What is Your Money Line? - How do You Ask For The Money? | Warrior Forum - The #1 Digital Marketing Forum & Marketplace

10 years ago

Bob, Go grab your credit card, a pen and a piece of paper .. I will hold while you get that

when they are back.

Bob, write this down , my name and number is ...

Now Bob, is it your name or your companies name on the credit card?

Your name ? great, spell that exactly how it appears on the card please.

and what is the expiration date ?

Now bob flip it over, do you see the ccv number? yes, good read that to me.

excellent, now bob you said you have a Visa correct? yes

Go ahead and read me the numbers starting with the 4

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Claude Whitacre

10 years ago

Originally Posted by kenmichaels

Bob, Go grab your credit card, a pen and a piece of paper .. I will hold while you get that

when they are back.

Bob, write this down , my name and number is ...

Now Bob, is it your name or your companies name on the credit card?

Your name ? great, spell that exactly how it appears on the card please.

and what is the expiration date ?

Now bob flip it over, do you see the ccv number? yes, good read that to me.

excellent, now bob you said you have a Visa correct? yes

Go ahead and read me the numbers starting with the 4

I love it. At no time are you actually putting them in a position to make a Yes or No decision, you're just instructing them in the steps to buy....as they are doing what you tell them.

I used to have a great sales rep that did nearly the exact same thing. He did it with a financing agreement (not over the phone). It worked well, based on the number that just went along with it. But a number of them also rebelled somewhere in the middle with something like "Wait! I never said I was buying this". Of course he would handle that too.

But watching the process of people going along with it...because they thought they were supposed to....was fascinating.

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David Miller 10 years ago

I've always said that closing is just the natural end of a well thought out sales presentation. If you've done your job correctly, which means you should be in control of the situation, your prospect is looking to you to take instruction from.

My instructions are virtually the same as Ken's on the phone.

In person, very simple:
You can make the check out to my company name.
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John Durham

10 years ago

Ken always goes the "assertive" route. Nice.

Thanks Ken for explaining the process of taking down the billing info too!

Note: It's important, as he noted, to have them read the numbers back to you again. Never read the numbers back to THEM.

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kenmichaels

10 years ago

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Claude Whitacre

10 years ago

My selling is 99% face to face, but I say "Are you writing a check or using a card?"

One thing we should mention to the less experienced salespeople is that the closing question is not what makes people buy. In fact, it's pretty much a detail.
The sale is made before you ever start closing.

And the worst...worst thing you can do when closing is change how you talk, sound nervous, or hesitate. The prospect will think there is something wrong.

You can't sound like them buying is a Surprise to you.

I've seen so many sales lost after the prospect decided to buy.... because the rep said something (or gave nonverbal cues) that it wasn't normal for someone to buy.

I always sound like the last 100 people bought from me. And they are just the next one. Not in a cocky way, but in a way that shows that the close is just part of the conversation.

Added later: When selling a couple, I always look at the wife (or whoever isn't dominate) and say "Is that OK with you too?"

It's a way to strengthen the idea that they are buying. I want one of them to hear the other one say they want it. It really makes the sale easier.

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JamieSEO

10 years ago

Originally Posted by Claude Whitacre

One thing we should mention to the less experienced salespeople is that the closing question is not what makes people buy. In fact, it's pretty much a detail.
The sale is made before you ever start closing.

And the worst...worst thing you can do when closing is change how you talk, sound nervous, or hesitate. The prospect will think there is something wrong.

You can't sound like them buying is a Surprise to you.

I agree completely with you on that Claude.

Confidence is key, and if you start acting less than confident when you ask for money, they will think it is because:
a) Your product/service is not as good as you just pitched
b) You're trying to con them
c) You have no idea what you're doing

Asking for payment is just a detail. If they are sold on your pitch then speaking like they are ALREADY a customer is the way to avoid losing that sale.

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max5ty

10 years ago

What's easier for you Bob, cash or charge?

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Rearden

10 years ago

Alternate choice close:

"Based on what you told me would fit your budget, here's what program options I have available.

"Any of these 3 choices would do everything you want [restate the benefits of my product]. My suggestion is to simply pick the program that fits comfortably into your budget [I sell life insurance to fixed income seniors -- the sale has to stick for a year -- I'd rather sacrifice a few dollars in premium to avoid having to pay the carrier back]. Which one works best for you?"

..After they pick a choice and get qualified...

"Now last thing we deal with is starting the billing. Like I said earlier, I don't take any money today; we just set it up to bill out of your bank account. Which day would you like your draft to occur starting next month? And is it a checking or savings account?"

I get very little resistance 95% of the time. Naturally, I ask the money question AFTER they get qualified, AFTER they are ASSURED they are qualified and have the beginnings of peace of mind, AFTER they've spent 90 minutes with me.

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John Durham

10 years ago

Originally Posted by Rearden

Alternate choice close:

"Based on what you told me would fit your budget, here's what program options I have available.

"Any of these 3 choices would do everything you want [restate the benefits of my product]. My suggestion is to simply pick the program that fits comfortably into your budget [I sell life insurance to fixed income seniors -- the sale has to stick for a year -- I'd rather sacrifice a few dollars in premium to avoid having to pay the carrier back]. Which one works best for you?"

..After they pick a choice and get qualified...

"Now last thing we deal with is starting the billing. Like I said earlier, I don't take any money today; we just set it up to bill out of your bank account. Which day would you like your draft to occur starting next month? And is it a checking or savings account?"

I get very little resistance 95% of the time. Naturally, I ask the money question AFTER they get qualified, AFTER they are ASSURED they are qualified and have the beginnings of peace of mind, AFTER they've spent 90 minutes with me.

There are alot of ways to close, but this is a good one. People are almost forced to "choose one" instead of straight yes or no.

My brother teaches in his class that some people want direction, but others want choices.

If you say "This is it; my way or the highway" many will take the highway, they dont want to be told "This is it, my way or nothing".

If you offer them choices they feel they have some influence in the way it goes.

I think alot of things work...I dont use this technique enough, but I have worked on programs which were BASED on it before, and it does work nicely.

