Personal Branding Tips #2: How to Overcome Price Objections

Personal Branding Tips

One of the worst feelings you can have as an entrepreneur is the pain of rejection you experience when a prospects ghosts on you after hearing how much you charge for your product or service.

Everything seems to be fine and dandy up until that point, but then suddenly things take a sharp turn for the worse and they hit the mental eject button and try to end the interaction as soon as possible.

You desperately try to hold on, thinking you’re so close to making a sale. But once you’ve hit that point, the harder you try to hold on the more they’ll fight to get away.

But it’s over. You’ve already lost them.

This experience leaves most folks confused and bewildered, as they can’t understand why the deal just blew up all the sudden. Everything was fine until they revealed the price.

So they think that must be the problem. The price is too high, right?

WRONG!

This kind of thinking leads to a downward spiral in pricing where you eventually cut the costs so low, you struggle to make a profit and before you know it you’re out of business.

Price objections are merely a symptom of a greater underlying problem.

The personal branding tips below will help you overcome them.

How Price Objections Happen

Here’s a story that will help explain…

I remember shortly after going into business for myself, I got my first inbound sales call from a cold lead.

How exciting! I had done a little marketing to promote myself, and here was my first customer. I was so excited and elated to present my proposal to them.

I had recently overhauled my offer and pricing structure, and spent countless hours organizing it all, creating sales and presentation materials, and making it look all professional.

I thought there was no way they could say no to me, because my offer looked so good.

What’s more, I wasn’t charging a premium. I was just above average. The price was completely fair, and even a bit of a bargain if you ask me.

The sales call started off well, and the prospect seemed excited at the idea of working with me. They were highly engaged all the way through the presentation as I went over my offer.

But once it came time to talk numbers, there attitude changed in an instant as soon as I revealed the price. Suddenly, the call fell silent…

“Hmmm… okay. Well, we didn’t plan on making any decisions today. We’re still exploring our options a bit. We’re going to have to think about it.”

WHAT?!?!

These people were chomping at the bit a couple of minutes ago. Now all the sudden they’re on their heels and backing away from the sale.

And like most people, I foolishly chased after them. I basically threw up all over them with all my features and benefits and why this such a great deal.

But none of it mattered. I had lost them.

I even tried offering a discount at the very end, nearly cutting my price in half, but it was too late. I had already sunk the sale, and for the life of me I couldn’t figure out why.

I moped around for a bit, questioning my self-worth and wondering if maybe I should’ve never started my own business. Maybe it just wasn’t meant to be.

Or maybe I just wasn’t good enough. My prospects didn’t see the value in what I was offering, which meant they didn’t see the value in me.

I wasn’t worth what I was charging, even though it seemed like a fair price. And just like that, all the wind was out of my sails and I began questioning the entire thing.

Personal Brand Problems Cause Price Objections

Has this ever happened to you?

Have you ever questioned the value of your product or service after being the receiving end of a price objection?

Have you ever questioned your worth when a prospect disengages after hearing the price?

I know I have, plenty of times. It’s a terrible feeling.

And to avoid feeling that way ever again, most of us try lowering our prices.

But here’s why that’s a mistake…

In lowering our prices, all we really do is lower our feelings of self-worth. And even worse, it doesn’t fix the underlying problem.

Like I said earlier, price objections are merely a symptom of the underlying problem.

So then, what IS the problem?

Focusing on the WHAT instead of the WHO.

Here’s what I mean by that…

In today’s crowded marketplace, there are few options to distinguish your offer in the mind of consumers.

And even if you do, it won’t be long before you competition copies you.

This is often why it can feel like everyone is offering the same thing and there’s no way to differentiate yourself from your competition.

So with so many voices clamoring for attention, how can you raise yours above the static and noise?

How can you stand out in a sea of people where every offer seems the same?

If differentiating your offer is no longer the sure solution, then what it?

It’s differentiating the person offering it… by building a personal brand.

Remember that all businesses are people businesses, and we’re moving toward an economy where THE WHO who matters more than THE WHAT.

