Avoid Hearing I left my Wallet at Home During a Sale Ep 390

In this discussion, Dr. Mosey, the owner of acquisition.com, shares strategies for overcoming objections during sales, specifically when a customer claims to have forgotten their wallet. He emphasizes the importance of preemptively addressing payment methods and building rapport to reduce the likelihood of this objection. Dr. Mosey suggests a step-by-step process to guide customers in revealing their payment options, such as asking for ID to indirectly confirm they have a means to pay. He also provides alternatives like using ACH transactions or Apple Wallet and offers solutions for delayed payments, ensuring sales are closed effectively. Dr. Mosey's advice stems from his extensive experience in sales and his desire to help others improve their closing techniques without enduring the same trial and error.

• Dr. Mosey introduces the game of acquiring customers, maximizing customer value, and retaining them.
• He shares his intention to provide strategies based on both successes and failures.
• Dr. Mosey owns acquisition.com, a portfolio of eLearning and coaching businesses.
• The focus of the discussion is on overcoming customer objections, specifically the "I forgot my wallet" scenario.

Welcome to the game where we talk about how to get more customers, how to make more per customer, and how to keep them longer, and the many failures and lessons we have learned along the way.

This quote sets the stage for the podcast, highlighting the main topics of customer acquisition, value maximization, and retention, as well as the importance of learning from past failures.

• Dr. Mosey discusses a specific sales objection: customers claiming they forgot their wallet.
• He suggests that this objection might indicate a mistake earlier in the sales process.
• Dr. Mosey emphasizes that in reality, people rarely leave home without a means to pay.
• The goal is to reduce the likelihood of the objection and to handle it effectively if it arises.

Now, notwithstanding, you probably messed something else up in the sale earlier, which would make them say that, because realistically, no one ever leaves their home without something to pay with.

Dr. Mosey proposes that if a customer claims to have forgotten their wallet, it may reflect an earlier issue in the sales process, as it is uncommon for people to leave home without payment methods.

• Dr. Mosey offers a practical strategy to preempt the "I forgot my wallet" objection.
• He suggests asking for the customer's ID as a less invasive way to confirm they have their payment method.
• This technique works both in person and over video calls.
• Observing the customer take out their ID usually reveals their payment method as well.

Oh, do you have your id on you? Which is the question that I would have, and I would always do this if you're in person, or you probably do it on Zoom.

The quote explains the initial step of the ID strategy, which involves casually asking the customer if they have their ID, a tactic that can be employed in various sales settings.

• Dr. Mosey explains that handling the ID (either taking a picture or physically taking it) can build trust with the customer.
• Giving the ID back to the customer after inspection is a gesture that enhances their confidence in the salesperson.

And the reason you do this is because it actually builds trust when you give it back, because it means that, hey, you have nothing to fear.

This quote highlights the psychological aspect of the ID strategy, where the act of returning the ID after inspection creates a sense of trust and security between the salesperson and the customer.

• Dr. Mosey discusses a technique for initiating interaction by asking for an ID and building rapport through casual conversation.
• The purpose of asking for the ID is to confirm the presence of payment methods.
• Building rapport involves making personal connections, such as mentioning a dog in Michigan, to create a comfortable environment.

"But it's much easier to grab someone's id than it is to grab someone's credit card. All right, so, hey, do you have your id on you? Right? They say, yes. They pull their wallet out. You can see the fact that they have cards."

This quote explains the strategy of confirming that the person has a payment method by asking for their ID, which typically leads to them revealing their wallet and the contents inside.

• Dr. Mosey explains a technique where one trades the ID for the customer's payment card.
• This method involves directing the customer's attention towards their wallet or purse to prompt them to take out a payment card.
• The "trade" creates a scenario where the customer is already committed to the transaction.

"You write it down and then you hold it back and you hold onto it and you look at them and you say, let me trade you for the card you want to use."

The quote illustrates how to direct the customer's attention to their payment method by offering to trade their ID for the payment card they wish to use, thus subtly encouraging them to proceed with the transaction.

• Dr. Mosey offers strategies for handling customer objections, particularly when they hesitate to provide a payment card.
• The approach varies based on the level of rapport and can involve directly addressing concerns or reverting to the initial sales pitch.
• Two key strategies are suggested: re-engaging the customer in the sales conversation or leveraging the ubiquity of smartphones as an alternative payment method.

"And so in this instance, there's two things that you can do from this point besides, and depending on the level of rapport, you can back up a second, be like, hey, sandy, listen, I don't want to make you feel, like, uncomfortable in any way."

The quote underscores the importance of maintaining comfort and rapport when a customer expresses reluctance, suggesting that one can either address their concerns directly or steer the conversation back towards the sale.

• Dr. Mosey discusses the use of smartphones as a tool to facilitate payment when a physical card is not present.
• The strategy involves guiding the customer to use their banking app to access their statements and proceed with the payment.
• This method assumes that the customer has access to a smartphone and a banking app, which is likely for the target audience.

"Now, if they don't have their phone on them, every single human being on planet Earth has their phone on them, right? And for everybody who's online, of course, there are countries that don't have phones, and that is unfortunate. But you're on YouTube and you're watching this. So you have a phone."

This quote highlights the assumption that the audience, being online and likely watching on YouTube, will have access to a smartphone, making this a viable method for overcoming objections related to payment methods.

