This episode provides direct, actionable strategies for ecommerce operators to overcome common sales objections related to payment. Alex Hormozi shares a step-by-step process to ensure that once a customer is ready to buy, payment issues like "I left my wallet at home" don't derail the sale, ultimately boosting conversion rates.
Key takeaways
When a customer claims they don't have their preferred payment method, ask for their ID. This often leads them to pull out their wallet or purse, revealing other payment options and building trust when you return it.
If a customer shows an ID but claims not to have the "right" card, offer to trade their ID for any physical card they have. This tactic makes them produce a payment method, even if it's not their first choice.
For in-person or virtual sales, if a customer claims they don't have the desired card, guide them to pull up their banking app on their phone to access account numbers for an ACH transaction. Ensure your business is set up to accept ACH payments.
As a last resort, if a customer is hesitant about payment, offer to take any available card and delay the payment for 24 hours, giving them time to swap it for their preferred card from home. This secures the sale while addressing their immediate concern.
If a customer expresses concerns about funds, ask clarifying questions like, "What day do you get paid?" to align the payment date with their financial reality, helping to close the deal by accommodating their cash flow.
Ask if they have their ID on them, this will show you what you need to know. Today, Alex (@AlexHormozi) talks about how to avoid tanking a sales pitch and getting the "I left my wallet at home" excuse. Hint, setting the scene and building trust is key to a successful sale.
Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast you’ll hear how to get more customers, make more profit per customer, how to keep them longer, and the many failures and lessons Alex has learned on his path from $100M to $1B in net worth.
Timestamps:
(0:44) - How to set up a sale to avoid hearing " I left my wallet at home"
(2:00) - Build their trust by grabbing their ID and giving it back.
(3:44) - Remind them of the sale, and ask them to pull out their phone.
(6:53) - Ask them if they are sure they still want to push through.
Follow Alex Hormozi’s Socials:
LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition
What does this episode say about conversion & cro?
When a customer claims they don't have their preferred payment method, ask for their ID. This often leads them to pull out their wallet or purse, revealing other payment options and building trust when you return it.
What does this episode say about customer retention?
If a customer shows an ID but claims not to have the "right" card, offer to trade their ID for any physical card they have. This tactic makes them produce a payment method, even if it's not their first choice.
What does this episode say about founder & leadership?
For in-person or virtual sales, if a customer claims they don't have the desired card, guide them to pull up their banking app on their phone to access account numbers for an ACH transaction. Ensure your business is set up to accept ACH payments.
What does this episode say about conversion & cro?
As a last resort, if a customer is hesitant about payment, offer to take any available card and delay the payment for 24 hours, giving them time to swap it for their preferred card from home. This secures the sale while addressing their immediate concern.
What does this episode say about conversion & cro?
If a customer expresses concerns about funds, ask clarifying questions like, "What day do you get paid?" to align the payment date with their financial reality, helping to close the deal by accommodating their cash flow.
