How To Think With Dan Henry Why You Must NEVER Believe Your Prospect Has No Money
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Have you ever heard the saying "Buyers are liars"?
We have all been the buyer at one point in our lives, and most of the time, when we are faced with a larger purchase, we get uncomfortable.
So we make excuses, and we "lie" about why we can't make the purchase.
Why?
We all work hard for our money, and we don't want to part with it!
If you let those words dictate your belief, you will lose the sale. 99% of the time, when somebody says, "I don't have the money," it's just not true.
Even if they initially believe that to be true, the potential client usually can and will find the money once you can show them how the investment makes sense for them.
Don't let that "lie" be a reason you don't make a sale! Let me show you what to do instead.
In this episode, I am going to cover:
- How to move forward with a sale even if the prospect says they have no money
- How to reframe your thinking instead of losing the sale
- How knowing the difference between selling and closing can help you make the sale
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— TRANSCRIPT —
In today's episode, I'm going to talk about why you must never believe your prospect has no money because they do.
All right. One of the biggest issues I hear is, Oh, my clients, or my prospects, or my audience doesn't have the money. And look, this is just the biggest lie ever. It's a lie on your part. It's a lie on their part. Everybody's lying okay because that's just not true. And I could go through example after example.
We've got a client named Bruce. He said that to me when he first came on as a client, and he said, "You know, I sell to musicians, but I only want to sell my stuff for like a couple of hundred bucks 'cause my audience doesn't have any money they're musicians." And you know, our response was, "Well, do you know why musicians don't have any money? Because they spend all of it on being a musician." The truth is everybody has money, or they can get it. It's just the way it is. We actually got him to raise his prices, like 10X his prices, and he's made hundreds of thousands of dollars with his offer to musicians. So, and it's not even like a make money offer or anything like that. And so, you know, that just goes to show you, but I digress.
The point I'm trying to make here is when you're on a sales call or just when you're thinking about your audience, you cannot accept the fact that they say or that you think they have no money for two reasons.
Number one, the second you believe they don't, you have lost the sale. So whether they do or they don't is completely irrelevant because if you believe they don't, then even if they do, you'll lose the sale. All right. That's number one.
Number two. Let me tell you a quick story. This just happened to me the other day. I was online, and somebody messaged me, a guy named Jesse. He's been following me for years, literally years. Since I owned a bar like, I mean, this is like ancient history in Dan Henry land. He's like, "Man, I've been following you since he owned a bar," this and that. And I said, "Oh, that's cool, man." I remembered him because I remember him commenting on my posts like five years ago. And he's like, "You know, I've been thinking about your program," and I go, "Well, I'll tell you what, since you've been following me for so long, I'll take the call with you." So, and I'm not going to say his last name, 'cause I don't want to call him out like that. So we'll just say Jesse, say his first name.
Great guy. Awesome, awesome, fun. Very nice guy. But you know, he gets on the phone, and he tells me that he owns a software and that his software is and I'll keep the specifics out for his privacy, but it's a software, it's a tool that teaches people how to create a specific type of business. And they use the software to facilitate that business. And so he says, "You know, I wanted to join your program cause I've been stuck. But you know, you doubled the price. You went from five grand, ten grand and, I've just, haven't been able to get over that." I said, "So how long have you been thinking about it?" He replies, "Oh, I've been thinking about it for a year. I just couldn't get over the fact that you raised it by five grand."
I said, okay. And so I asked what he did, and he told me about the software, and I said, "Well, let me ask you a question. How much do you charge for this?" He says, "It's like 150 bucks a month." I'm like, "Holy moly, 150 bucks a month. I said, well, are your people getting any results?" And he said, "Yeah, one of my guys, one of the people we taught you know, last year they did a million dollars with their business, and they took home about two to two-fifty. I said, "Let me get this straight. You helped somebody make a net quarter-million dollars, 250 grand in a year, the first year. And you charged them 150 bucks a month?" And he's like, "Yeah." And I'm like, "Bro, no. You should be starting 10K for this. 10K per year, easy, easy, you know?"