This is a great time tested way to close.

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sandalwood

10 years ago

I guess I am not very sophisticated. In the ins biz, we simply say the premium is $XX a month. Will that be check or credit card?

In our web biz we say that will be $XXX and all we want is 50% upfront. If you aren't satisfied when the site is up, we refund the amount and we go our separate ways. If you are satisfied the remaining 50% is due and payable.

Please note we never say when the site is done. No sir Louie Magee. It is when the site is up. We usually have it up in 3 days. When they give us the remaining 50% the rest of the magic happens.

To date, only one person wasn't happy. He got his money back.

I realize that isn't as clever as some of the posts but it works for us.

Sidebar: Since I live in NV when I first read the question I immediately thought, wait a minute, the casinos set the money line. My only choice is to take it, give it or leave it.

Tom

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John Durham

10 years ago

Originally Posted by sandalwood

I guess I am not very sophisticated. In the ins biz, we simply say the premium is a month. Will that be check or credit card?

Thats how I do it it too, but this other works as well. I think they are just different operating systems, both work though.

I tend to just lay out a price and ask for a card like you. Still cant deny that Reardons tactic is a classic one that works in many pitches.

There's more than one way to skin a cat.

-John

Ps. Just realized the other day that the above saying is talking about "cat fish".

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sandalwood

10 years ago

Originally Posted by John Durham

Thats how I do it it too, but this other works as well. I think they are just different operating systems, both work though.

I tend to just lay out a price and ask for a card like you. Still cant deny that Reardons tactic is a classic one that works in many pitches.

There's more than one way to skin a cat.

-John

Ps. Just realized the other day that the above saying is talking about "cat fish".

Yes, Rearden definitely has his ducks in a row with the final expense people. When I sold the stuff that was what I would do too. It was easy given the premiums and face amounts are laid out in tables of three columns.

I would face it towards the client and say you wanted $5000, right? Yes.

Good, here is the premium for the month, quarterly, semi-annual or annual. Which do you like?

Great, I have to call this toll free number and give you the phone. They will ask you the same quesitons I asked. Is that OK? Good.

Dial the number, let them talk and write down the code the tel operator gives me. Bingo, all done. Unlike Rearden we had to get the first payment. All premium after that came out of their bank account.

Simple as 1-2-3. Sometimes it took 90 minutes sometimes it took 30 minutes.

Catfish you say. Never knew that. Love the stuff no matter what the money line...

Tom

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John Durham 10 years ago

Originally Posted by sandalwood

I would face it towards the client and say you wanted $5000, right? Yes.

Nice. "You do want fries with that, right?"

Re: Catfish- May just be my favorite food on the planet.

(It's not an animal- it's "Food")
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- sandalwood 10 years ago
  
  Originally Posted by John Durham
  
  Nice. "You do want fries with that, right?"
  
  Re: Catfish- May just be my favorite food on the planet.
  
  (It's not an animal- it's "Food")
  
  Super size me bro, super size me...
  
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bluecoyotemedia

10 years ago

John

you know you have these simpleton minded people that will always attempt to call you out on credibility.

and I say that you just can't fake the value you put in these posts

I can smell a rehashed regurgitated no REAL experience a mile away

you my friend are the real deal. !!!

eddie

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misterme

10 years ago

Originally Posted by Claude Whitacre

And the worst...worst thing you can do when closing is change how you talk, sound nervous, or hesitate. The prospect will think there is something wrong.

You can't sound like them buying is a Surprise to you.

I've seen so many sales lost after the prospect decided to buy.... because the rep said something (or gave nonverbal cues) that it wasn't normal for someone to buy.

And you can't all of a sudden sound or change your demeanor to "serious businessy" either.

And yup, the alleged "close" line is really just the natural progression of things. Sometimes it's as ordinary and simple as, "OK. I just need a few details. How do you spell your last name?"

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Claude Whitacre

10 years ago

Originally Posted by misterme

And yup, the alleged "close" line is really just the natural progression of things. Sometimes it's as ordinary and simple as, "OK. I just need a few details. How do you spell your last name?"

M-E. :rolleyes:

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laurencewins

10 years ago

I simply say that I ask for full payment upfront preferably via my Paypal account which is....
If that isn't suitable, they can do a direct deposit into my bank account.

Usually They immediately ask for the Paypal account email and off we go.

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Daniel LaRusso

10 years ago

I saw an episode of Counting Cars the other night where the guy was giving a man the price for restoring an old truck fot his girlfriend. The price was about $10,000 over budget, and the Count did a beautiful job of making the guy see the value and benefits. When it was time, he basically said, "now that we have talked about all we can do for you and your girlfriend, what are you thinking?" Or something to that extent.

The Count is an awesome salesman, and doing what he does chasing folks down, he must have balls the size of grapefruits, or either, tada, sees the potential of what he does.

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kellyyarnsbro

10 years ago

Cover it as a Reminder this way it is half-obvious half-not when youl do it this way. " Hi Bob, just like to remind you that your payment is due today. Please settle payments so we could keep this business rollin ".

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John Durham

10 years ago

Originally Posted by kellyyarnsbro

Cover it as a Reminder this way it is half-obvious half-not when you do it this way. " Hi Bob, just like to remind you that your payment is due today. Please settle payments so we could keep this business rollin ".

Casually, without shifting the vibe, and without finching is always the way to ask for money. When you use casual words, like its "nothing"... just a detail, then it comes off right.

I use to have "T.O." team, they were the worse cold callers, so I wanted them to close because it required little voice ionflectuion, and was easy.

The cold caller would transfer to the closer, and the closer would simply say:

"Hi Tammy? Ron Harkins here with processing. Looks like you are going to be taking the gold package today? Great I just need to get a few quick details from you...."

Real non salesy...more "matter of fact".

Sometimes its hard for a salesperson to make the jump from pitching to closing...and t.o.ing to a "closer" , or the "processing" dept can help.

I found that it also gave the closer more credibility in the customers mind when the cold caller would say:

"Now as far as billing Tammy, I am not authorized to handle you billing info, so if you dont mind holding just a few seconds Im going to go ahead and transfer you over to processing..."

