This video explains the classic trade-off between quality, speed, and cost to help business owners handle price objections. It teaches creators how to stop defending their rates and instead explain the necessary sacrifices customers make when choosing cheaper options.
How to Handle Price Objections Using the 'Pick Two' Rule
This video explains the classic trade-off between quality, speed, and cost to help business owners handle price objections. It teaches creators how to stop defending their rates and instead explain the necessary sacrifices customers make when choosing cheaper options.
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Analysis
You could have something cheap and good, but it's not going to be fast.
You could have something cheap and good, but it's not going to be fast. You could have something good and fast, but it's not going to be cheap. Or you can have something fast and cheap, but it's not going to be good. And you can use this psychology when you're in sales. When a customer is focused on getting a cheaper price, just simply ask them, well, what's more important to you? Getting something for cheap, or getting something that's really good and fast? Because if they want cheap, then they're going to sacrifice the good, or they're going to sacrifice the fast. Here's the truth. Customers don't buy the cheapest option. They buy the one they can justify. Your job isn't to lower the price, it's to handle the justification.
- 01The Logic Puzzle
Establish a three-part trade-off where you can only choose two out of three options.
- 02The Transition
Pivot from the abstract logic to a specific professional or personal application.
- 03The Scripted Response
Provide a specific question or script to use when someone focuses on the wrong variable.
- 04The Logical Sacrifice
Explain the consequence of their choice using the logic from the opening.
- 05The Pivot to Truth
Drop a high-value insight that contradicts common behavior.
- 06The Reframe
Redefine the viewer's goal to align with the new insight.