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Are You Selling With Your Wallet - Alan Berg CSP, Wedding Business SolutionsAre You Selling With Your Wallet?

When I’m doing sales training, very often I find that some salespeople have trouble asking for a higher price, or an upsell, because they wouldn’t buy those things themselves. Or maybe they’ve never spent that much money on an event, or anything, in their personal lives. They’re selling with their own wallet, instead of letting the customer buy with their wallet.

Listen to this new 10-minute episode for some ideas on how you, and your team, can learn to more comfortably ask for the higher dollar sales, and upsells.

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Below is a full transcript. If you have any questions about anything in this, or any of my podcasts, or have a suggestion for a topic or guest, please reach out directly to me at [email protected] or contact me via textuse the short form on this page, or call 732.422.6362

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– Are you selling with your wallet? Listen to this episode. Find out what I’m talking about. Hi, it’s Alan Berg. Thanks for tuning in to another episode of the Wedding Business Solutions podcast. Are you selling with your own wallet or with the customer’s? Very often when I’m doing sales training, as matter of fact, just recently, two or three times with different clients that had me come in for sales training, one of the things that they wanted me to really bring home for their sales team, and one was a small sales team and one was a very large sales team. Actually, there were three of them, one was medium, one was large, one was small. And it was the same thing which was, the salesperson was often selling with their own wallet.

And what that means is, you are looking at what something costs from the perspective of you paying for it. Would you pay that money for that thing? And what we find very often, especially if your prices are more to the mid and higher end, is that your salespeople have never spent this kind of money on an event. So sometimes they’re looking at it and going, “Wow, that’s another $2,000. Would the customer pay that?” Or, “That’s another $50, $100, $200, $1,000,” whatever it is, depending upon your price point and go, “Wow, you know, I wouldn’t spend that money. I don’t see the value in that.” But here’s the thing, it’s not your value, it’s theirs. Your salesperson has to understand that it’s the customer who gets to decide whether it’s a good value or not. The customer gets to decide that they want the results of that thing.

I was down in Arkansas with a catering client, and we were having this same discussion. I think it was back in January. And they were, I was telling this point, trying to get this point across to the sales team. And one of the salespeople said that they’re working on a wedding, and there was something that the mother of the bride asked for. And she said to the mother how much it was going to be. But the tone of it was, “Ooh, you know, it’s going to be this much more for that.” And the mother of the bride said, “It’s only money, honey!” because it’s her wallet, not the salesperson’s.

So when someone asks you for something, don’t make it sound like you’re apologizing that it costs more. Tell them how much it costs, ask for the sale. Because they’re asking for it because they want to know and they get to decide. One of the examples that I’ll very often give is, if I’m doing a presentation, I’ll pull up a slide of the inside of a Rolls-Royce dealership. Now Rolls-Royce cars cost hundreds of thousands of dollars, right, $300K, $400K, $500,000 and more. And I’ll show this picture, and I’ll say, “There are people in a dealership just like that today, and they’re selling cars like that today. And people are coming in to buy them. Do you think the salesperson owns a brand new Rolls-Royce, that they own their own brand new Rolls-Royce?” I don’t mean a demo, I mean they own one. And chances are, the answer is no, that that salesperson does not own a $400,000 car or $500,000 car.

What about real estate? Everyday real estate agents are selling houses, and some of these houses are many, many, many millions of dollars. Do you think the real estate agent who’s selling that house, that’s many millions of dollars, owns a many million-dollar home? Maybe some of them do, but a lot of them don’t. A lot of them never will. And the key is, they don’t apologize for the price of the house. They say how much it is, and they see if you want to buy it. The Rolls-Royce salesperson tells you that car with those customizations is going to be $475,000. Should we get that ordered? They ask for the sale. So selling with your own wallet is when you’re making a determination of whether or not you would want that thing or you would pay that price for that.

I remember being in Richmond, Virginia one time doing a small Mastermind Day, and the person sitting next to me does a high-end decor and design. And at one point during the Mastermind, if you don’t know a Mastermind, it’s like a group of 10 or less businesses that spend the day with me just working on your business. So it wasn’t presentations, it was very conversational. And at one point, she said, “I wouldn’t pay my prices.” And everybody kind of looked at her like, “What?” And she said, “Yeah, yeah, I wouldn’t pay somebody to do what I do for these prices because I couldn’t see you spending that kind of money because I can do it.” I said, “Do your customers have a problem paying your prices?” She said, “Oh no, they don’t.” Exactly, they don’t have a problem paying her prices because they see the value because it’s up to them with their wallet to decide. We shouldn’t be deciding for someone that it’s a lot of money or it’s not a lot of money because it’s not up to us when we are the salesperson. It’s up to us when we’re the customer, and we get to decide.