Alot of it is about the system itself, or process in this case, each phase works synergistically with the next... So, even in the cold calling process, it set the closer up to be more effective.

In the beginning when I first started doing this, we didnt even transfer, the cold caller would just raise his hand, put the customer on mute, and I would have the closer jump in his seat, un mute and say "Hi Tammy?...".

Later we got more sophisticated with a real transfer system.

Have done this with three or four different projects where the cold callers were previously not accustomed to closing. Never has failed yet.

It's easier many times for a "T.O." to come across as less anxious, than a person who is still in "selling" mode. Also telemarketers tend to sell harder when they dont have to close alot of times, and they throw customers at the closers all day long.

-John

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dave147

10 years ago

my usual "money" line is...

"Payment is by cash, check or bank transfer, what's best for you?"

Most choose bank transfer which delays payment a few days so my
new money line will be...

"Payment is by cash or check, what's best for you?"

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John Durham

10 years ago

Originally Posted by dave147

my usual "money" line is...

"Payment is by cash, check or bank transfer, what's best for you?"

Most choose bank transfer which delays payment a few days so my
new money line will be...

"Payment is by cash or check, what's best for you?"

You could also say "we usually like to take payment by check,does that work for you?", and they may say "sure" or they may say , "No I like to pay by credit card"...in either event you got an answer.

In any event you dont want to make a big deal, has to sound like "okay , I got everything here...one more quick thing and we are done..." real casual.

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Stewart Alexander 10 years ago

Because I'm now living in Cairo, all my closing is done on the phone. I never meet face to face because I only use "The Bower Formula."

If they ever ask to meet I tell them that one of the reasons why we can afford to give away free web designs is because we keep our operations costs to minimum. Sending out one of our reps to meet you would incurr costs that we would have to pass on to you (like the others do). I don't actually say like the others do, but it is implied.

By keeping all our communications via phone/email, Skype we can pass on those savings to you. How do you feel about that?

I've never had anyone say anything negative.

Anyway on to the close.

My clients are always in front of their PC when my company speaks to them. I have my team simply point them to the page on our site with the PayPal button (my preferred method of payment) and say...

Now that you know all the benefits of getting started with your free business website, do you see the secure PayPal button on the page in front of you. (It's big they can't miss it).

Go ahead Bob and click it for me. Don't worry, you won't be charged anything at this stage.

"Click"

Like I said before and as you can see, billing is set up to bill you £xx for the first month and £xx 30 days thereafter. Go ahead and click the pay now button. It will take you about one minute to finish. Once you're through to the inside, let me know and I'll walk you through the final steps. I'm still here on the phone, so if you do get stuck just shout and I'll be here to help.

Thanks Bob, talk to you in a minute.

Then I wait until they complete their PayPal transaction. The thank you page thanks them and has a web-form with questions about their business. We need this info for their website. and we're there to walk Bob through.

Done!

This process works for me really well. I've found if I leave them to do the sign up themselves they never get round to it, and I end up chasing (which I hate, I prefer to be chased :-).

The other payment option (if they don't want to use PayPal) is via Direct Debit. I have another hidden page on the site that we direct them to. it has all the banking details and a video. This method I use as a last resort because i have to rely on them setting up a direct debit.

Hope this helps and thanks John. I'm not around on the TForum much these days, Too busy building my residual empire, but your tips have been very valuable and I'm grateful for that.
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- John Durham 10 years ago
  
  Originally Posted by Stewart Alexander
  
  Because I'm now living in Cairo, all my closing is done on the phone. I never meet face to face because I only use "The Bower Formula."
  
  Glad to hear the Bower formula is still working out for you Stewart. I remember it was maybe a couple of years ago when you started and played the TMF crew your initial cold call recordings, I could tell by your tone and style of executing the pitch that you were going to do well. Everyone was agreeable with you on the other end.
  
  Your style is much like my own; so laid back that the customer never feels a need to think anything is amiss...
  
  Only, you may even do it better. In fact, by now, Im sure you do.
  
  You are so open to them saying "no" , so low pressure and willing to be nice either way, that the prospects dont see any downside to talking to you, only a potential opportunity.
  
  Thats how I use to sell without rebutting in my prime, and the reason my supervisor let me be the only person in the room who wasnt forced to rebutt.
  
  If you are just pleasant ( 'allowing"), simply "delivering the message" and truly dont threaten or come off like you are trying to pull something...then the customer only see's potential opportunity in talking to you, they dont see themselves being sold or forced...
  
  Anyway, your recordings still stand out to me today. I can still remember them, because I relate to your style so much.
  
  Would love to hear more of your recordings from these current days if you ever feel inclined to share.
  
  Good to see you.
  
  -John
  
  BTW the way to the readers: "Sheepish" is not the same as pleasant and "allowing". Sheepish says "Im hiding something".
  
  You arent hiding ANYTHING, you are simply making a pleasant offer, its okay if people say no.
  
  Stewart gets that, and does it well. Im pretty sure he doesnt have to rebutt much.
  
  Why?
  
  Because in his heart he is truly just making an offer and he truly will love you anyway, even if you arent interested, and you sense that, so you only see potential opportunity talking to him, no threat of being sold against your will. This guy really believes he has a great offer for you, and he is pleasant about sharing it. No pressure at all.
  
  I think from the first call Stewart jumped straight into semi Jedi mode. Even in his paypal close, in "written form" above, you can see he is very comforting and re assuring to the prospects.
  
  Thanks
  
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RRG

10 years ago

Here are a couple that I've picked up along the way:

1. "Why don't you give it a try?" -- Brian Tracy

2. "It makes sense to me. What do you think? -- Source unknown

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MaxwellB

10 years ago

Originally Posted by RRG

Here are a couple that I've picked up along the way:

1. "Why don't you give it a try?" -- Brian Tracy

2. "It makes sense to me. What do you think? -- Source unknown

I'd be surprised if the first one ever works and if it does I bet it actually causes you or whoever uses it to lose sales.

the second one may work but it's not how you ask for the money...after they tell you "yeah sounds good to me" then what comes next is asking for the money...

