To overcome price objections, help customers understand that their perceived lack of money is often a reflection of misaligned priorities rather than true inability to pay. By shifting their identity and aligning new priorities with the value of your product, you can reframe the cost as an investment in their desired future self.
Key takeaways
When customers object to price, it's often because they don't perceive enough pain or need for the solution; build more value before revealing the price.
Frame the purchase as an identity shift: connect the product to the customer's desired future self and the new priorities that come with that identity.
Use the "we vote with our dollars" analogy to explain that spending reflects priorities, not necessarily budget limitations.
Share a story about someone "just like them" who made a similar decision to overcome price objections, helping the customer envision themselves in that successful outcome.
Break down recurring costs by associating them with a permanent fix and an identity shift, helping customers commit to the long-term investment.
"It's not a budget issue. It's usually a priorities issue." Today, Alex (@AlexHormozi) discusses the importance of understanding customer needs and priorities when selling, and shares a story about how a purchase can mark a transition in identity and priorities. He also encourages listeners to rate, review, and share the podcast to help more entrepreneurs succeed.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:(01:32) - Prioritize spending on health, coaching for personal transformation(05:16) - Prioritize health, coaching for best version, identity shift(05:59) - Introduce permanent cost with aligned priorities for successFollow Alex Hormozi’s Socials:LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition
What does this episode say about conversion & cro?
When customers object to price, it's often because they don't perceive enough pain or need for the solution; build more value before revealing the price.
What does this episode say about founder & leadership?
Frame the purchase as an identity shift: connect the product to the customer's desired future self and the new priorities that come with that identity.
What does this episode say about conversion & cro?
Use the "we vote with our dollars" analogy to explain that spending reflects priorities, not necessarily budget limitations.
What does this episode say about conversion & cro?
Share a story about someone "just like them" who made a similar decision to overcome price objections, helping the customer envision themselves in that successful outcome.
What does this episode say about conversion & cro?
Break down recurring costs by associating them with a permanent fix and an identity shift, helping customers commit to the long-term investment.
