The Cost of Inaction - The Buyer's Pocket

In this video I'm going to teach you all about the cost of an action. Here it is. Okay, stick around and I'll take you through the whole thing. So what I'm going to talk about today is two things. I'm talking about cost of an action and I'm going to talk about like how that relates to why you might get certain objections and then how you can potentially overcome them. Okay. So I talked about in a previous video which I'll link somewhere up here, but it's probably over here. I never know about a really in depth video on the difference between fear and logistical objections and how you can categorize them. And we have a download down below called the objection handling matrix which can give you some, some guidance on that. But I wanted to go through kind of like what happens in the emotional journey when you're taking someone through a sales process. Because all the objection handling in the world won't work if you haven't done the work to build the urgency and create the cost of an action. So there's a concept called the buyer's pocket. So if you create a bit of a chart here and on one side you've got like they have not enough confidence and on the other side you've got, they've got all the confidence in the world. If we've got, on the left hand side, we've got that. They just don't have confidence in themselves. People will not move forward if they don't believe that they're going to do the work. If they don't believe that they're physically capable. I would not buy a program of how to become an NBA basketball player. You can call it a poor mindset if you will, or a moderately overweight 38 year old white guy who can't jump. I don't believe I have the ability to be an NBA player. So I would not sign up for a course. Now that's on the extreme. Now I would also not sign up for a sales training course because I just, I've done a bunch of them and I don't feel like I need them anymore. Not because I don't think I can get better at sales. It's because there's no point to me getting any better at sales. There's, there's a sweet spot in the middle, right, which is where the person knows they can do it but knows they can't do it without you. Okay. And that's called the buyer's pocket. So first and foremost we have to have the person be in this this is a. I haven't. I saw this. A guy called Taylor Welch, we can link his channel somewhere, sort of taught this in a coaching program that I did ages ago. So. And it's a really good illustration of how someone has to be in a specific spot in order to be able to buy right now. If they're outside of that spot, then you have to learn to kind of build them up. And if they're too far over here, then you have to learn to smack them down a little. It. Okay, so we've got someone like, in the buyer's pocket. So they're in that realm. And that's your job as a salesperson to, throughout the sales process, figure out where they are, figure out what they want and expand those gaps. Not so far that it becomes unrealistic, but far enough to where they want it and they feel like they can achieve it. Once you've done that, you start future pacing out the positive emotions. And we do that in an EPQ in a situation called Solution Awareness. Now, in that we're looking for two distinct outcomes. The first is a tangible outcome. So, like, when they're in that buyer pocket, like, they're wanting something. So we have to figure out what that is. Let's just say it's you, it's the sales guy or the business owner. You want to make more money. You want to get from 10 to 50 grand a month, whatever it may be. Okay, now If I say 200 grand a month and you're at 2 grand a month, it's too far, and there's no point even talking about it. So what I want to do is want to create a tangible. The other side of that that we need to create is the emotional outcome. So it's like, when we achieve this thing, when we achieve 10k a month, what happens? What do we get? Like, what are the things that actually come out of there? And this is how we start building, like an emotional want to do the thing. Problems are not usually enough. Like, just having. Understanding that you have a problem is not usually enough to fix it. Like, if you have a look at, you know, people in your own life. And because I used to sell fitness, I use fitness as an example all the time. You might know people who are overweight, and they don't move forward with losing weight until the doctor says they're about to die. So the knowledge and the awareness of their problem was not enough to actually push them, put, like, push them towards it. They had to have, like, a really negative, tangible outcome in order for Them to want to move forward, which then created a juxtaposition of a very positive, tangible outcome. Being they get to live right, so they want to achieve weight loss so they can live right and not die. And then that feeds seamlessly into consequence questions, which is how we start to build a massive cost of an action. So. So once we've gone through these and we have a nice tangible, and we have a nice emotional payoff, once they achieve the tangible, we transition them into consequence questions. Essentially, consequence questions are what if? And it's something that I don't think in society we ask very often. You know, you might be talking to your friend, they're like, oh, man, I'm gonna go. My business is