Which I choose to do this way:

"John as far as payment goes we process all payments via major credit card, you can grab your credit card of choice along with a pencil and paper and i'll wait while you get that" (PHONE)

"John, as far as payment goes we process all payments via major credit card, you can grab your card of choice and we'll get started" (FACE TO FACE)

After both it is absolutely important to shut up and let them either say okay or object (they shouldn't at this point) saying anything more will most likely screw it up.

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Claude Whitacre

10 years ago

Originally Posted by RRG

Here are a couple that I've picked up along the way:

1. "Why don't you give it a try?" -- Brian Tracy

2. "It makes sense to me. What do you think? -- Source unknown

The problem with getting techniques from some Gurus is that they teach something that they have never used.

. "Why don't you give it a try?" -- Brian Tracy

Maybe selling subscriptions to a magazine. But if I heard that, I would instantly assume that I could cancel at any time and get my money back.

"It makes sense to me. What do you think? -- Source unknown

It may help if you have strong rapport and authority. But it's a little jarring. It will acually make the prospect take a second to think about what you just said. It may even trigger a second decision making process.

And as Maxwell said, you still then have to ask them for money.

For everyone; "So, what do you think?" may be the single worst close I've ever heard. How do I know? I used it for several months when I started out in selling (1,000 years ago). It triggered hesitation where there wasn't hesitation before. It forced the customer to think...and reconsider the proposition.

I can't tell you how many sales it killed.

You can't depend on one close to create a sale where there wasn't one a minute ago, that's a fantasy. But you can kill a sale by asking the wrong question at the end of the process.

The worst thing I ever said (and I repeated it for months!) was "OK, that sounds great, now lets go to the kitchen table to close this deal".

I would watch as a definite "Yes" turned into "I'll tell you what, let us get back to you on this".

I was Claude "The Sale Killer" Whitacre.

See? It's not all bragging. :rolleyes:

Originally Posted by misterme

The magic doesn't happen when the magician says, "abra cadabra." The actual mechanics of the trick happen way before.

Again, I see that you can put an entire chapter of thought into one sentence. I'm stealing it. Thank you. People reading my book will ask "Who is this Misterme Claude keeps quoting...and why aren't we reading his book?"

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misterme

10 years ago

Originally Posted by Claude Whitacre

The problem with getting techniques from some Gurus is that they teach something that they have never used.

"Why don't you give it a try?" -- Brian Tracy

Maybe selling subscriptions to a magazine. But if I heard that, I would instantly assume that I could cancel at any time and get my money back.

I think that was the psychology behind that line; that it doesn't sound so serious and final like actually asking to BUY the thing. It goes with that other old close, "Well either it's a good decision or not, but the only way to know is to actually go ahead with it. How bad can it be? It's not like it's gonna kill you. So whadd'ya say... deal?"

i'm kidding.

"It makes sense to me. What do you think? -- Source unknown

My answer would be, "I think YOU should buy it."

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AndrewCavanagh

10 years ago

First rather than just one line which really has no context you need
to look at the whole process of getting paid.

I'll assume you've got to know the business and the most pressing
problems and needs of the business owner.

And you've made suggestions customized for the business (it can
be the same service you always sell but EXPLAINING how it would
specifically work in this particular business dramatically increases
the perception of value to the business owner.

And the business owner has shown some enthusiasm for what
you're suggesting.

From there the process of establishing value can begin.

I like to go through the strategy (or strategies) with the business
owner getting HIM to estimate at each step what might happen
("If we get 20 a people a day to this page on the website and
we have that report and email course offer there how many
do you think will sign up? And how many of those do you think
will end up buying over a month after they've been educated
by the report and follow up emails on why they should buy
from you...")

Business owners always overestimate so you can sound really
conservative by shrinking any numbers they give you.

You end up with a monthly and annual dollar value based on
estimates the business owner has given you.

Then you say something along the lines of "xxxx dollars a month or
xxx dollars a year in extra profits".

"My fee for setting all this up for you and doing it is just $xxxx and
$xxx a month."

"That's a tiny fraction of the extra profits you estimated."

"To get started I just need half of that upfront fee $xxx."

"I can take that payment with...etc"

And yes after that shutup and let them pay you.

If you've established value effectively in this way most
business owners are going to pay you then and there
or they'll get into a panic trying to work out where to
get the money from because they know they don't have
it on hand and they desperately want to get you paid
so you can get started.

Kindest regards,
Andrew Cavanagh

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AndrewCavanagh

10 years ago

I should have also added when you get to asking for the money
and a business owner isn't keen to pay you immediately it's usually
one of 3 reasons:

# 1: He was never really interested in the idea or strategy you offered.

Early on when you're making suggestions you need to be acutely aware
of how excited the business owner is getting.

If he's showing little to no interest you need to suggest something else
or explain it in a different way that does get him excited (stories of other
clients you've had success with often help...asking questions helps even
more).

# 2: You didn't establish value effectively.

If a business owner can't see the dollar value of your service for him is
way beyond what he has to pay you you're not getting hired.

Take the time to establish an estimated dollar value.

# 3: He doesn't have the money on hand.

If he respects you he may not want to say that because he
wants to hire you and doesn't want to be embarrassed.

With experience you'll pick this one and be able to differentiate
it from someone who is just saying they don't have the money
to get rid of you because you screwed up somewhere else in
the process.

The good news is business owners are very good at getting a few
thousand dollars together by paying some bills late or diverting
cash flow from somewhere.

So you can often get hired with these people by getting them to
pay you SOMETHING on the spot and coming back for the rest.

That committment of giving you some money is important because
after you leave or get off the phone a million different things are going
to distract the business owner.

If he's already committed by giving you some money then mentally
he's already decided he's moving forward with this.

Kindest regards,
Andrew Cavanagh

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John Durham

10 years ago

Andrew is correct, and maybe this thread should define a broader sense of how to ask for money.

For instance, before asking I have a process:

1: Make sure we are at a place of agreement where it seems like it's time to reach the natural conclusion (what I call a "close").