Why Understanding This is Critical to Your Success

And here’s why understanding this is so vital to your success…

Without a profound preference for products, offers and information from a particular source, customers will be of increasingly lower sustainable value.

Because when every offer is the same and the market is commoditized, the consequent result is a strong consumer focus on price.

And when there’s no discernible difference in what’s being offered, why pay more?

No one will.

Retail giants like Amazon and Wal-Mart already understand this, which is why they offer their own brands at a significant discount to pilfer customers from name brand products.

Wal-Mart offers its Great Value brand that sells just about every product you can imagine at lower prices, and Amazon is doing the same thing with AmazonBasics.

It even says it on their website: “Everyday Items, Low Prices.” Or in other words, “Everything is a commodity, and we sell it the cheapest.”

So then, if you can’t prevent your competitors from making an offer similar to yours and selling theirs for cheaper, what can you do to make consumers choose your offer instead?

You have to find a way to create a strong preference in consumers to purchase specifically from YOU.

And the best way to do that is to create trust and affinity through a strong emotional connection.

How do you do that?

By building a personal brand.

In every industry, there are people who get paid very little, and others who get paid a lot more to do the same thing.

And there’s rarely a proportional difference in their core competency or skill.

Because you could be the best chef in the world, but if no one knows who you are, you won’t be able to charge high prices like celebrity chefs such as Gordon Ramsay or Wolfgang Puck.

It’s the strength of your brand that determines what you can charge. Not the quality of what’s being sold, or even the results it gets.

Remember, it’s the WHO you’re selling, not the WHAT.

Why Understanding This is Critical to Your Success

Things all started changing for me when I started putting much more focus on promoting MYSELF rather than promoting the product or service I offered.

Once I put the proper strategies and tactics in place to build a powerful personal brand, price was no longer an issue.

Why?

Because prospects weren’t signing up for my offer, they were signing up to work with ME.

I was the value, not my offer. 😁

And better yet, I was irreplaceable.

My competitors could copy my products and systems, but they could never copy me.

So there was zero competition. I effectively became a market of one. There was me, and there was everyone else.

Want to know how you can do the same?

I’d like to invite you to check out a FREE copy of my book, Personal Branding for Entrepreneurs.

You’ll learn how to break from the competition and stand out by building your personal brand and becoming a market of one, instead of just another face in the crowd.

In it, you’ll get the exact steps I used to go from dead-broke, destitute and penniless to having $30,000 months with some quick and easy tricks to build my personal brand online (the process is so simple, anyone can do it).

And best of all… it’s FREE. You’ve got nothing to lose.

It’s my gift to you for engaging with this post and sharing your thoughts below.

Personal Branding Tips #1: Why No One Buys Your Offer & How to Fix It

Have you ever spent hours trying to craft the perfect sales pitch, only to have no one buy from you when you finally share it with your audience?

You agonize over every word, rewriting till you’re blue in the face, and finally arrive at a seductive sales message that’s sure to get buyers by the dozen once you unleash it.

But when you do, something unexpected happens…

No one buys… not a single soul.

Ouch… hurts, doesn’t it?

Here’s why it happens…

The mistake most people make has nothing to do with the sales copy, the ad creative, or even the offer itself.

The mistake is putting the cart before the horse.

The personal branding tips below will show you how to fix it.

Your Sales Process is Out of Order

Here’s what I mean by that…

Whenever I look at the sales system for one of my clients, I often find that the whole thing is upside-down, inside-out, and ass-backwards.

It’s helter-skelter, higgedly-piggedly, and all out of order. And sometimes there’s no system to it at all. They have no process in place for taking people from potential prospect to paying customer.

And that, my friends, is what we call a major problem.

A lot of times, people put too much focus on the foolish idea “If I build it, they will come.” Like customers will just magically fall out of the sky once you create your offer and share it with them.

But sales don’t work like that.

Rarely can you stop a stranger cold-dead in their tracks and convince them to buy from you and immediately fork over their hard-earned cash for your product.

