Have you ever wondered, “How do I overcome fee objections?”
My short answer is, “Begin at hello.”
From the very beginning of the relationship, understand why money is important to your prospect. What are their goals and dreams and aspirations? You now know what they value. Then organize the conversation around your commitment to helping them achieve these goals.
When you get to the fee conversation, you can ask, “What is the value of replacing late-night worries with certainty that you are moving closer to your goals?”
Wealth-building information is ubiquitous. However, judgment and discernment are hard to find. if you are the person addressing the question, “What does this information mean for ME?” you now have value in today's market.
When a prospect objects to your fee, they are really saying that they do not see the value you deliver.
I was catching up with a friend who was telling me how the COVID pandemic is impacting her life. She said, “And I lost my doctor.” I asked, “What happened?” She said, “He left the clinic to join a concierge practice.”
I pointed out that he had not moved across the country; she could still see him. She said, “I’m not going to pay $20K to join his practice. That’s just too much money!”
Let me interrupt this story to say that this woman inherited tremendous wealth. While she is frugal, she easily spends $20K on the weekend travel adventures she hopes to resume in the near future.
Further, she’s been in the painful situation in which she's gone from doctor to doctor solving loved ones' medical mysteries.
So, why wouldn’t she sign up to be part of her doctor’s concierge panel?
My guess is that no one laid out the value of being a patient in his concierge practice.
What if someone asked her, “What would you pay to have your doctor’s private cell phone number you could call day or night for any health concerns that may arise?” Or, “What is the value of being able to spend more than 10 minutes with your doctor if you need it?” Or, “How much would you pay to have access to a doctor who will identify and vet the best medical treatments?” My guess is that she would have happily paid the fee to join the concierge practice, because now she sees how this doctor would make her life better and easier.
Focus on how YOU can make your clients’ lives better and easier. The clients you want will see your value and never question your fees.