In other words- make sure they are feeling sold...by checking their pulse a little with a soft tie down...could be as little as "Any questions Bob? No? Great."

2: Now just recap the plan- "Okay let me get this straight we are going to be giving you...."

(Re iterate the benefits/value to the customer, and the estimated average value (cost wise) of the service/product; then maybe another soft tie down such as "Sound about right to you? Great.", before saying "Okay, now, as far as cost...")

3: "Now as far as YOUR cost"- (Lay out the cost and any added bonuses....and say "Fair enough? Great.

4: Have you got a pen handy Bob? Im going to give you some contact info in case you have any questions... and this is the number where I can reach :you" right? (Spell it all out with them and get them physically involved in taking down contact info)

5: Re assure them that after we hang up they will be getting an email recap on our conversation and updates on the status of our order... Make sure they give you the email address they want it sent to (another form of tie down, that is virtually unnoticeable)

Now they are comfortable ... so you seal the deal now.

6: "Now as far as billing... we prefer to do business by __________" (lay out payment options)

7: Which one of those are you going to be using today?

8: Be quiet and let them dig out their checkbook. (yes, thats a "step")

BAMMM! You nailed a close! Now go hamm it up for a few minutes and make another call because "the best time to make a sale is after you just made one."

Finally- Andrew may add "Get some referrals".

This may seem like alot but you dont want to waste all the investment you have in this, its worth the extra steps to make sure it closes tight and smooth.

There is a set up process to making your money line "punch"- it gets the closing line "up against the ropes" so to speak, and then the final money line "knocks it out".

There is a process of leading a person to a place where they are ripe to ask for billing info, and if you ask before that time, then it can be an awkward moment and blow your close...

It really is more than just the money line... as I said I should have made this topic just a hair broader. Thanks Andrew, and others.

-John

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dave147

10 years ago

I thought this thread was about asking for the money AFTER all is said and agreed.
Looks like it's going sideways

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John Durham 10 years ago

Originally Posted by dave147

I thought this thread was about asking for the money AFTER all is said and agreed.
Looks like it's going sideways

Hardy har har Dave. Touche':p
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Morgan Westerman

10 years ago

Originally Posted by dave147

I thought this thread was about asking for the money AFTER all is said and agreed.
Looks like it's going sideways

If all is already "said and agreed" you don't even need to worry about a Money Line... Just ask how they're paying. But I think it's helpful for newer sales reps to understand two very important points:

1. You have to ask for the money. Use tie downs or qualifying questions to lead in with an assumptive close. "Are you ready to get started?" or "I think Packge B is a great choice for your business, don't you agree?" But the point is you have to have the balls to ASK FOR THE MONEY. I love it when they say, "OK, how do we get started?" That means they're definitely sold and comfortable, but that rarely happens. They may be ready, but you'll never know until you ask.

2. The second thing to realize is you almost always have to ask for the money more than once. There are always objections. An objection doesn't mean "no" -- it means "I don't have enough information yet." Asking for the money of often necessary to get to the real meat of the conversation and resolve concerns, establish trust, and qualify the sale.

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John Durham

10 years ago

Originally Posted by Morgan Westerman

There are always objections. An objection doesn't mean "no" -- it means "I don't have enough information yet." Asking for the money of often necessary to get to the real meat of the conversation and resolve concerns, establish trust, and qualify the sale.

Had to re write my comment:

Yes, good stuff. Be prepared for a rebuttal sometimes.

I will try to come up with some later for this thread or maybe start another, "Money Objections and Rebuttals".

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dave147

10 years ago

Originally Posted by Morgan Westerman

If all is already "said and agreed" you don't even need to worry about a Money Line... Just ask how they're paying. But I think it's helpful for newer sales reps to understand two very important points:

1. You have to ask for the money. Use tie downs or qualifying questions to lead in with an assumptive close. "Are you ready to get started?" or "I think Packge B is a great choice for your business, don't you agree?" But the point is you have to have the balls to ASK FOR THE MONEY. I love it when they say, "OK, how do we get started?" That means they're definitely sold and comfortable, but that rarely happens. They may be ready, but you'll never know until you ask.

2. The second thing to realize is you almost always have to ask for the money more than once. There are always objections. An objection doesn't mean "no" -- it means "I don't have enough information yet." Asking for the money of often necessary to get to the real meat of the conversation and resolve concerns, establish trust, and qualify the sale.

So when they do say "OK, how do we get started?" what's your money line?

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Morgan Westerman 10 years ago

Originally Posted by dave147

So when they do say "OK, how do we get started?" what's your money line?

I literally say this, and it works. "Grab your credit card and we'll get you set up right now."
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Claude Whitacre

10 years ago

Originally Posted by Morgan Westerman

The second thing to realize is you almost always have to ask for the money more than once. There are always objections. An objection doesn't mean "no" -- it means "I don't have enough information yet." Asking for the money of often necessary to get to the real meat of the conversation and resolve concerns, establish trust, and qualify the sale.

Morgan: If you have to ask more than once, you are doing something wrong.
They should be sold by the time you are ready to close.

You may be doing what I used to do...

It was "Get the pitch out there and then let the battle begin!"

Closing was what I did.

You said "Asking for the money of often necessary to get to the real meat of the conversation and resolve concerns, establish trust, and qualify the sale"

I see you have some knowledge, but it's all wrong.
Resolve concerns, establish trust, and qualify the sale are things you do up front and throughout the presentation. They aren't problems you solve later, they are pre-emptive strikes (maybe a bad simile) before you get to the actual pitch.

Why would you even explain your deal until you have qualified, asked questions to unlock concerns (and answered them), and had at least the beginnings of trust?

You can very well sell the way you explained in your post. You may even do it successfully. But you are running backwards in a sprint, and you don't need to.

Once someone is sold, why would you need to ask them for money twice? I average about 1.5 closing questions per appointment (where I try to close at all). 80% of the time, it's one closing question "Is that OK?", and then I ask for the money "Check or credit card". Maybe another question needs answered before thy go ahead, but rarely anything after that. And 80% say "Yes".