gonna blow up this year and, you know, I'm gonna go and travel the world and I'm gonna find my wife and I'm gonna do all these kind of things. And you probably wouldn't go, what if you don't, champ? Right? It's. It's not like a normal part of common parlance and, you know, normal conversations, but it's an important part of people want to get serious about their goals. And it's how you create a cost of an action. Right now, these are stacked on top of each other for a very specific reason, because you want that, you want that effect, but you can do it too hard. So if we have a look at what we've done on like a, like more of a graph, we've kind of brought them up into this large, emotional, very positive state. And then we've stayed in that state for a decent period of time to where we've gotten them used to thinking about the positives. So now we've really gone into depth and detail about, like, what are the nitty gritty. Like, you're on holiday. Where are you at? What are you doing? How do you feel? What kind of Instagram photo do you take? Like, how does it feel to be able to call your wife and say, hey, baby, we're going on a holiday, it's all expenses paid, yada, yada, yada. Like, you're there emotionally and we're keeping them there for a bit. Then what you're doing is you're slamming them down to the ground with consequence. And for some people, that's too much of a burden to bear. So you, you, you bring them down and let me know down below if you've ever heard a prospect say this. Nah, bro, it's not going to happen. I'm fucking killer. There is nothing that will stop me from achieving this goal. And I've heard that many, many times. But the reality is, Champ, that we're here. You are living in the reality in which you have not achieved it. So let's talk about it. But the fact that you've probably future paced them out quite effectively and then tried to smack them down to reality so quickly, it's too much of a change for their brains to comprehend. And they don't want to get out of that positive future state. So in order to create a really, really good, solid cost of an action that somebody would genuinely contemplate, the what if? You have to bring them down more subtly. So we do this. That area is called reality. So the way that I would do it is, okay, man, so what if, and you know, we kind of go through all the really positive things and we talk about stuff and like, let me ask you a question, man. Like no bullshit, no ego, no nothing. With, with exactly what you have in place now, with the skill sets, with the lead flow, with the, you know, the fitness, knowledge and the work ethic, whatever it may be, how close are you to actually being able to do that? And then what that does is it brings them back to the present. And they should be, if you've built that gap properly, they should say, well, I'm nowhere near it. And then you would ask why? And the reason why I'd ask that is because, like, it needs to become their idea. And when you ask people to explain themselves, they plant their flag emotionally and it becomes a fallback position for them. And it's the same reason why debates don't do anything. It's because, like, no one's going to change their mind. So you use that to your advantage on how human beings work. So you ask them to explain it and then becomes their idea. That is now how it is in the world. So now they want something, but they know that they'll never get it given their current reality that they can't do it. So then when you ask the question what if? Then they're actually in an emotional state to be able and willing to answer it. That is how we initially create a very big cost of an action in a somewhat shortened period of time so that our objection handling can actually work. And the reason why, if you don't do this, the objection handling won't work is because they'll always fall back to the fact that they can do it later. And no matter how many logical loops and logical traps you put them in, it's not going to matter. It's not going to make a difference because you haven't done the work to build urgency effectively and dramatically enough to where they have a need to solve the problem and a reason to solve the problem. And they realize that with their current circumstances, they cannot solve the problem. So then all you're doing is essentially overcoming a series of other fear or logistical based objections or concerns that are gonna be much easier to overcome. Because the objection of like, yeah, man, I think I'll just keep doing what I'm doing. It's a very difficult one to overcome. Unless you really want to be a dick about it and start hammering, hammer and hammering. But that's not going to create a good relationship with that prospect. You're going to have no way to sign them later on. You're not going to get referrals from them. And at the very, you know, say, best case scenario, you get a deposit out of them. So this is the key to quality and long term objection handling where you do not create animosity or negativity with the prospect. And if you do this right, you'll create such a need and internal tension to move forward that your objection handling is basically just handling a normal concern. You do that seamlessly and the person moves forward. Hey guys, I hope that you enjoyed that. Click here. We put together a video that we think you might like. Whip, Whip, Whip, Whip, Whip, Whip.