Sept. 22, 2023
Ep 162 - Price Objection Beatdown
Ever felt the powerful healing effect of a sunset over an ocean or the tranquility of a secluded forest? Join us on an unforgettable journey as we explore the profound impact of nature on our overall well-being. We delve into our personal experiences with nature, emphasizing how essential it is to step away from the daily grind and immerse ourselves in the simple pleasures of life. Plus, we discuss the importance of sharing this profound love for the outdoors and inspiring others to experience the wonders of nature.
But that's not all! We turn our attention to the world of sales, discussing the nitty-gritty of customer service, tackling price objections, and the significance of clear communication. Discussing Alex Hormozzi's $100 Million Offers equation, we underscore the need to reduce time, delay, effort, and sacrifice to ensure customer satisfaction. We address the criticality of giving customers options and standing behind our services with lifetime guarantees. We delve into the subtle art of reading customer hesitation and empowering them in their purchasing choices. So, are you ready to take the journey with us?
Join us LIVE 5 days a week on the Facebook Community page:
https://www.facebook.com/groups/electricpreneursecrets
And see us and our stories and wins at:
00:02 - Price Objections and Appreciating Nature
08:17 - Complete System Infrastructure and Pricing Discussion
12:32 - Importance of Clear Communication in Sales
WEBVTT
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Hello, hello, hello, welcome back.
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It's another fantastic Friday, joe.
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I am pumped to be here.
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Just a couple of master electricians with business addictions coming here to help you Five days a week, master your sales, simplify your pricing and deliver premium-level electrical service on the Electricpreneur Secrets podcast.
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I am so pumped and there's something that keeps happening, joe, I need to share with you.
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Just quick, bile me, go ahead.
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You know how sometimes we say there's going to be a test.
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We're going to ask you what I say on every episode.
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Sometimes it feels like I'm failing that test, but recently there's been an answer on that test that makes me laugh every time.
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Oh, please tell me, what is it.
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I ask them you know what I say?
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Do you remember what I say at the beginning of every episode?
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And they go hello, hello, hello.
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Oh my God, You're kidding me, that's the thing that sticks.
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That's what sticks?
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I guess that's the thing.
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That's the first thing you hear when you listen, and so it's really echoing.
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I'm hoping people aren't hearing that when they wake up first thing in the morning, but hey, I can't control that.
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Wakey, wakey Eggs and bakey Got no problem.
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Let's rock and roll.
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Oh, man, and as the weekend's coming up, I mean we've kind of covered this TGIF problem before.
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I try to appreciate every day, but we were just talking about some stuff behind the scenes that I felt warranted being talked about.
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Live as well, and that's your pure enjoyment of the back country, right?
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Yeah, I was going to say surprising that some people, you know, didn't know that about me.
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But I really really really like just being dropped off in the woods, like it's a weird thing, but like I grew up in a little bit more rural, it's like it wasn't rural but at the time it wasn't developed.
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So there was all this like like private reserve property and state land and as a kid I would just go, I would just literally just go out into the woods until my parents would eventually call.
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But like different world.
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Now right, Different world?
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Yeah, it's.
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You know, I've been in the 90s Like what are you going to do?
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But like I love it, I love it and I can't wait to come up to Canada and just be just out there with you.
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Man, it's going to be great.
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Oh man, we got some stuff that will blow your top off.
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I'm the same way as you can imagine.
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There's Canadians who aren't I don't really understand it, but there's a lot of people who do not get this whole thing that we're like a mass of land mass with a pretty small population.
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Really, I think every Canadian's got something like we measure in kilometers here, but probably something like two square miles per person in this country.
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It's crazy.
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That's a good, solid deal.
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I mean I would love to not be around as many people, so like if there was a way that we could have more land and less people with it.
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Oh, like that's the dream Cause I can imagine.
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It's quiet, it's serene, it's not trashed.
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You know, people take care of the property.