And he's like, "Wow. You know, I just can't get my brain around that." I'm like, "Kind of like how you can't get your brain around a measly $5,000 price increase for my program?" And he goes, "I guess so, man." You know, so I talked to him, I said, "Well, what's your revenue at?" And he tells me. His revenue's good, it's really good. He was like at six figures a month. And I said, "You know, bro, like you're at six figures a month, and you're number one, hemming and hawing over five or ten grand. Number two, you're even considering that versus my higher-level program, which is 55,000 per year. I don't understand, you know, how much have you spent in the past? How long have you been in business?"
He says, "Oh, I've been in business for four years." I asked, "Well, how much have you spent on learning how to grow your business?" He says, "Oh, about 40 grand." I said, "40 grand? So you spent ten grand a year on growing your business and on learning great business." And he's like, "Yeah." I said, "Well, has it grown?" He replied, "Well, no, not really." Oh, shocking. And so I talked to him, and I got some more information. I said, "All right, look, I was going to sell you this $10,000 offer today." And he's like, "No, yeah, I want it. I want it. I got the money. I finally got it." I said, "No, no, no. If I sell you this $10,000 offer, I'm going to be enabling you. I mean, it's like your crack head, and I'm just giving you a crack rock. I mean, you're at six figures a month. You need higher-level help. So here's the deal. I'm going to sell you my $55,000 per year mastermind, or I'm gonna not sell you anything. Because if I sell you the 10K program, will it help you? Yes. But it'll also be enabling you to spend pennies on your business when you expect mountains of gold in return."
And so, you know, again, this is a guy who literally took a year to get over the fact that there was a $5,000 increase. So you might be thinking, as a salesperson on the other end of the phone at this point, there's no way this guy's going to buy 55 grand, no way, no possible way. Right? Because he's hemming and hawing over five grand. And so he says, "ell, he says, I get what you're saying. So you could really teach me how to sell this for 10K?" I said, "Absolutely. This is what I do. Like, I've done this a million times over. I do this all the time, another day at the office. Absolutely." So he says, "Okay. Maybe if there was like a really good payment plan, but there's just absolutely no way I could pay the 55 K today." And I said, "Okay."
And I, to be honest with you, when people say that to me, I don't even acknowledge it. I don't. I pretend you never said it because you're lying, okay. Buyers are liars. Okay. Buyers are liars. I'm a liar when I'm a buyer. If I go to buy a new car and somebody is like, well, you can get this one instead, but it's this much more. I'll probably say something like, oh, I don't have the money, which is total bull crap.
I just don't want to spend it on that darn car. You know? And I don't want to admit that, that I just don't want to, you know. So all buyers are liars, and I'm not trying to say that my prospects are liars. I'm trying to say that all of us as human beings when we're presented with buying something, we immediately start lying. You know, because it's just such a weird thing to buy something and give a bunch of money to somebody, no matter what you're getting. And you just as a sort of knee-jerk reaction, you just start lying about stuff. It's an old saying in sales. Buyers are liars. You know, how do you know when a buyer's lying? When his lips are moving. You know, there's all these jokes. But the thing is, jokes aside, it's true.
And so he says, you know, pay plan da, da, da. I said, "Listen, the reason why we have such high performers in this group, why everybody's at the utmost quality in this mastermind is that everybody sends a wire for 55 grand. There are no payment plans. There's no funding. You got the money, or you don't. I mean, I guess you could get funding, but the point is that you either have the money, or you don't. We don't do payment plans." And he goes, "Okay, I see." And I said, "Listen, you're going to be really mad when we raise it to a hundred grand because that's what we're doing. We're raising it from 55 to a hundred, not like in the next couple of weeks or anything, but it's happening this year. We're raising it to a hundred grand per year."