Again, I think you are selling the way I used to, and there are easier ways.

Read Spin Selling. It will take you through the process. Modesty prevents me from mentioning any other books written on the exact subject we are talking about.

I'm only going by what you posted. Good luck in your endeavors.

Claude "Never shuts up" Whitacre

Added later; If you meant that asking for the money sometimes brought out hidden objection, and then gave you a chance to re-establish trust...then I misread what you said.

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Morgan Westerman

10 years ago

Originally Posted by Claude Whitacre

Read Spin Selling. ...

If you meant that asking for the money sometimes brought out hidden objection, and then gave you a chance to re-establish trust...then I misread what you said.

Claude, thanks for your post. I agree with the points you made and I may be able to try some new techniques. I did actually mean what your last comment suggests. Of course I like to "qualify" before I spend any time with the prospect but I meant that often you don't hear the objections until there is something to object to. If I ask if you're ready to get started and you then tell me you need to think about it, or talk to your wife, your partner, your dog, or you don't have the budget this month or anything else... then, and only then do I have a chance to give you the information you need to say yes.

My point was that too many sales reps will talk themselves in circles and go way past the point of asking for the money, and actually talk the prospect OUT of the sale -- without ever actually using a closing question. Waiting until you think they're sold to ask some magical silver bullet question is futile. I will ask early and often. If they say no, I ask again. They don't always say yes, but they say yes more often than if I only asked once. Always building rapport and asking questions from the start. Never a rehearsed pitch with a magic money line.

I appreciate your polite comments and would actually enjoy learning more from you.

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kenmichaels

10 years ago

Originally Posted by Morgan Westerman

Claude, thanks for your post. I agree with the points you made and I may be able to try some new techniques. I did actually mean what your last comment suggests. Of course I like to "qualify" before I spend any time with the prospect but I meant that often you don't hear the objections until there is something to object to.

If I ask if you're ready to get started and you then tell me you need to think about it, or talk to your wife, your partner, your dog, or you don't have the budget this month or anything else... then, and only then do I have a chance to give you the information you need to say yes.

My point was that too many sales reps will talk themselves in circles and go way past the point of asking for the money, and actually talk the prospect OUT of the sale -- without ever actually using a closing question.

You are not wrong. Not at all.

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AndrewCavanagh

10 years ago

Originally Posted by Morgan Westerman

2. The second thing to realize is you almost always have to ask for the money more than once. There are always objections. An objection doesn't mean "no" -- it means "I don't have enough information yet." Asking for the money of often necessary to get to the real meat of the conversation and resolve concerns, establish trust, and qualify the sale.

I wonder how many members here know who Morgan Westerman is?

Google his name and prepare to be amazed.

This guy has some solid form and was doing this internet marketing thing long before many people here knew it existed.

Kindest regards,
Andrew Cavanagh

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resz

10 years ago

Cover it as a Reminder this way it is half-obvious half-not when youl do it this way. " Hi Bob, just like to remind you that your payment is due today. Please settle payments so we could keep this business rollin ".

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David Miller

10 years ago

I have a some clients on monthly retainers and recently one of them told me he couldn't afford to pay me any longer. I said:

That's a shame, how do you plan to resolve your money problems so we can get back on track?

---------------
He started paying me again the following week. Go figure! This stuff works, you just have to get the words out of your mouth.

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John Durham

10 years ago

Originally Posted by David Miller

I have a some clients on monthly retainers and recently one of them told me he couldn't afford to pay me any longer. I said:

That's a shame, how do you plan to resolve your money problems so we can get back on track?

Lol. You and Ken are bolder than this sentence. Gotta admire that!

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kenmichaels 10 years ago

Originally Posted by John Durham

Lol. You and Ken are bolder than this sentence. Gotta admire that!

Better to be bold then broke
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misterme

10 years ago

Originally Posted by David Miller

I have a some clients on monthly retainers and recently one of them told me he couldn't afford to pay me any longer. I said:

That's a shame, how do you plan to resolve your money problems so we can get back on track?

He started paying me again the following week. Go figure! This stuff works, you just have to get the words out of your mouth.

I suspect you had a good amount of rapport built with this client from your time working with him? With all due respect, your money question could be deemed arrogant or offensive and so I'm thinking that client knows you well enough not to take it as arrogance. And that rapport is a factor at play here just as much as the question itself.

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David Miller

10 years ago

Originally Posted by misterme

I suspect you had a good amount of rapport built with this client from your time working with him? With all due respect, your money question could be deemed arrogant or offensive and so I'm thinking that client knows you well enough not to take it as arrogance. And that rapport is a factor at play here just as much as the question itself.

First of all I disagree with you that the question is arrogant. It is not. Of course I did have a certain relationship with this client, I stated that this was a client that was on a monthly retainer with me. You need to look at the statement in the appropriate context.

But I will remind you that once a paying client becomes a non-paying client, rapport often flies out the window. Rapport reappears with the payments being made again.

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misterme

10 years ago

Originally Posted by David Miller

First of all I disagree with you that the question is arrogant. It is not.

There's no arguing that's certainly the impression I got. Whether my impression is true or perceived it's the impression I got. You don't agree that it's arrogant and that's your privilege but that's the impression I got and that's my privilege.

Of course I did have a certain relationship with this client, I stated that this was a client that was on a monthly retainer with me. You need to look at the statement in the appropriate context.

Excuse me, sir, that's exactly what I've done, is look at the context of this situation. The context was this was a client with whom you did have some time in, I suggested it was the rapport that had been built in that time which may have been an unseen factor that played a part in his keeping your services.

But I will remind you that once a paying client becomes a non-paying client, rapport often flies out the window.

And I'll remind you "often" doesn't mean "always." Without rapport, I would've been insulted being asked how I'm going to resolve financial problems, I would've told you to f@ck off. On the other hand, if I knew you better, and personally knew you weren't arrogant, then there's a way better chance I wouldn't take your statement that way at all. Make sense? My dad was very blunt when he spoke, but if you asked him, he'd tell you that's just the way he is and he doesn't mean it that way at all, though what he dished out was taken as ridicule and sarcasm (not the funny kind) by others. Who's right? My dad, or the recipients of his message?

