Dealing With Price Objections - USE THE TRANSFORMATION STORY

The Transformation Story: Overcome Price Objections

 So one of the things that a lot of entrepreneurs struggle with is dealing with price objections. Things like "this is too expensive, I cannot afford it now" or "this other product or service is even cheaper than yours.

When you're dealing very often with price objections, what that tells me is that you've not been conveying the value of your product or service well enough.

Perhaps you've been really focused on talking about the features or the pricing. In your marketing, you mainly talk about what they will get with your product or service. For example, in this course you get five videos and three worksheets and two 1-on-1 calls.

And it's understandable. You've put a lot of time and effort in creating your product or a service, so I get why you would want to shout about how awesome the features are.

Perhaps you just feel the need to justify the price that you're asking for by demonstrating all these features that come with your product or service.

One of my clients is a coach who is struggling to sell out her coaching package. People were saying her coaching was too expensive or they would end up going with someone else.

When we did a review of her marketing, we realised that in her marketing, she was very focused on conveying what her coaching package included a.k.a the features. And one of the reasons why she was talking so much about what her coaching package included was because she felt the need to justify the price that she was asking for her coaching package.

She was missing this one essential key - and it's what I call the transformation story. Now the transformation story is basically talking about how your service or your product get someone from their before state to their after state.

So the transformation story talks about your product or service in a way that speaks to your targets audience desire and how you're going to get them to that desired after state.

So think about your target audience - Where are they right now? What is their before state? And then what are they desiring to become right after using a product or service? What are they
desiring to become?

The features and the pricing they come in after the transformation story, because here's the thing: people don't buy your product or service because you have five modules or five videos. They're buying it because of the transformation that your product you know is going to give them.

With Chrys Media, my messenger marketing agency, I don't just sell messenger bots. I sell the idea that you no longer have to deal with low conversion rates anymore. I sell the idea that now you get to provide amazing fast customer support service and you get happy customers.


Determine Their Before State

There are four questions you got to ask yourself and I learned this from Ryan Deiss.

Question 1: What does someone don't have now that they have after? 

Or what does someone have now and they don't have after? So in my client's case, now they have
a job that is draining them. It's not what they want to do, it's not fulfilling for them. They're unhappy at work.

After, they're in a fulfilling job, they're happy at work, they cannot wait to go to work.


Question 2: How does your product or service change the way that they feel?

Before: they feel the need to drag their feet to work Mondays to Fridays. After: they feel
like super excited and they cannot wait to get to work.


Question 3: What does the average day look like right now, and how does your
product or service change that?

Before: they get to work at 8:30am, they're checking their watches throughout the day, trying to count down the time to go home. They are hanging out at the water coolers, they're talking to their colleagues because they don't really want to work. After: they're super excited to go to work. They
cannot wait to leave home.


Question 4: What is their status right now and how does your product or service change their self worth?

Before: they're envious of all the people that have great jobs and happy to go to work. After: they become the envy of their friends and colleagues.


Many entrepreneurs and marketers stop at the first question - what do they have now that they don't have after or what do they don't have now that they have after.

Go beyond that. Ask yourself all four questions. In your marketing, make sure that you're talking
about transformation of how they feel, of their self-worth, of what their status is, of the change in their average day.


Talking About The Transformation Story

This is the formula that I frequently use in my emails, landing pages and ads. 

The first thing I do is to call out my target audience. I might say "are you a life coach who is
struggling to get consistent clients into your funnel?" The life coach who is struggling with getting sales and leads will instantly connect with the message of the email, the landing page or the ad.

A lot of people are so afraid to go hyper targeted in their marketing. They're don't want to call out one specific group of people because they are afraid they might isolate or offend the other groups of people.

But more than not, the people that you don't even call out will resonate with your message even though you're not specifically calling them out. So I might say, "this course or service is for online
entrepreneurs who run a business from home." But any entrepreneur or any marketer watching the marketing video and might still resonate with the message and purchase the course/service.

price objection

Overcome Price Objections By Demonstrating Value

When you start to demonstrate the transformation story of your product or service and how using your product or service gets them to their desired after state, you start to fight any price objections.

Once you start to talk about the transformation story, you are showing the value of this product. Demonstrating the value helps overcome any price objections, and in fact you can also then charge more for that product or service.


Make Sure You Have A Good Offer

After you're done talking about the transformation story, you want to make sure that your offer actually delivers the desired transformation. If you say that this is going to help someone lose five pounds, then the expected results of that product or service is that they lose five pounds.

So that's good offer. The transformation story = good marketing, your product meets the desired state = good offer, and that is equally as important as well because your marketing alone is not gonna help you get return clients or get good referrals.


Conclusion

Remember, people don't buy something for the features. They buy something because of the perceived change they will get after using your product or service. If the desired after state is strong enough and the desired transformation is promised, price is no longer an objection.

Download My FREE Guide featuring The Top 9 Online Business Tips From Successful Online Entrepreneurs that I have interviewed for my podcast Hack Your Online Business.

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