When my wife and I built this house about 12 years ago, we chose a builder whose base price was higher. And some people would look at it and say, “Well, wait, they cost more than this one.” But there were so many things that were included in the base price that were not included with other builders, that by the time you got through with it with the other builder, you’re probably going to spend the same money or maybe even more. So the value was better to spend more for the base price than it was with the other one to spend less and then to add and add and add and add and add and add. Value is in the eyes of the beholder. We get to decide. There are some times where price is the most important factor. But usually, that’s not the case. because even if we say their price is the most important factor, there are some must-haves with that particular purchase. And if those must-haves are not getting checked off, then price really isn’t the most important thing.

So when a customer tells you that price is important, it is, but only if they’re going to get the results that they want. Because if they’re not going to get the results they want, they’ll have to spend more money with somebody else. So really the question comes down to, you know, here, we’re talking about whose wallet is it? It’s always the customer’s. Be careful of your tone when you’re telling somebody how much something costs. Because if you’re making it sound like you’re apologizing or you’re, you’re kind of iffy about the price, that’s going to make them feel iffy about the results. So if somebody said, “Can you do X?” And you say, “Absolutely, we can do that. That would only be this much more. Should we add that to your order?” And smile and wait for the answer because it’s up to them to decide yes or no. It’s not up to us to decide that. What you don’t want to do is say, “Oh yeah, we can do that, but it’s going to be this much more,” because that’s going to make them want to not do it. because they’re thinking, “Well maybe I shouldn’t do it,” as opposed to saying, “Wow, that’s a great idea. “That’s a wonderful addition. A sushi bar would be a wonderful addition for your cocktail hour. It’s very interactive. I think your guests are going to love that. It’s only this much, should we get that ordered?” Or, “A second monogram? Oh, I love that idea. One monogram on the dance floor, one monogram on the wall, I think that’ll be great in your pictures no matter what angle the photographer’s shooting. You’ll have it for your first dance, and you’ll have it for other things. That’s only this much more. Should we get that ordered?”

Ask for the sale. Don’t apologize for it. And when the customer is asking, sometimes, and I said this in another episode where I talk about you can’t always get what you want, but you might get what you need, find out why they’re looking for what it is they’re asking for. And maybe you can provide them with something that’s even better than what they’re asking for. And yes, it might cost more. And instead of going, “Well, yeah, I can do that, that would be this much. But I can do this, and it would be that much,” say, “Yeah, we can do that. Absolutely, that would be this much. You know, here’s an idea for you. We could also do this, and it would be this much, and you’ll get this result. Which one would you like to do?” And now they can get to decide even to spend even more because they’re not spending to get money results. They’re spending to get actual results, physical results, implied results, perceived results. But that’s what they’re paying you for. So make sure you’re selling with their wallet, not with your wallet.

And if you have salespeople, listen to them when they’re talking to customers. And if they have trouble saying to somebody the price that you charge, that is a problem with the salesperson’s attitude where they need to realize it’s not their wallet. They’re not going to have to reach into their wallet for those hundreds or thousands or tens of thousands, or hundreds of thousands of dollars. It’s not their wallet. Ask anybody who works at the very high end, and they’ll tell you they never apologize when they tell the customer it’s going to be X amount. They say, “Absolutely, we can do that. This is how much it’s going to be. Would you like me to add that to your order?”

Go to a high-end restaurant. Go to a high-end steakhouse where they have Wagyu steaks or Kobe steaks or whatever, you know, for $150 or $200, they have no problem asking you for that. That waiter or waitress probably doesn’t go to a restaurant and order a $200 steak themselves. Maybe they do, maybe on a special occasion, or whatever. But if you’re there, it’s your money. You get to decide, it’s your wallet. So are you selling with your own wallet? Are your salespeople selling with their own wallet? Or are you letting the customer buy with their wallet? I hope this gave you something to think about. Thanks for listening.

I’m Alan Berg. Thanks for listening. If you have any questions about this or if you’d like to suggest other topics for “The Wedding Business Solutions Podcast” please let me know. My email is [email protected]. Look forward to seeing you on the next episode. Thanks.

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