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David Miller

10 years ago

Originally Posted by misterme

On the other hand, if I knew you better, and personally knew you weren't arrogant, then there's a way better chance I wouldn't take your statement that way at all. Make sense?

Of course it makes sense. Perhaps I didn't make it clear that it was primarily the relationship I have with my clients that allow me to say some things that at face value seem rude or arrogant.

Hope that clears things up!

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misterme

10 years ago

Originally Posted by David Miller

Of course it makes sense. Perhaps I didn't make it clear that it was primarily the relationship I have with my clients that allow me to say some things that at face value seem rude or arrogant.!

That was my original point.
And I used a tie down for extra credit.
Thank you, sir.

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John Durham 10 years ago

Originally Posted by misterme

And I used a tie down for extra credit.
Thank you, sir.

lol...Good one. I would imagine David got a kick out of that too.

Originally Posted by Claude Whitacre

The problem with getting techniques from some Gurus is that they teach something that they have never used.

All too often, and others who HAVE used them get hated on because they dont use kids gloves in calling out that those gurus shouldn't be giving advice they have no understanding of. Blind leading Blind...not exactly a recipe for success, unless the objective is to wind up in a ditch.

I think its particularly offensive when you have spent time in the trenches and your knowledge is hard earned, was costly, and is valuable... Every copywriter and forum marketer wants to jump on the bandwagon assuming you are like them, and act like "Take it easy, we are all of the same blood" ...but you ARENT anything like them, and you ARENTof the same blood, and your motivations ARENT the same...

Keep it up Claude.
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misterme

10 years ago

Originally Posted by John Durham

For instance, before asking I have a process

That's a l-o-n-g process. I might suggest more of the process should go to the presentation part of the process, not the "close." I'll explain that a bit more after this next quote:

1: Make sure we are at a place of agreement where it seems like it's time to reach the natural conclusion (what I call a "close").

In other words- make sure they are feeling sold...by checking their pulse a little with a soft tie down...could be as little as "Any questions Bob? No? Great."

That's not a tie down. (See http://www.warriorforum.com/offline-...ml#post7674190)

They should be more than "feeling" sold. They should be sold. On the product or service. Not necessarily the price. Being sold on the price is yet to come. But without being sold on the product or service first, it's an uphill battle to close on price. Yet that's what most sales people do, is attempt to close on price.

But WHY would anyone agree to the price if they haven't first decided to BUY the product/service?

They won't. So spend more time on the sales process and close, not the price close.

When a prospect's sold on the product/service, you don't need to ask a question, there's all these evidences of them being sold. They become more relaxed. They smile and joke more. If it's a couple, they look at each other and smile and act lovey. They speak in ownership terms. They ask ownership type questions. All this reflects they've taken ownership in their minds. So the conversation changes away from features/benefits to more of a "OK! So if the price is acceptable, we're in" flavor.

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John Durham

10 years ago

Originally Posted by misterme

That's a l-o-n-g process. I might suggest more of the process should go to the presentation part of the process, not the "close." I'll explain that a bit more after this next quote:

Its not as long as it seems.... It just sounds like it in explanation...The closers I trained to use it cleared 7 million dollars in 2007. It was a team of 6 closers. Its also the same process I used in 2000 at com 1 which sold 19,000 website directory listings in one year with it.

I dont know how to say that without coming across as braggy, like Claude says. It's just the truth.

It's hard to give successful experience examples without people thinking you are bragging... (Not you misterme, just people in general).

Actually , the whole process takes about 2 1/2 minutes.

I actually refer to it as a "transition" to close.

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misterme

10 years ago

Originally Posted by John Durham

Its not as long as it seems.... It just sounds like it in explanation...The closers I trained to use it cleared 7 million dollars in 2007. It was a team of 6 closers. Its also the same process I used in 2000 at com 1 which sold 19,000 website directory listings in one year with it.

I dont know how to say that without coming across as braggy, like Claude says. It's just the truth. it's hard to give successful experience examples without people thinking you are bragging... (Not you misterme, just people in general).

Actually , the whole process takes about 2 1/2 minutes.

I actually refer to it as a "transition" to close.

I can't tell you something against your experience of course. It would be highly arrogant of me, as well as presumptive. And therefore, stupid. What I can say however, is that people tend to credit that which happened last, as the cause for the result. So for example when a sales person asks, "how are you paying this today?" and the prospect whips out their credit card, the sales person now believes this is the magic line to say. This happens in sales all the time.

More likely what's going on is the prospect got sold along the way, before being asked for payment. The payment question simply nudges the process along to its conclusion. Take that same closing sequence for selling websites and put it to Amish diary farmers and it's not going to be as effective. This isn't a diss by any means, when props are due, props are due. All I'm saying is I suspect there's probably more props due to those teams for their actual selling process and lead selection. The magic doesn't happen when the magician says, "abra cadabra." The actual mechanics of the trick happen way before.

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John Durham

10 years ago

Originally Posted by misterme

I can't tell you something against your experience of course. It would be highly arrogant of me, as well as presumptive. And therefore, stupid. What I can say however, is that people tend to credit that which happened last, as the cause for the result. So for example when a sales person asks, "how are you paying this today?" and the prospect whips out their credit card, the sales person now believes this is the magic line to say. This happens in sales all the time.

Kind of like a lucky rabbits foot. lol

Well there are situations where you dont need a warm up to close, for example, when a prospect called YOU...or in situations where you have most of the leverage.

I understand. On the phone, in cold calling they dont know you from Adam, so prior to asking for the them to whip out a credit card, its good to re assure them by exchanging personal info, letting them know they will immediately get a follow up email after you hang up...asking them to grab a pen to write things down, repeat numbers back to you, and generally getting them into the mentality to take action at your call, so they dont flinch when you ask them to grab a card without ever having seen your face...

However, there are alot of ways to skin a cat. This is the one that has worked well in my own endeavors.