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That's nothing's worse than going to beautiful land and seeing a scenic waterfall.
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And like going deep into the woods and then find like an old car.
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You're like come on, who did this?
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Well, if we had a country with just electricians in it, it would probably have a pretty low GDP because of these price objections.
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You're setting me up on this one.
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Beat down.
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I do want to say man, I love the bad country and, quite honestly, as business owners we tend to neglect those needs, but I consider it a need.
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In fact, the other day I even had an epiphany that was like it might be time to go to the ocean again.
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It's just been a, it's been a minute.
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You know what I mean.
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There's something soothing about just the endless tide and the horizon out there.
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You ever feel that way.
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Actually, yeah, I was very specific view about the ocean, if you don't mind me touching on it quick.
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The ocean is healing, the ocean is constant, the ocean is stable.
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I Go to the ocean to center.
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Hmm, I love doing yoga on the beach.
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I love waking up and doing morning meditations and doing prayer at the beach and like really just Acknowledging what's there and it's a beautiful thing.
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But also the salt water itself is very healing for the body.
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So, like I, I love going and just submersing in the water, just sitting there and knowing that any kind of ailments I have, like cuts and bruises and scrapes, are gonna get healed up and Antibacterial features as well.
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It's really cool.
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It's just the oceans an amazing thing.
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Absolutely.
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Man Couldn't agree more, and I love the river and stream fishing.
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That's my, that's my jam right there, but it's been years since I've really gone and done it.
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So, tisk-tisk, I got a shape up and get that going.
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We were talking a bit about that.
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What would be wrong of us to share that with all of our viewers and listeners, to maybe encourage them to go and do a bit of the same by all?
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means I mean, hey, and we get more people in the bush, I can't see it being a problem.
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I mean, right now I'm just happy because I can see now.
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So I'm just happy, man.
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I had the new glasses.
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Looking fresh, brother, looking fresh.
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Thank you, you're not crying, I.
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Know right, it's like one of those crazy things or people like why are you tearing up?
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It's like I swear to God I'm not being emotional.
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I am emotional, but it's that literally the way my eyes are set up.
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If I stare at a screen too long, my eyes water.
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But now I've got, like these, superglasses that'll filter everything out and can actually see the way I need to see.
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So it's great.
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Well, brother, I gotta let you know Gary Fan is with us, live in the Electripreneur's Secrets Group.
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He says we should stop bragging about Canada and how beautiful it is.
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So we're gonna go ahead and do that and move on to the topic a little more price objection beat down today, joe.
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I think it's important to finish the week pretty strong, because we've talked pretty deep on a lot of the pieces but we haven't really been able to bring it all together Like the value piece that we started putting out there on Wednesday.
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Guys, today's your final call.
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If you want to grab that, find us on our website, service loop electricalcom.
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You can reach us there or on our Facebook groups the best place to grab that.
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It may even be emailed to our Fan club on the emails.
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So if that's something you guys want to be a part of, absolutely reach out.
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We're gonna help you with this, all of that and more, and continue to do this week after week.
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So get in touch.
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We're here to serve you and, again, help you master sales, simplify pricing and deliver premium level electrical service.
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Joe, can we just role play this and then break it up?
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Sure good.
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All right, man Listen.
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Joe, I appreciate that you have all the options and everything you've done here, but I just called for this ceiling fan.
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It does.
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It's not working.
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There's something wrong with the switch and I just him having trouble is understanding why that is gonna cost me, at the lowest option you've presented, $350.
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I completely understand.
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We are coming from clay, and the first thing I just want to address is that if I've given you the impression that you're just paying for that particular device, then I've let you down, because a hundred percent of what you're paying for is our service, and that service comes before, during and after every time we serve you.
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Can I explain a little more of what that actually means?
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Or would like to know or would like to know why so many other customers still choose to use us, even if we're more of an investment.
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Yeah, please do Okay.
