HOW TO HANDLE THE MONEY OBJECTION WITH NEPQ
The money objection usually comes up in the Engage stage of the NEPQ framework, where you ask problem awareness, solution awareness, and consequence questions. These are the questions that help you uncover your prospect’s pain points, goals, and motivations, and how your solution can help them achieve their desired outcome.
The key to handling the money objection with NEPQ is to not handle it at all. That might sound counterintuitive, but hear me out.
The money objection is not a real objection. It’s a symptom of a deeper issue, such as a lack of trust, a lack of urgency, a lack of value, or a lack of authority. If you try to handle the money objection directly, you’ll only get into a back-and-forth argument with your prospect, and you’ll lose their respect and interest.
Instead, you need to dig deeper and find out the real reason behind the money objection. You do this by asking more questions, and using the NEPQ framework to guide your prospect to the realization that they need your solution, and that the money is not the real issue.
Here are some examples of how to handle the money objection with NEPQ, depending on the situation:
SCENARIO 1: YOUR PROSPECT SAYS THEY DON’T HAVE THE BUDGET
If your prospect says they don’t have the budget for your solution, you can use the following questions to handle the objection:
“I understand that you don’t have the budget right now. Can I ask you a question?”
“How important is it for you to solve [problem]?”
“What is the impact of [problem] on your [business/personal] situation?”
“How much is [problem] costing you in terms of [money/time/energy]?”
“What would it mean for you to achieve [goal]?”
“How would your [business/personal] situation improve if you had [solution]?”
“What is the value of [solution] for you in terms of [money/time/energy]?”
“If you had the budget, would you invest in [solution] today?”
“What is stopping you from finding the budget for [solution]?”
These questions will help you uncover the real pain and value of your solution for your prospect, and create a sense of urgency and desire. They will also help you find out if your prospect is the decision-maker, or if they need to get approval from someone else.
If your prospect is the decision-maker, and they agree that your solution is valuable and important, you can then move to the Transition stage, where you ask for their commitment to move forward.
If your prospect is not the decision-maker, you can ask them who they need to talk to, and how you can help them get the approval. You can also ask them to schedule a meeting with the decision-maker, and join them on the call to present your solution.
SCENARIO 2: YOUR PROSPECT SAYS YOUR SOLUTION IS TOO EXPENSIVE
If your prospect says your solution is too expensive, you can use the following questions to handle the objection:
“I appreciate your honesty. Can I ask you a question?”
“How do you measure the cost of [solution]?”
“What are you comparing [solution] to?”
“What are the differences between [solution] and [alternative]?”
“How do those differences affect your [business/personal] situation?”
“What are the risks of choosing [alternative] over [solution]?”
“What are the benefits of choosing [solution] over [alternative]?”
“How do those benefits translate into [money/time/energy] for you?”
“If you could see the return on investment of [solution], would you still think it’s too expensive?”
These questions will help you differentiate your solution from the alternatives, and demonstrate the value and quality of your solution. They will also help you show your prospect the potential consequences of choosing a cheaper or inferior option, and the potential rewards of choosing your solution.
If your prospect agrees that your solution is the best option for them, and that the cost is justified by the value, you can then move to the Transition stage, where you ask for their commitment to move forward.
SCENARIO 3: YOUR PROSPECT SAYS THEY CAN’T AFFORD IT RIGHT NOW
If your prospect says they can’t afford your solution right now, you can use the following questions to handle the objection:
“I respect your situation. Can I ask you a question?”
“How long have you been struggling with [problem]?”
“How has [problem] affected your [business/personal] situation?”
“How do you feel about [problem]?”
“What have you tried to do to solve [problem]?”
“How did that work out for you?”
“What are you going to do differently to solve [problem]?”
“How long can you afford to wait to solve [problem]?”
“If you could solve [problem] today, would you do it?”
These questions will help you empathize with your prospect, and show them that you understand their situation. They will also help you highlight the severity and urgency of their problem, and how your solution can help them solve it.
If your prospect admits that they need to solve their problem as soon as possible, and that your solution is the best way to do it, you can then move to the Transition stage, where you ask for their commitment to move forward.
CONCLUSION
The money objection is one of the most common and challenging objections that salespeople face. However, with the NEPQ framework, you can handle it effectively and persuasively, without being pushy, defensive, or desperate.
The key is to not handle the money objection directly, but to dig deeper and find out the real reason behind it. By asking the right questions, you can uncover your prospect’s pain points, goals, and motivations, and show them how your solution can help them achieve their desired outcome.
By using the NEPQ framework, you can turn the money objection into a positive outcome for both you and your prospect, and close more sales with less resistance.