You’re too EXPENSIVE 💸

Key Concepts:

• Price objection handling
• Value perception
• Problem qualification
• Jim Rohn quote ("Don't minor in the major")
• Reversing the objection

Handling the "That's Too Expensive" Objection

The core strategy presented revolves around challenging the prospect's perception of the problem's significance when they object to the price. Instead of immediately trying to justify the cost, the speaker suggests implying that the problem isn't as critical as initially understood.

The "Misjudged the Problem" Approach

The recommended response to "That's too expensive" is: "I'm sorry, I think I misjudged the problem we're trying to solve. I thought we were trying to solve a really big problem that had an impact on your business, your marketing, your feelings about your company, whatever. I think I misguided that."

• Rationale: This statement aims to trigger a re-evaluation from the prospect. By suggesting the problem isn't significant, it prompts them to defend its importance.
• Expected Reaction: The speaker anticipates the prospect will likely respond with, "No, no, no, hold on, it is actually really important."

Challenging the Budget Constraint

Following the prospect's reaffirmation of the problem's importance, the speaker suggests highlighting the discrepancy between the perceived importance and the budget: "Well, it can't be because you only want to spend $200."

• Purpose: This emphasizes the mismatch between the stated importance of the problem and the limited willingness to invest in a solution.

The Jim Rohn Quote and Qualification

The speaker then introduces a quote from Jim Rohn: "You don't want to minor in the major." This is further elaborated as "You don't want to make a minor effort for a major goal, do you believe in that?"

• Explanation: "Don't minor in the major" means not to dedicate insufficient resources or effort to a significant goal or problem.
• Application: If the prospect agrees with the principle, the speaker proceeds to the next step.

Walking Away (If Necessary)

If the prospect doesn't align with the principle of investing appropriately in significant problems, the speaker suggests ending the conversation: "I'm just probably not the right person for you."

• Rationale: This demonstrates confidence and avoids wasting time on a prospect who isn't willing to invest adequately in solving their problem.
• Emphasis: The speaker stresses not feeling offended by this outcome, viewing it as a matter of incompatibility.

Flipping the Script and Retreating

The overall strategy involves "flipping it on them always." The speaker emphasizes the importance of reversing the dynamic and making the prospect justify their budget constraints in relation to the problem's importance. The speaker also mentions that by retreating a little bit, the prospect will possibly come back.

Synthesis/Conclusion

The presented approach to handling price objections centers on challenging the prospect's perception of the problem's value. By implying the problem isn't as significant as initially believed, the speaker aims to force the prospect to re-evaluate its importance and justify their budget. The strategy involves using a Jim Rohn quote to reinforce the idea of investing appropriately in significant problems and being willing to walk away if the prospect isn't aligned with this principle. The key is to shift the focus from justifying the price to questioning the prospect's commitment to solving a problem they claim is important.