Jackie Zach
July 17, 2024
In their latest podcast episode on Tough Love for Business, hosts Jackie Zach and Mike McKay tackle the challenge of handling objections, particularly focusing on the common “I need to think about it” response. They advocate for addressing this objection upfront, incorporating it into their initial purpose statement to set clear expectations from the start. Mike advises acknowledging the objection directly and inviting prospects to consider the decision collaboratively throughout their discussion.
Throughout the episode, Jackie and Mike outline a systematic approach to transform objections into closing opportunities. They emphasize building value continuously during conversations and guiding prospects to envision the benefits of their coaching services. By reframing hesitation as a chance to explore potential gains and addressing emotional aspects of decision-making, they aim to assist clients in making informed choices aligned with their business goals. Their method, while assertive, underscores their commitment to providing tailored advice that maximizes client success and satisfaction.
Is this an objection you’d like to overcome? Take advantage of a complimentary business strategy session to discover the opportunities in your business! https://actioncoachwi.com/podcast-ask-a-question-complimentary-session/
Podcast Transcript
Jackie Zach: Welcome to the Tough Love for Business podcast. I’m Jackie Zach, here with Mike McKay. Today, as promised, we’re continuing our discussion on objections, specifically the “I have to think about it” or “we have to think about it” objection.
Mike McKay: So, how do we manage the “I need to think about this” objection? How do we address it early?
Jackie: First, we acknowledge it. We say upfront that one of the top objections people have is needing to think about it. We rip the band-aid off and address it right in our purpose statement.
Mike: Right. We say, “The second objection we get is ‘I need to think about it.’ We agree. We know most business owners think about their business constantly. It’s stressful. So, I’m just going to ask you to think about it with me for the next 90 minutes to see if coaching can help you move through this growth phase faster.”
Jackie: Right.
Mike: So, regarding the price objection we talked about last time, you build value throughout the conversation. For the “I need to think about it” objection, we’re positioning the close. Throughout the call, we ask, “What do you think about that? How do you think that fits with what you’re doing?”
At the close, when they say, “I just need to think about it,” we say, “That’s great. What are you going to think about?” If they respond, “Well, I just need to think about it,” we say, “You should be thinking about it. It’s a big decision. Can I tell you three things you should consider? One, how much longer can you endure the current situation you described? That won’t change. Two, how much money are you leaving on the table? We’ve shown you $250,000 to $500,000, half of which you just need to pick up. Three, if you could do this on your own, why haven’t you done it already?”
We’ve taken the “I need to think about it” objection and turned it into actionable points. Some might think this is manipulative, but we don’t offer coaching unless we believe it will benefit the client. If we can’t help them make more money or achieve their goals, we send them elsewhere or suggest a book. But if someone can potentially make $350,000 more with a few changes, we guide their thinking. “I need to think about it” often means “I’m not convinced yet.” They don’t know how to say yes or no. So, we ask, “Awesome, what are you thinking about?” If they don’t know, we give them three valuable questions to consider.
For example, in manufacturing, if we show they can make $1.8 million more a year, we ask, “How much longer do you want to leave $150,000 a month on the table? Why haven’t you taken a vacation or taken your family on a vacation in nine years? How much longer can you endure being unhappy?” We address their emotions because decisions are made emotionally.
For remodelers, we ask, “Do you think inflation is going down? This project would have cost $100,000 three years ago; now it’s $150,000. Do you want the old version of your home, or can you see how the new version would be amazing? How long should you wait to achieve your dreams?”
Jackie: Right. So, it’s about addressing objections upfront and turning them into actionable thoughts.
Mike: A caution, though. These are examples. Don’t use them without consulting us to ensure they fit your situation. If you say, “Mike said to say this,” it won’t work unless properly prepped. These examples have worked well for our clients, but you need personalized advice.
Jackie: Great. Join us next time for another insightful topic on business and a bit of tough love. Have a great day, everyone, and we’ll see you next time.