• ACH transactions are an alternative to credit card payments.
• Businesses should set up ACH transaction capability to expand sales options.
• Dr. Mosey suggests using bank statements and ACH as the primary method.
• Almost everyone can access their bank account number through their banking app.
• This method is particularly effective for in-person sales.
• If ACH is not an option, businesses should consider setting it up.

"It's an ACH transaction. If you can't do ACH transactions, you should get that set up with whoever processes your money, because it opens up another way for you to make a sale."

This quote emphasizes the importance of setting up ACH transaction capabilities to provide customers with more payment options and potentially increase sales.

• Apple Wallet is presented as a secondary option if ACH is not viable.
• It's a convenient alternative for customers who have it set up.
• Dr. Mosey advises to prioritize bank statement and ACH before suggesting Apple Wallet.

"The other alternative is to say, hey, no worries. Do you have your Apple Wallet set up?"

Dr. Mosey is providing an alternative solution for customers who may not be able to use ACH transactions, suggesting the use of Apple Wallet as a backup option.

• If a customer is hesitant to use a certain card, offer to delay the payment.
• Suggesting the customer can swap the card later gives them flexibility.
• Setting a reminder to follow up with the customer can ensure the payment is processed.

"So you put it outside of yourself. Like, hey, this is just how we've always done it, right?"

Dr. Mosey is advising salespeople to externalize the policy to avoid personal rejection and make the customer feel that the process is standard.

• Making a joke about the customer's ID location can reinforce rapport.
• Trading the ID for the card they want to use can be an effective closing technique.
• This approach resolves the majority of sales scenarios.

"And you reinforce rapport, you indicate, and you shake it back to them and say, hey, let me trade you for the card you want to use."

This quote highlights the importance of building rapport with the customer by making the interaction more personal and engaging, which can lead to a successful transaction.

• Dr. Mosey promotes the video version of the podcast for a more engaging experience.
• Visuals, effects, and graphs can help the content resonate differently with the audience.
• The YouTube channel offers these additional features for free.

"If you ever want to have the video version of this, which usually has more effects, more visuals, more graphs, you know, drawn out stuff, sometimes it can help hit the brain centers in different ways."

Dr. Mosey is explaining the benefits of the video version of the podcast, which can engage different learning styles and potentially enhance the audience's understanding of the content.

• Dr. Mosey discusses a multi-step process to handle situations where a customer is unable to present their preferred payment method.
• The process begins with asking the customer to use their banking app for an ACH transfer.
• If the ACH transfer is not possible, the next step is to suggest using Apple Wallet.
• Should Apple Wallet be unavailable, the alternative is to use a different card and arrange to swap it later.
• Dr. Mosey emphasizes the importance of confirming the customer's continued interest in the product or service.
• The conversation should reassure the customer that they can secure their spot by using an alternate card and can switch to their preferred card later.
• Dr. Mosey also addresses situations where a customer may claim they don't have enough money.
• He suggests setting the payment date to coincide with the customer's payday to facilitate the transaction.
• The process aims to identify the true issue behind the hesitation, whether it's a lack of funds or a lack of interest in the program.
• Dr. Mosey shares that this method is derived from his extensive experience in sales and is designed to prevent deals from falling through due to payment issues.

"you the card if they don't give you the card, because they say, I don't have the card that I want to use because it's the only thing they can really say in this instance is you say, cool, pull your banking app up, get ach."

This quote outlines the first step in the process, which involves suggesting an ACH transfer via the customer's banking app when they don't have their preferred payment card.

"If you can't do that, you've got apple wallet, which you can see. Do you use Apple wallet?"

Dr. Mosey suggests Apple Wallet as the second alternative when an ACH transfer is not possible, demonstrating a progressive approach to overcoming payment obstacles.

"If they say no, then you go to the final step that you can do, which is let me just use one of the other cards you have. We'll delay the date and then I'll text you in a minute or when you get home so that we can swap the cards out."

The final step proposed is to use another card the customer has and arrange to switch to the preferred card later, ensuring the transaction goes through.

"Now, the key point here is that you can ask questions like, hey, you still want to do this, right?"

Dr. Mosey emphasizes the importance of confirming the customer's desire to proceed, which helps identify the real reason behind their hesitation.

"Sometimes it's like, well, I don't have enough money. And so then you're like, cool. What day do you get paid?"

This quote addresses the issue of insufficient funds and suggests aligning the payment date with the customer's payday to facilitate the sale.

"And so my hope is that can use this immediately and not have to go through all those sales to use this stuff in your life."

Dr. Mosey expresses his intent for others to benefit from his experience without having to endure the same lengthy sales learning curve.

• Dr. Mosey shares his sales experience and the gradual development of his method.
• He mentions having conducted "a zillion sales" and refining his approach through this extensive experience.
• The advice provided is intended to be immediately applicable for others in their sales efforts.
• Dr. Mosey aims to help others avoid common pitfalls and improve their deal-closing rates based on his own trial and error in sales.

"And I learned this just from doing a zillion sales in my life. And step by step adding these little tweaks that improve the likelihood that I was actually going to close the deal."

This quote reflects Dr. Mosey's extensive experience in sales and the incremental improvements he made to his sales technique over time.

"All right, so keeping awesome. Lots of love, mosy nation. Bye."

Dr. Mosey concludes with a sign-off that is both encouraging and affectionate, indicative of his personal brand and relationship with his audience.