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So let's talk about the first time you ever gave us a call, when you called us.
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What was that experience like talking to the office?
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It was pleasant, it was good, they were nice.
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Awesome.
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Well, let's talk about the reason why what we do is, rather than hire some high school kid or someone who doesn't have a ton of customer service experience, or even get an automated robot service, we have a trained professional behind the phone who knows how to connect you with the proper schedule and with the right technician.
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We have opened in the later hours to where we can make sure that you're not waiting on standby or constantly on hold.
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Now, obviously, it would cost less if we didn't provide you that service the first off.
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Is it wrong for us to want to provide you a better level experience?
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Well, no, I mean the other companies I called didn't call back or didn't answer or put me on hold, and and definitely so it was helpful to be able to get to talk to someone.
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I get that so that's the first thing.
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Obviously, you know you're getting a better front end experience from beginning to end.
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The second thing then is the during.
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We came here and we didn't just focus on the one thing you called us for.
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We focused on the entire system Infrastructureally as a whole.
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Because if you think about it, you want your fan installed right, but if I were to connect to something that had a safety concern down the line, would it be wrong?
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We don't at least want to tell you about it.
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I no, and ultimately I don't want to have to have you back or have the same problem again.
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Correct.
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So what we did when we were here was we looked at everything as a whole, not only what you asked for, but what directly connects to it.
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That way, when we actually give you a price, we can stand behind it and guarantee it.
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But even more so, we didn't just give you a price.
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We sat down and engineered a complete range of options, from the finest money can buy to the most bare bones you can possibly have.
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We did this so you can have more control and better availability on what you have.
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Was it wrong of me to want to give you that kind of control?
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No, no, like I said, we did appreciate the options.
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Again, it was just the bottom price that was shocking to us, and definitely more than we anticipated.
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And I hear you.
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The thing is, it goes even beyond that.
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While we're working together, it's not just what we're doing now.
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We also serve you after we've worked together, meaning after we've installed the ceiling fan for you and we put everything into what you want.
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If there was ever a problem, would you want to have to pay again for us to come back out?
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No, definitely not, with work that you provided.
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Yeah.
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So the thing is, we actually go and offer a lifetime craftsmanship guarantee, meaning that what we're going to do is I am so confident in the workmanship that we're going to put in that you'll never have to call me back, and if there was ever an opportunity that I had to, we would 100% cover what the thing was.
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That's because we are known to be trained at the highest level, and that's the exact level we want to serve you at.
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So, realistically, what you're paying for isn't just that.
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You're paying for the experience before, during and after, because we refuse to cut corners on quality, reliability and customer service.
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So, to sum all this up, what I'm trying to ask is this Because we wanted to offer you this level of service, we felt that you deserved it.
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Because we felt you deserved it, there has to be a certain price point to deliver that service, and that means there's more of an investment than someone who's willing to cut those corners.
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Was it wrong for us to not be willing to cut those corners?
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No, no, I get what you're trying to do here, Joe.
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Okay, so how would you like to proceed?
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Well, you're here and maybe I'll take the.
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I guess.
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I'll choose you.
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Okay, you're going to try and say, I guess.
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Well, clay, I really appreciate you saying that and, trust me, I am honored to work with you, but I do have one concern with us, and that is you said I guess I'll work with you.
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I don't want to have a relationship with someone who's not fully committed to having a relationship with me, and what that means is this is that if you feel like you can only guess about working with us, then we probably shouldn't be working together, because I only want to work with someone who's 100% satisfied with what we're doing.
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So let's figure this out Either A can we discuss what it's going to take to make you 100% satisfied, or can we discuss on how we should part as friends.
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No, you were actually right, Joe.
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I was using loose language, but I do want to use you.
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Okay, now, if you don't mind me asking, why are you so interested in using us?
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I mean, when we first started talking, you were telling us that you were worried about the price.
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What's changed since then?
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Well, I definitely.