And I should know, because I’ve tried this same thing myself and failed miserably.

The Big Personal Branding Mistake

Here’s a story to show how this mistake is hurting you…

A passionate hobby of mine used to be screenwriting. You know, writing movie scripts for the big silver screen. Actors don’t just show up on set and just start talking. Someone actually has to write that stuff.

Anyhoo, as you can imagine, breaking into Hollywood as a screenwriter is a tough gig.

Only about 50 scripts are sold each year, but nearly 50,000 are submitted to studios. So naturally, it’s a long-shot if you’re gonna make it in Hollywood, as you might expect.

The challenge with that, is how’s an unknown writer like me supposed to pay the bills while I’m busy cranking out amazing screenplays and writing the next big blockbuster?

I still gotta eat and the rent is still due, no matter how much I think I’m an undiscovered genius waiting to explode on the Hollywood scene.

But like most entrepreneurs, I think day-jobs suck. And I couldn’t stand the thought of slaving my days away as some soulless barista or something.

So I had this big idea that I’d use my skills as a writer to become… a “Script Consultant!”

With so many screenplays being submitted each year, busy Hollywood execs and producers need people to read them and write 3-page summaries or “script coverages” so they can sort through the crap and find the needle in the haystack that’s worth producing into a movie.

And I thought I could go into business for myself providing this service and consulting aspiring screenwriters. It was genius!

Finally, I could make money doing what I loved, all the while working toward my dream of being the next Academy Award winner and delivering a moving acceptance speech to the rest of the world.

I even thought up a catchy product name and business slogan…

“Screenwriting Smarts — the smart way to write screenplays.”

Brilliant. I was so fabulous and fantastic, there’s no way people could resist my offer, right?

So I quickly got to crafting the longest, most drawn-out sales page you can possibly imagine. I even bought a program on copywriting and wrote the entire thing from scratch.

Once I slaved over that for several weeks, the next thing I needed to was create all the fancy graphics and images so the layout would look nice and covert people who visited my page.

Several more weeks later, I had spent an entire month working non-stop to make this big fancy sales page that promoted my offer.

I thought this was it… this would be the moment where it all started. This would become part of my Hollywood legend that people would one day talk about when discussing my illustrious career.

So I hit the publish button on my wordpress site, shared it on my Facebook page and a few screenwriting forums, and sat back and waited for the sales to roll in.

I had worked so hard for this moment, and thought I’d soon have more money than I knew what to do with, so I went out to treat myself to a tasty lunch at a snooty upscale restaurant.

And by the time I got back from binging on “pommes puree” and deconstructed grilled-cheese sandwiches, I’d be rich beyond belief and well on my way to becoming a millionaire.

Or at least, so I thought…

But when I got back home, I was surprised to find no one had placed an order yet.

“They must be out to lunch, like me…” I thought. So I wasted the next several hours watching my fav movie, Braveheart, yelling “FREEDOM!” and waiting for the sales to come rolling in.

But they never did.

Not that day… not the next, or any day after that.

A week later, I couldn’t believe I had wasted an entire month writing that page, only for it to be all for nothing and not sign up a single person.

I even considered calling it quits and ending my dreams of becoming a writer for good…

I had wasted so much time, money and energy into creating something I was sure would be the key to my success. That’s what all the sales and marketing gurus told me, all I needed was a sales page.

But now I felt like a fool for trusting them and failing so miserably.

Was it me? Was it the sales page? The offer? Was that the problem?

Or did I just suck?

Self-doubt crept in, and was made worse by the embarrassment of having to dodge questions from friends and family members and lie about how well it was going so they wouldn’t know I was a failure.

My desired life of happiness felt further away than ever as the debt stacked up and I had to shelf my dreams of becoming a writer and take a corporate day-job to pay the bills.

I built it, but customers never came. And it was a major mistake thinking they would.

Here's How You Fix It:

Like I said earlier, the mistake most people make is putting the cart before the horse.

And by that, I mean they focus on sales before building a relationship.