I agree, its not a one size fits all for all forms of selling. Nor even all STYLES, or operating systems... but it will 'work" for most phone selling.

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iamchrisgreen

10 years ago

"when shall we start"

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Claude Whitacre 10 years ago

Originally Posted by iamchrisgreen

"when shall we start"

Chris; I understand the reason for asking the question. And I've read your posts, so I know you'll understand what I am saying.

There is only one reason I don't ask that question. But it's a Big reason.

The second before you asked that question, the prospects were probably going to buy. Amazingly, they will still probably buy. But when you ask them "When?" it is very easy for them to say something other than "Now"....and they still think they are deciding to buy.

They aren't turning you down, they still intend on buying. But you asked "When shall we start?"...and the natural answer to that question is "As soon as we..." Now they have to make another decision. Do they tell you that they want to start now? Do they wait? Is there something they missed? Should they look at the literature one more time? Isn't next Monday, after the weekend better?

See? They still think they are going to buy. But they didn't.
And they are sincere when they say "After we...".

But then, this happens, that other project comes up, they miss a call or two from you...and it dies.

The question sounds like something you heard from Ari Galper or David Sandler. Both excellent sales trainers, by the way.

But if a salesperson asked me "When shall we start?" The first thing I would try to think of is what, if anything, did I forget to think about before I really commit.

It's not as bad as "So, do you want to think it over or is it OK to start now?" but I would never use it.

On the other hand, if the last 10 clients you asked that to said "Now", then I'll just shut up about it. This isn't poetry, it's about results. And I don't mind being wrong.

Anyway, welcome to the party.
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John Durham

10 years ago

Originally Posted by Claude Whitacre

...But it's a little jarring. It will acually make the prospect take a second to think about what you just said. It may even trigger a second decision making process.

This is valuable. I once heard Alexa Smith say that the reason its important to use proper technique in written word is because everytime you cap something that shouldnt be capped, or use a comma in the wrong place..., it jolts the reader, and for a moment they fall behind, and the reading becomes a start and stop experience instead of a flowing one. (I'm still learning how to do it right myself).

Just as important in sales. The techniques taught are for controlling the flow.

The first part is getting them in the flow, and then the second part is keeping them there, and not doing anything to jolt them out of it, checking here and there to make sure they are still in the groove..., so that closing is a natural part of that flow.

That's why techniques are taught, and because of what you just mentioned; the lack of those understandings causes people to blow half their opportunities... Just little things like that.

You have them in the flow, then you ask a dumb question, in a wrong way that gets them analyzing again.

(Face palm).

This isn't just a bunch of text book stuff, its really how it works, and it really affects things, but you don't miss what you don't know.

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JamieSEO

10 years ago

Originally Posted by John Durham

What is your stock line for "asking for the money"? How do you ask for the check without flinching, and it works like a clock for you?

Everyone around here knows mine, I have used it for twenty years and it works for me like a clock because I can execute it well

"Okay Bob, now as far as payment, we prefer to do business through either visa , mastercard, or electronic check, which on of those is going to work best for you today?"

I also tend to warm them up before asking by making sure they have my number in case they have questions, and I give them my email, that way before I ask for the money, I re assure them that they know how to contact me if there is a problem and that eases a little tension ahead of time.

Similar to what I do.

I always go with "I'm glad we're working together! We accept payment via Paypal or EFT, whichever is most convenient for you. We require a x% deposit up front, or if you wish to pay the entire amount now we can offer you an x% discount / bonus, which do you prefer?"

For clients that will be ongoing, or for larger projects I like to hand them a "quick list" that has contact details and payment details listed. Another thing I like to do is hand them my business card (deliberately does not have my mobile number listed), and as I hand it to them I say "hang on, I'll just give you my mobile number as well" and then write my mobile number on the back of the business card.

I've found that just that little step builds more trust and makes the client happier to make payment.

What do you guys do?

Thanks

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iwillbeontop

10 years ago

In my proposal I have a section titled 'Next Steps'.... It that it says to sign proposal and submit 50% up front. A contract will then be mailed to them or dropped. And thats it really...

Now concerning clients with recurring invoices.... I "try" to make them pay for a year in advance. No less than 3 months at a time... I do not accept monthly payments. And I politely let them know to avoid interruption in services their invoice is due.

Thanks

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aduttonater

10 years ago

I was taught to always assume you have the sale. Asking them so how would you like to take care of this? Check or Credit Card? Is a call to action question. You are not only getting them a great product, but you are making it easy for them to understand what it is, and to pay for it. All your doing is a little bit of leg work collecting the information and processing the payment.

Thanks

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playtone

10 years ago

Lets say you go to a department store and you buy hmmmm lets say a bike. The bike is $5000.00. When you go to the counter does the girl/guy behind the register ever say um..well....ah thats $5000.00? Of course not with out battering an eye lid they will say that $5000 thanks. Why? Because thats what the product is worth.

Never be nervous about telling somebody what your worth

Thanks
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Claude Whitacre

10 years ago

Originally Posted by playtone

Lets say you go to a department store and you buy hmmmm lets say a bike. The bike is $5000.00. When you go to the counter does the girl/guy behind the register ever say um..well....ah thats $5000.00? Of course not with out battering an eye lid they will say that $5000 thanks. Why? Because thats what the product is worth.

Never be nervous about telling somebody what your worth

Your advice is solid. But I think the reason clerks never bat an eye is that they don't care if you buy or not.

Have you ever noticed that department store clerks are just as happy to give a big refund as make a big sale?

Believe me, I don't look the same when someone wants a large refund.

Thanks
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kenmichaels

10 years ago

Originally Posted by Claude Whitacre

Your advice is solid. But I think the reason clerks never bat an eye is that they don't care if you buy or not.

Have you ever noticed that department store clerks are just as happy to give a big refund as make a big sale?

Believe me, I don't look the same when someone wants a large refund.

IMHO that is how all sales people should act. I don't care if you buy or not.
(implied but not spoken) This benefits you .. not me.

The results are almost magical.

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What is Your Money Line? - How do You Ask For The Money?

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