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Since you explained it, I do feel like I'm going to get everything we need here and without any problems, and that's pretty important to me because I'm a busy person.
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And you know what I want to design options to make sure we respect that time as well.
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So which one of these choices did you want to do?
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Just the basic.
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Let's stay small.
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That's a great choice.
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It's a great choice.
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I'm happy to help you with that.
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Let's see what we can do to get this taken care of for you, okay.
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All right.
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So out of character, I know we did a, we did a curveball there.
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Yeah, you just really jumped right into it.
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Wednesday I was trying to be an asshole, but today I really wanted to hit the I guess as well.
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Can we just talk about that and break out the I guess first?
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We'll start at the end and why that was so important for you not to just take at that point and do the exchange.
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Okay.
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The reason why I guess is so dangerous is because what if you really look at the words and you understand?
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It's not just what your client is telling you, it's what are they really saying when someone says I guess I have to do this?
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They don't say that from a volition point, like that's not like a oh, I am so excited to work with you.
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It's like a if, I guess I have to work with you.
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Now, if someone feels like they're compelled to the point where they have to, like they don't have another choice, but they're not comfortable, they don't really want to, but this is the choice, they'll say something like I guess, but that same person, if given the opportunity to cancel with you to go with someone else that they do, like we'll do so.
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So the I guess is an indicator that they're truly not convinced and that you don't really have the sale, even if they're swiping their card.
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So I used it more as a way of saying that's a flag here, like there's a problem that they're trying to communicate, even if they don't realize they're communicating it.
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So what I like to do is back it up and say, well, hold on for a second.
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I just want to make sure we're on the same page.
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You had said I guess I'll work with you.
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I don't want to work with someone unless they're fully committed working with us.
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You know, and you can even go, depending on how they say it.
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You can be like can you explain a little bit more of what your hesitation might be?
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Because I don't want to take your money and make you feel like you're just making an unequal exchange, like I want you to be happy with what we're doing, otherwise you probably shouldn't do it.
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The benefit of that is it's actually a pull.
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You're telling the customer that I want to work with you but I'm not going to if you're not fully satisfied.
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Either A they'll change their tone and be like no, no, no, I'm happy, I want this.
00:14:17.868 --> 00:14:23.854
I was just I misspoke, I'm sorry or they'll specify what's going on.
00:14:23.854 --> 00:14:27.067
Well, you know, joe, I want to work with you, but it's still a lot more than I thought it was going to be.
00:14:27.086 --> 00:14:32.149
Like $400 for a fan, like I just I didn't think it was going to be that the fan was 200 bucks.
00:14:32.149 --> 00:14:33.549
I was told double that it should be.
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You know, okay, I thought it was $400 in total.
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I don't have $600 for this, like okay, well, let's come up with a more economical option, because if I do this for you and you're not happy before it's even installed, what if the odd job would be happy when it's done?
00:14:47.230 --> 00:14:49.970
What if the odd job would be happening when you're handing me the check at the end?
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Is it wrong for me to want to prioritize your happiness in this?
00:14:53.292 --> 00:15:01.374
That's the real angle to go for, and I think your customer would see it as well.
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It became a commitment.
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It was a half-ass commitment and you forced it back into I shouldn't say forced, but you didn't settle for a half-ass commitment.
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You sat there in the ridiculous, as we've said so many times, to make sure this went to the place, that they were making a decision and you weren't forcing their hand in any way, shape or form, and that they still have the options.
00:15:28.892 --> 00:15:39.712
The power here, though, still kind of ties to that value driver equation, and this originally came from, essentially, alex Hormozzi's book, $100 million offers.
00:15:39.712 --> 00:15:42.869
But I love this equation and it's something that we reference often.
00:15:42.869 --> 00:15:51.456
It's on the bottom side of this equation are two things that we're trying to reduce at all times, and that's time, delay and effort and sacrifice.
