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Podcast: Talk About Money!

Jun 3, 2024 7:00:00 AM

Matt hung up the phone after the bad news and couldn't believe that he had been beaten again because of his price. Knowing that he was not the lowest price on the block, he had given the prospect his best consulting expertise up front in an attempt to build his "value proposition", and then tried to save the money discussion for the end so as not to scare them away too early. He even voluntarily offered a 10% discount and some favorable terms in an attempt to win them over. After-all, it did seem like a lot of money they would be spending. 

Matt has certain beliefs about money that may come from his own personal money struggles or buying habits that makes him nervous and uneasy when talking about money or his prices. It hasn't occurred to him that not all his clients are buying every product or service at the lowest price available and that there will always be someone with a lower price somewhere. His inability to stand the money pressure is probably the reason he can't have the kind of true "business discussion" that will earn him the business. 


A low-grade fever caused by money discomfort can often be cured with a few mental and strategic treatments: 

  • Understand the difference between your money and their money. You aren't paying their invoices.
  • Talk about the tough stuff earlier rather than later. Ask them to help you talk about price, timelines or budget issues.
  • If you are worried about not being the lowest, then tell them that up-front when discussing expectations.
  • Develop a strong understanding of your own money matters so that it doesn't cloud your selling process.Talk in "round numbers" or "off the record" to get money issues on the table.
  • Spending $1,000 or $10,000 might seem like a lot to you personally, but it's usually a small blip to most businesses that are looking for value. Don't sweat the small stuff.
  • Be aware of symptoms that might be self limiting beliefs about money that keep you from being better than what you are. Do you discount a lot or constantly complain that your prices are too high? Are you happy just living off your current income and have no desire for more? 

Find ways to help yourself understand that there may be something just below the surface that is holding you back for reasons that might be very difficult for you to see.

Critical Thinking: 
How many money beliefs may be holding you back?

Could it be:

  • It's not polite to talk about money
  • The lowest price always wins
  • It's not wise to buy something unless you're sure you got the best deal out there

How do you shop? Do you shop the way you let your clients shop? Or do you know what you need and what your budget is to avoid all the shopping around?

Give it a thought and share with us if money thoughts and beliefs are holding you back.

The Drill
Final Thought for the Morning:

1. “Success is not the result of making money. Earning money is the result of success, and success is in direct proportion to our service.” – Earl Nightingale

2. “Too many people spend money they earned to buy things they don’t want to impress people that they don’t like.” – Will Rogers

Your Top 3 Goals & Tactics for the Week
LAST WEEK: Update us on how things went last week with your stated Goals and GD Tactics.
THIS WEEK: Please share your Top 3 Goals for this week and the GD tactics you plan to deploy