"I Don't Have the Money" — Is It the Truth or an Excuse?
Determining if your prospect has hidden objections or is looking for a way out
Tim Sales of Brilliant Exchange
Adapted from a Tim Sales Newsletter.
Used by permission.
"I don't have the money" is an objection that comes up with a considerable degree of regularity. This objection arises for of three main reasons:
1) The prospect really doesn't have any money.
a) The prospect has gotten himself into a situation where he's living paycheck to paycheck. His bills equal his income; or worse, every month, he goes deeper and deeper into debt.
b) He's a disciplined saver, and has not budgeted money towards a business. He hasn't yet to understand the difference between an asset and a liability.
To clarify this: An asset is something that pays you. A liability is something that costs you — or you pay. Regardless, shortly into the Invite call, they will ask you, "What's this going to cost me?" or, "How much does it cost to join?"
2) The objection has to do with an unexpressed objection.
This is an "easy out" to the prospect. Instead of telling you his real objection, he tries to get rid of you by claiming, "I don't have the money".
3) The objection is used as an excuse not to go after what he wants.
In this third reason, "I don't have the money" is used similarly to reason #2, simply as a way to get himself off the hook.
You see, the similarity of #2 and #3 is that the prospect uses "no money" as an excuse. The difference between #2 and #3 is that, in #2, the excuse is for you; in #3, the excuse is for him. A phrase like, "It takes money to make money", or something similar, rolls around in his head, and he believes it. So, another way to view #3 is that it's a frame of mind objection similar to the "I don't have time" objection.
As you can see from these three versions of the objection, if you are to truly help your prospect, you need to find out which objection your prospect really has. Trying to handle the wrong version can end up being messy. But, by correctly identifying the right version of your prospect's objection, you can help him get past it, and achieve what he wants.
Finding the right version of "I don't have the money"
Obviously, we need to ask the prospect questions to determine which version of the "I don't have the money" objection they have. But also, you should include in your thinking everything you already know about the prospect. Money is sometimes a pride issue, and probing the prospect on the subject can upset him. So, ask questions gently!
What do I mean when I say, "Include in your thinking everything you already know about the prospect"? If, during the Qualify step, he's said that he needs to get out of debt, and then he tells you that he doesn't have the money, this is consistent; so, you don't need to dig and risk upsetting the prospect. You know he's a #1.
On the other hand, if during the qualify step, he says that he makes good money; but, he just wants time freedom, then later in the conversation, he says that "he doesn't have the money" — that's inconsistent. He perhaps fits into version #2 — he has an unexpressed objection.
And, to give you an example for #3, if the prospect says "Money is tight, so I can't spend any on this; besides, money is the root of all evil". That would be an example of version #3.
Handling the "I don't have the money" objection
The real art to handling this objection is in the questions you ask that prompt the prospect to tell you what's underlying his objection. You can learn more about this on Professional Inviter or my weekly conference calls.
You must also remember that, you will fail at trying to handle this objection if you have this objection. It takes an understanding of money to make it. Therefore, please watch the Internet-based movie I created called, What the Poor, the Middle Class and the Wealthy Buy on Payday.
For those of you who have Professional Inviter, there is a coupon inside that gives you a free month to use both this movie, as well as Brilliant Compensation online. Or, if you are a subscriber to the MLM Brilliance movies, it's available there also. And, if you don't have either … and claim you don't have the money … determine which version of the objection you have and handle it! :)
You can see a short preview by going here www.mlmbrilliance.com and clicking on "Watch Movie Previews" in the left hand column. You won't see the entire movie, but at least you'll have an idea.
With all my respect,
Tim Sales
Discover the fixes to all your Network Marketing problems
in Professional Inviter.
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About the author:
Tim Sales helps network marketers gain the skills necessary to be successful in MLM. His MLM training is based on his personal success of building a downline of 56,000 people. Instantly access Tim's free MLM training and learn the steps to achieve MLM success at www.brilliantexchange.com/mlmtraining.
