What does it sound like?
“It’s too expensive!”
Where does it typically tend to show up?
Closing Call: selling an Approval to a prospect.
What do we do with it?
Turn around. Key Objective: to turn around the objection, engage the prospect further, and continue to guide through the sales process to ultimately close and fund!
How do we turn it around?
“Too expensive?” (Shut up and wait 3-5 seconds.)
Wait! How can asking this one question turn this whole objection around?
This is loaded objection that must be totally unpacked, prioritized and handled piece by piece so you can best serve the merchant and consult them through next step and fund!
So, this one question will most likely not turn around the objection by itself – but it will get you started down the right path.
A series of well positioned strategic questions will be the tools you need to turn this objection around.
With a business financing product, there are multiple variables that go into what “expensive” really means to the merchant. It is crucial to help them deconstruct and organize it all to really get to the heart of what is holding them back.
Why do we say it?
You are taking the last words they spoke as part of their objection and just mirroring it back to them in the form of a question. This takes the hot potato they just threw your way and thrusts it back in their hands.
Now they must elaborate on what “too expensive” means.
Is it the rate?
Is it the payment?
Is it the total payback?
Is it the origination fee?
Don’t jump at any assumptions before the merchant spells out what they mean exactly.
Sometimes the merchant knows exactly what they want and what will truly not work to achieve their Key Business Outcome. And sometimes, the merchant is very fuzzy and needs help with the numbers. Thankfully, you are the Funding Pro, their Trusted Advisor.
Sometimes just mirroring their last words to them in the form of a question can allow the merchant to spill everything you need to help them turn around the objection themselves. The power here is in the silence after you ask the question, its in the listening.
They may know exactly what they are talking about, or it is a gut reflex, or a negotiation ploy. Allow them to speak their mind, listen and collect all pertinent information that will allow you to follow up with even more effective questions that will help you close the deal…
Always Be Funding!