They put all the focus on their sales messages and hope it will lead to finding a customer.

But you don’t just find clients… you create them. And you create them by building a relationship first.

A relationship with you… your personal brand. A relationship from person to person.

All businesses are people businesses, and if you want a lot of sales, you need to focus on building better relationships with your prospects.

Because there are only three reasons someone won’t buy from you:

  1. They don’t want your offer.
  2. They don’t have the money.
  3. They don’t trust your claims.

The first two are basic requirements to be a potential customer.

Because if someone doesn’t want what you’re selling or doesn’t have the money, the likelihood of them becoming a customer is relatively low.

But if somebody wants your offer and has the money to afford it, then all you really need is their trust.

Because without it, you won’t get their business.

So how do you get it? How do you establish trust with your prospects?

You do it by building the relationship through engagement with your personal brand.

Engagement is the bridge that takes consumers from skepticism and suspicion to confidence and commitment. That’s when they become a customer and decide to buy your products and services.

The fundamental idea behind personal branding is that it’s much easier to sell stuff when people already know you, like you, and trust you.

When you bond with prospects through personal branding, you’ll rapidly accelerate the sales process.

You’re no longer a stranger, you’re a trusted guide they can rely on to help them navigate their problems and lead them to success. So deciding to buy from you is an easy decision.

But the key to personal branding is to position yourself in a way that leads the prospect to trust you and ignore the millions of other marketers advertising to them.

Because without a strong personal brand, you’ll just be another face in the crowd. You’ll get lost in the sea of voices trying to get your customer’s attention.

How to Build a Better Personal Brand

So then, what do customers need to perceive your brand as being?

  1. Different
  2. Compassionate
  3. Helpful

First, they must perceive you as different from “them” — the other advertisers. 

Because if it looks like a duck, swims like a duck, and quacks like a duck, then it’s probably a duck. So don’t be one.

Second, they must see you as compassionate. Prospects must believe that you give a damn about their pain and suffering. You’re not just some scam artist that’s in it for the money.

Lastly, they must find you helpful. They must believe you can help them get what they want.

And the best way to do that is to demonstrate you can help them by actually helping them.

What a novel idea!

The best way for you to help your prospects and prove they can trust you is by delivering what I call “Generous Goodwill” prior to them becoming a customer.

By freely offering helpful information and advice, you will move prospects one step closer toward their goal, and prove your ability to help them achieve it by demonstrating your competence.

And better yet, this information and advice costs you nothing. Just a little time and effort.

By helping prospects get one step closer to their goal and solve their problem, you’ve proved they can trust you and that your offer works.

Why?

Because the proof of the pudding is in the eating.

And when prospects get a taste of the free sample you have to offer, they can relax and trust that they’ll get more of the same if they order a second helping and decide to buy from you.

So now that you understand what Generous Goodwill is, how do you actually go about delivering it?

What kind of content should it be?

And what kind of format should it be in?

Good questions… find out the answers below.

How to Build Goodwill with Your Audience

There are five ways for you to create goodwill with your audience. This post is an example of the first one I call “Helpful Information.”

To find out the other four, I’d like to invite you to check out a free copy of my book, Personal Branding for Entrepreneurs.

It will help you go from failed sales funnels and lackluster results, to having prospect reach out to you directly and asking how they can work with you.

Instead of chasing customers, they’ll be chasing you.

Imagine instead of “posting and praying” that someone will respond to your offer, you woke up each morning to find your inbox full of highly interested and highly qualified prospects wanting to work with you and learn how you can help them.

You’ll go from spamming your message everywhere in the hopes someone will respond to it, to predictably getting several hot leads messaging you each week wanting to know more.

That’s just one example of the results you can expect by implementing the strategies I share in my book.

In it, you’ll get the exact steps I used to go from dead-broke, destitute and penniless to having $30,000 months with some quick and easy tricks to build my personal brand online (the process is so simple, anyone can do it).

And best of all… it’s FREE. You’ve got nothing to lose. It’s my gift to you for engaging with this post and sharing your thoughts below.