I touched on this very thing in the Closing/Overcoming Objections Series and I’ll do it again here because it’s one of the most common objections and frequently asked questions in network marketing training.
Today Lilianna from Slovenia says: “Hi Matt I’m Lilianna from Slovenia and I just adore your Motivational Mondays and Ask Me Anything Videos. Most of the people I present my network marketing opportunity to say no for one reason. They say to me they like the opportunity and it looks great but they have no money to join.I have a question and this is really a problem to me. How do you respond in a situation like that? I will be very grateful if you can help me solve this problem…”
Basically it’s the Overcoming The Money Objection in Network Marketing – Part 2! And of course if you have not watched the Overcoming Objections in Network Marketing Closing Series I highly recommend you watch those here:
Episode 1: How To Overcome Objections in Network Marketing – http://youtu.be/TSKQ1wUhNQQ
Episode 2: Framework For Overcoming Objections – http://youtu.be/IvB_9ks9sGA
Episode 3: Overcoming the, “I don’t have the money” Objection – http://youtu.be/5TBRGlS428M
Episode 4: Overcoming the “I want to think about it” Objection – http://youtu.be/GweTpNeb5_4
Episode 5: Overcoming the “I want to talk to my spouse” Objection – http://youtu.be/x1SKUt3IBLU
Episode 6: Overcoming the “I don’t have time” Objection – http://youtu.be/qsx12A0wgSI
Episode 7: Overcoming the “I’m not a sales person” Objections – http://youtu.be/k8wlHNwsFzg
So we go back to the framework for overcoming objections in network marketing and it usually goes something like this: (I’m going to lay this out as a script to make it easier)
You: “You know I totally hear where you’re coming from but tell me this. Do you REALLY not have the money or is that just your polite way of telling me no?”
Them: And in most cases, there going to say, “No, I just don’t have the money”
You: “Well, tell me this. Do you WANT to do this?”
IMPORTANT: Then you just WAIT! Because if they really don’t want to do it, you’re job is to sort not sell and go find someone who DOES want to do it. What you’re looking for at this point is for them to start selling you on them wanting to join the business.
If they don’t want to do it, you’re done here and it’s time to move on.
If they start selling you on the idea that they want to do it, you proceed.
Them: “Yes, I really do want to do it!”
You: “Are you SURE? Do you REALLY want to do this and do you want to make it work for you?”
You want to have them tell you a second time, “Yes! I really do” At this point you’ve gotten them to convince you twice that they want to do it.
Now you’re job is to become a consultant. Help them find a way to get what they just told you they want.
Here are some methods to use to help people get a clear perspective on their perceived limitations. What you have to understand is that most people just don’t think with a “can do” attitude and it’s become your job to help them develop that mindset moving forward.
And when you focus on the fact that that attitude will not only get them what they want from the business but will greatly enhance their life, you’re doing them a HUGE service and it’s something you can be proud of.
You’re not selling them on the business, you’re consulting them on their own hidden ability to create what they want out of life!
You: “Let me ask you this. If I could sell you a brand new $150K Ferrari for $500 dollars BUT you had to come up with the money in the next 24 hours, would you buy the Ferrari?”
Pause and wait for an answer.
Them: “Of course I’d buy it!”
You: (Consultant mode) “Obviously you CAN come up with the money so let’s help you! What do we need to do to help you come up with the money in the next 24 hours? Because we want to get you into a situation where you become financially free and you can one day buy that Ferrari!”
Another option is to go into coaching mode and just coach them.
For example you’d say something like this:
“Is where you are financially right now is based on the decisions or lack of decisions that you made 2-3 years ago and where you are financially 2-3 years from now is based on the decisions or lack of decisions you make today. So my advice to you is to make a decision to come up with the money in the next 24 hours so 2-3 years from now you you’re still not in the same situation of not having the money to get started. Does that sound fair?””.
Come from a servant attitude. People don’t care how much you know until they know how much you care.
Always approach this with the mindset that you’re helping people because you are! Helping them get over limiting beliefs, helping create opportunity. Helping them create a “can do success based attitude”. And helping them take a step down a path that leads them to a life they always dream about but never take action to create!
The bigger problem is this. If you’re getting that objection a lot, you’re presenting your network marketing opportunity to the wrong people. You need to recruit up!
None of the top leaders in my company had an objection. They saw it, liked it, and got started right away.
And finally if someone can’t come up with a couple hundred dollars, I just get real with them and give them an opportunity to get real with their situation and ask them:
“How does that make you feel?”
Then I tell them, “This is my advice to you. Why don’t you come up with the money and you team up with me and I’ll get you in a situation where you never have to worry about $500 dollars ever again in your life! Sound good?”
Also, be sure and watch the Closing Series where I cover how to overcome all of the top objections in network marketing!
Thanks for your question Lilianna, “How To Overcome The Money Objection in Network Marketing” and look out for an email from my team with your free copy of my Abundance For Life program!
Make Life An Adventure!