HTSS59 - Money is emotional and it leads to objections - Scott Sylvan Bell

Money is emotional and creates objections

You will hear the phrase people buy with emotions and justify with logic. What is important for you to know is that the emotions doesn’t go away after the deal is made. There is hopes and feelings what has been presented will be accurate. The expectations are set for the performance of the good or the product.  

The 5 elements of a purchase

When someone makes a purchase there are 5 things that could be included in the deal. You will want to take a look at:

• Time
• Effort
• Energy
• Risk
• Status

Buyers want to be made whole when they buy from the promises made. Indemnity is a term from the insurance world and it means to be made whole. A buyer wants to know their purchase is worth the money they have spent.

The risk reversal solution

The question is if there is a problem how hard will it be to get the money back.  This is why people search for 100% money back guarantee

Even with risk reversal there is still a hesitancy to make a purchase. For consumers money buys us necessities and with no money there are no necessities.

How status plays with the mind of consumers  

In everyday life status gets us just about anything we want. You want to see how your buyers status is changed from your purchase and who you can lose status with.

• Time – we can buy time back – cut in line
• Attention – we can see other powerful people
• Action – we can buy something we need

How judgement of others influences purchases

People judge us by our status and stature and how we use it.  People may vocally despise wealth but internally crave it and the attention it creates.

When people makes a purchase they want to be seen as not just smart but also rich and wealthy. Consumers want to be seen as good decision makers, they don’t want to be seen as not smart with money. Thy don’t want to look bad to others, especially in the eyes of peers. When they make a bad decision they may have to answer to someone.  

The buyer may have a job on the line that job took time, energy and effort to get. To lose this job is to lose stature in the eyes of the peers.

The tie to money and emotions

Depending on how much is on the line is how high of an emotional issue the money is tied to.  Money is emotional for what it can get you as a servant and where it can get you. People worry if their money will last them as long as they will be alive or if the money will disappear and they will lose everything.

There is real fear built around the accumulation of money as well as keeping it.

A few tips about dealing with buyers  

There will be times where you have to deal with a client or a buyer who is upset. There are some clues as to what the buyer is really saying when they complain to you about what is going on:

• If someone starts with their age and how old they are – it’s a money issue
• If the person says its not about the money – its about the money – that’s a camouflage

Most objections are chased after and not understood. The reason why this is so important is because most salespeople overcome the wrong objection.  Status is the underpinning of most sales objections.

You do have to take care of your buyer. If you emotionally rip someone off they will do everything they can to destroy you. You have responsibility to do the right thing.

 

Scott Sylvan Bell

@scottsbell

#sales #closer #success #podcast #Howtosellshow

This episode was recorded in Sacramento California