And he goes, "Wow." You know, so he asked a few more questions. I tell him a few more concepts. I say, "Well, listen, you know do you hike?" And he says, "Well yeah, I used to," I said, "Okay, would you hike to the top of Mount Everest without a guide? Or would you hire a guide to take you up there to know the right path?" He says, "Oh, I would absolutely hire a guide." I said, "Well, why, why would you hire a guide?" He said, "Well, because if I don't, I'm probably going to fall. I'm probably going to go up the wrong area on the wrong path. I'm gonna fall and die." I said, "What makes you think that's any different with your business?"
You know? And I just sorta go through a few of these beliefs, busting analogies, and all of a sudden out of nowhere. And again, this is the same guy that literally took a year to get over five grand. The same guy who said there, no way he could afford 55 today. No possible way. He goes, "Okay, I'm in." Not only does he say, okay, I'm in, but he literally wires the money 10 minutes later. I've never had somebody wire the money that fast. People usually take a day or two. You know, they go to the bank, yadda, yadda, yadda. My assistant Alice sent him the wire instructions. He must've done it online literally ten minutes later, and we received the wire. Ten minutes, that's the fastest anybody has ever wired money from the guy that said he didn't have any, couldn't afford it, and hemmed and hawed for a year over five grand.
Now, what is the moral of the story? And keep in mind that this guy's awesome, right? He's a really nice guy. He's a great entrepreneur. He just had this one little sticking point around money and investing in himself. And I helped him get over it on the call. But the point is that buyers are liars. And if you sit there and you let what somebody says with their mouth dictate your belief, you will lose the sale. If somebody says, I don't have the money; you don't say to yourself, Oh, they don't have the money. I guess they can't make the sale. You say, how can I show this person that this investment makes sense for them? Because 99% of the time, when somebody says, I don't have the money, even if they think they don't have the money, they really do, or they could get access to it.
You know, I often say, well, let me ask you a question. Let say the offer is ten grand. I say, if I give you a brand new Lamborghini for ten grand, would you buy it? Yeah. Would, could you get the money? Yeah, I would. Okay. So you can get the money for a fancy car, but you can't get the money for business coaching that you need to grow your business and take care of your family? Oh, you're right. See what I'm saying right there. Boom done. Okay?
So the thing you have to understand is that you can't believe they don't have the money because if you do, you've lost your sale. And if you have a sales team, you can never let your sales team ever utter the words. They didn't have the money. They don't have it. I don't want to hear that. Okay? And maybe here and there, people actually don't have the money, right? Or maybe the logistics are too heavy for them to get or access the money, or maybe they have no credit, and that's fine. And those things do happen. But they're so rare compared to the people that say that they don't have the money and actually do have the money. They're a fraction of that. And so there's just no reason to even acknowledge that. That's a thing because you will immediately get in the mindset of, I don't need to make this sale because the person didn't have the money in the first place. Therefore it's an excuse not to close.
But we got this guy in, and he wired the money, he's in, and I'm going to help him. He's got a great offer, a fantastic offer. I'm going to help him grow his business. I've actually helped some people grow similar businesses to his, so I knew I could get him results. And there you go. And so I look forward to helping him really skyrocket his business and raise his prices.
So I hope this episode has helped you understand that when people say they don't have the money, 99% of the time, that's just not true. And you simply need to get them comfortable with making the investment. Remember, selling and closing are different. Selling is the art of persuading somebody to buy something. Closing is the art of helping someone to become comfortable with the idea of separating themselves from their money to purchase something they already want.
So I hope this was helpful. And remember, if you need help growing your business, whether you're a professional, you're an accountant, a lawyer, you're a consultant. You sell an online course, a mastermind, a service, web design done for you, SEO agencies, tax planning. It doesn't matter what it is. If it's a service that enriches somebody else's life in some way, we can help you grow it. You can go to getclients.com and check us out. So hope this helped. And I'll see you in the next one.