00:15:51.456 --> 00:16:03.552
So, while I can even appreciate that, absolutely your basic option is often much bigger than they were imagining, especially on a demand call, call out.
00:16:04.284 --> 00:16:09.173
Yeah, very rarely is someone saying like, yeah, you have one GFI that's tripped in my bathroom.
00:16:09.173 --> 00:16:09.746
That just you know.
00:16:09.746 --> 00:16:10.409
It's just weird.
00:16:10.409 --> 00:16:11.448
It just doesn't want to reset.
00:16:11.448 --> 00:16:16.893
They're not expecting a $600 bill Like there's no way they were expecting that.
00:16:16.893 --> 00:16:25.447
But at the same time, when you communicate why it is what it is, as well as what they're really gonna receive from it, that's great.
00:16:25.447 --> 00:16:29.226
But we can't settle Like you're right.
00:16:29.226 --> 00:16:32.273
You have to stretch it to the ridiculous and be like this is what you want.
00:16:32.273 --> 00:16:36.830
I want to help you get there, but I don't want to take your money.
00:16:37.471 --> 00:16:39.616
If you feel like this is an unequal exchange right now.
00:16:40.684 --> 00:16:43.711
Absolutely, and we haven't really said it enough this week.
00:16:43.711 --> 00:16:46.938
But also, like STYO, stick to your offer.
00:16:46.938 --> 00:16:48.991
You can't settle either.
00:16:50.745 --> 00:16:52.830
Discounting this call is not appropriate.
00:16:52.850 --> 00:17:03.676
That's not a solution that's long-term and sustainable, and that's why this week has been maybe one of the most important weeks We've ever done on this podcast to really try to help electricians with this.
00:17:03.676 --> 00:17:22.585
Because if that's the common case on a demand call and your priced right and your offer set up right, then you're going to be more expensive than they think and that means likely you're gonna face this very objection 10 plus times a week and if your team's larger, maybe two, three, four times that.
00:17:22.585 --> 00:17:28.877
So shouldn't we have this on on autopilot, on speed dial dial?
00:17:28.877 --> 00:18:00.644
Then shouldn't we be saying this to ourselves every day in the van On the way to the customer's house, reviewing the offer, knowing it, checking your team on it, just throwing out objections to your team at random several times a week to make sure that not just the sales team Gets it but even the office administration gets it, so that when someone calls and has a price objection, even on the phone, you can start to, as a team, be unified in your solution or your articulation of that value?
00:18:01.607 --> 00:18:04.757
I love that and I we think we can even stretch it even further.
00:18:05.246 --> 00:18:07.414
Let's because this is one of the ridiculous.
00:18:07.876 --> 00:18:12.419
I know right well, if you think about this, you mentioned, like this, something that their team should know about.
00:18:12.419 --> 00:18:21.615
You should continually drill it, and I think the thing that should be said is we want to serve our clients before, during and after in every possible interaction.
00:18:21.615 --> 00:18:34.237
Because, if you think about it, if they're not served before, the technician shows up less than a 10 out of 10, because they are thinking of the company as a whole, not the individual components of it.
00:18:34.237 --> 00:18:40.278
So if your office didn't give them the best service at the beginning, there's marks off the technician.
00:18:40.278 --> 00:18:44.224
So instead of showing up as a 10 out of 10, the technician shows up as a 7 out of 10.
00:18:44.224 --> 00:18:47.976
Yeah, now they've got to build 10 out of 10 value.
00:18:47.976 --> 00:18:54.646
So they actually have to build more value just to get to an even playing field Compared to.
00:18:54.686 --> 00:19:07.237
If the office had delivered that amazing experience, they might have been boosted up from what they thought the company would have been verse lowering it and Then later down the line once the technician delivers his value.
00:19:07.237 --> 00:19:17.798
We need the installers to also be just as communicative, because no one wants the sales guy to come up and then be like, hey, I got the sale, you never see me again.
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