReTweet!

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6 Responses to Handling the Money Objection: Advice From 4 MLM Superstars

  1. Rick Herbst July 25, 2011 at 10:09 pm #

    Wonderful post Sarah!

    You’ve chosen to focus on the greatest challenge we all face in our industry. The key is also being able to sift and sort the people that are customers from the ones that are distributors or reps. Many marketers are still trying to shove the customer through the business funnel instead of flipping the funnel and allowing your system to hopefully sort for you.

    Keep on posting!

    Great connecting with you!

    Rick Herbst

  2. Sarah Bailey July 25, 2011 at 11:15 pm #

    Thanks, Rick! It’s also true that whatever we focus our minds on when speaking to prospects, we will also draw to us. Many newbies in the industry worry about getting certain objections, and that worrying in fact causes the prospect to bring it up! So if the distributor is worried that the prospect will say he has no money, then sure enough, after the presentation (no matter how good it is), the prospect will likely say, “great, but I don’t have the money.” When you have the right mindset, you will likely not get those objections. But having a few responses in your arsenal can help if it does come up.

  3. Pawel Stepien October 12, 2011 at 11:20 pm #

    great stuff Sarah…. Even though I had read MANY things about how to handle rejections, it is always good to refresh your mind about those easy yet profound techniques…
    Will be back for more…
    Pawel,

  4. Sarah Bailey October 12, 2011 at 11:41 pm #

    Thanks Pawel,

    Sometimes we learn so many new things, it is good to go back and as you say “refresh your mind”. Have a great night!

  5. Jackie Christiansen April 22, 2013 at 6:59 pm #

    Thanks for the article Sarah! It’s nice to see all the responses from some greats in mlm all in one post.

  6. Sarah Bailey April 24, 2013 at 5:59 pm #

    Thank you, Jackie! This network marketing industry has so many great leaders to learn from, you included! 🙂

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