If you are having difficulty getting clients to pay the fees you deserve, then you can use this savvy and super simple technique to finally overcome client fee objections.
I've talked before about the difference between price and value. When I wrote an article about my attempt to save $50 on a diagnosis fee for my computer, I took the cheaper deal. I ended up having to pay more in the long run. Plus I lost a week's worth of time from work.
Difference between price and value
Despite what you may believe, everyone understands the difference between price and value because we've all suffered the consequences of trying to save money on something important and then been disappointed in the end. It’s easy to forget. But we need to remind potential clients constantly so they gravitate towards putting value over fees alone. Today, I’m going to talk to you about how the psychology of asking questions can bring a potential client around to happily paying higher fees in exchange for higher value. You can use this technique to overcome client fee objections.
Answer this ONE question for me first …
Have you ever read a single article or document that changed your life the moment you read it?
Hold that thought as you read through this blog. Okay, ready to hear the secret of how to overcome client fee objections?
Psychology of ‘How'
I am going to talk about the psychology of HOW. Every time we think back to a specific memory, we are inevitably transported into the emotional state that is connected to the memory. As an example, do me a favor and think back to the greatest, most miraculous achievement you have ever pulled off. I’m talking about the one that changed how you see yourself … the one that changed how others see you.
Got it? Good, now take just a moment to fully relive that moment in your mind. Answer these four questions to help you get there …
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- What was that achievement?
- Why does it mean so much to you?
- What did you learn from your success?
- How did it make you FEEL?
Have you fully fleshed out your memory? When you have, continue reading.
What was your answer to #4? ‘Proud'? ‘Unbeatable'? ‘Successful'?
For you to answer my questions, you have to first go back to that specific memory to achieve the feeling you’ve associated with it. In other words, you can trigger any emotion by ‘unpacking’ a memory that contained it.
To prove to you how powerful emotional triggers are, I’ll tell you about a group of researchers that did a study to find out if they could change response rates by inserting one emotional question in front of a script. This is the gem in attempting to overcome client fee objections.
‘How' in action
First, the researchers just approached people and asked if they would be willing to complete a survey and provide their email address. During the first phase, only 33% of those asked agreed to take the survey and provide an email address.
For the second phase, researchers changed it up by asking participants this question BEFORE asking for their contact information: ‘Do you consider yourself adventurous?' Amazingly, 70 out of 72 people said ‘Yes,' took the survey, and gave an email address willingly. The response rate in completing the survey shot to almost 97% just by asking that question first and creating an emotional trigger from the participants. They were much more willing to do the researchers' bidding. Why? The researchers made them FEEL differently about doing it.
Control the focus
By asking the right question beforehand, you can change someone's emotional state and, therefore, their receptiveness to a new idea.
People think the person who answers the question is the one in control. Yet, in reality, whoever is asking the question controls the conversation because they control the focus.
Every memory you access will move you temporarily into the same emotional state you were in when that event happened. Our state determines our decision-making ability and outcomes. If we make decisions from a state of fear, they will be different than those we make feeling bold, courageous and adventurous. The best part is that this technique can be used in virtually any sales or selling situation when your main objective is to overcome a client objection and/or change their buying thought process.
Focus on the feeling
Them: ‘Mr. Petrie, your fees are very high compared to my next door neighbor’s, who is also a new architect –– what do you say to that?’
You: ‘Well, sir, my last five projects have all come in on time and on budget. I don't take risks. Have you ever taken a risk before and got burned?’ (wait for an answer)
Them: ‘Yes.’
You: ‘And what was the first thing you said to yourself when the thing you feared most actually happened?’ (wait for an answer)
Them: ‘WHY did I take that stupid risk? Don't take risks with things so important.’
You: ‘If the guy who said that was here right now and watching you make one of the biggest decisions of your life, like who to trust with your $400,000 renovation, would he change that advice?’
Before you ask for BIG decisions, you need to trigger BIG emotions that work in your favor. To trigger big, decisive emotions, you need to have the other person unpack memories of the past in which they felt those emotions. For that, you need a good question.
Ask the right questions
‘Have you ever procrastinated on something and missed a great opportunity you still regret missing? … Really when?’
‘Have you ever made a decision that scared you but you did it anyway and still achieved a major success? … Really when?’
‘Have you ever taken a risk by going for a cheaper option and wished you hadn’t? … Really, when?’
Questions control focus. Focus controls emotions. And emotions control the decision to buy.
Questions are the most powerful tool of influence on the planet and can be the answer to finding happiness, a lifelong partner or winning clients who would have never imagined the risk of paying cheaper fees.
Want to know more?
Now, take the TWO-question survey again.
1. Have you ever read an article or document that could change your life the moment you read it?
2. How would you feel if you had just read it?
What are you going to DO next?
Now that you know our secret, you can read more on busting client objections to keep your momentum going and overcome client fee objections!
Happy Marketing!