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How to Make Clients Who Can’t Afford You Spend Money on Your Product

Data shows that 90% of CEOs believe that the customer significantly impacts their business. That’s why you should be concerned when they refuse to spend their hard-earned cash on your company.

Winning customers is an uphill task for most businesses. Most enterprises mark average conversion rates between 2% and 5%, showing how difficult it is to convince your prospect to spend their cash on your offering.

If you’re a business keen on customer feedback or actively pitches to clients, one of the most heart-wrenching feedback you can get is that the customer can’t afford you. 

Are they right? And is there anything, apart from a price drop, that you can do to get them digging into their pockets? Here’s what you should know.

Why Do Clients Say They Cannot Afford You?

Clients stating that they can’t afford your product or service stems from several reasons. They include the following:

Lack of Trust in Your Business

Data shows that consumers are willing to spend 17% more on a company as long as they have an excellent reputation. Therefore, any mistrust of your business can have them withholding their cash. 

Lack of trust often stems from how your business projects itself to its potential customers. You don’t want the client to feel that you’re too desperate to sell to them, you’re too pushy with your offer, or they’re not getting the attention they deserve from your business. 

Any of these issues will make them hesitant to purchase from your business until they obtain convincing proof that it can be trusted. 

Low Perceived Value

Customers need to see your product’s value before they purchase it. If they feel what you’re offering is too expensive, thus of low value, they’ll withhold their cash until they find an alternative. 

Low perceived value often stems from poor marketing. Your sales personnel may be focusing more on selling your product or service’s features instead of showing the customer how it solves their most pertinent problems.

What you should be selling are the benefits and outcomes of your offering so that the customer sees the value of your offering and becomes more willing to pay for it.

They’re the Wrong Audience

In most cases, a client stating that they can’t afford your product or service signifies a priority issue instead of a money issue. The wrong audience will not need your product, meaning spending on it will not be a priority to them.

That’s why it’s crucial to conduct audience research and establish the right buyer persona for your business. 

For instance, a young single person may be the worst person to try and sell a van to. However, a couple with a large family or an owner of an order delivery business might be the better audience. 

Lack of Trust in Your Product or Service

A prospective client might go through your website and product pages but still leave, claiming they can’t afford what you offer. What they might mean is that they don’t completely trust that your product or service will work as advertised.

One of the reasons behind a lack of trust in your product or service is poor messaging that doesn’t resonate with the client’s needs or wants. Another vital one is a lack of social proof.

Statistics show that 63% of consumers need to hear a company’s claims 3 to 5 times before they trust them and purchase their products or services. Having testimonials and reviews on your product pages and website can help build the customer confidence you need in your products or services.

Lack of Trust in Themselves

Oddly, consumers’ lack of trust in themselves and their buying decisions can deter them from spending money on your business’s offering. This self-doubt is a relatively common occurrence among consumers.

For instance, if you’re selling a fitness program, your prospective client might stall because they fear they might not go through with the program as per schedule. Therefore, they won’t get the program’s benefits.

Your goal is to inspire confidence in the consumer that their purchasing decision is the right one and there’s a lot to gain if they take the bold step and use your product or service. 

What You Should Do to Have the Client Spend Their Money on Your Business

Addressing the concerns of customers unwilling to spend their money on your business is the only way to get them to dig back into their pockets. Here’s how you can do it.

Acknowledge Their Concerns with Empathy

80% of customers state that their experience with a business is just as important as its products and services. Part of that experience is being heard.

If your potential client remarks that your product is too expensive for them, acknowledge their concerns and address them with empathy. Doing this builds trust and takes the pressure off them. They feel grateful that you didn’t push harder with your sale and, oddly, start paying closer attention to what you have to say.

With their attention drawn closer, you can start showing them the different ways they can get your product or service, improving the chances of having them pay for it.

Ask Several Questions

Your prospect has already stated that they don’t want to spend money on your product or service. Instead of withdrawing completely, politely start asking them questions to establish the root cause of their remarks.

Some questions you can ask include:

  • Do you feel this product or service will help you reach your goals?
  • Would you invest in this product or service if money wasn’t an issue?
  • What would you need to invest in our product or service?

These questions will give you insight into why your prospect has refused to spend money on your business.

For instance, if the customer states that they would have spent on your product or service if money wasn’t an issue, they see no value in it.

Using their answers, you can start working on what’s missing in your product’s value proposition and brand image.

Show the True Value of Your Product or Service

The two biggest culprits to customers withholding their cash from your business are poor value perception and differing priorities. To combat these, you need to show your prospects that what you’re offering is excellent value, and they should prioritise it in their buying decisions.

One way to do this is by demonstrating to the customer what they stand to gain if they purchase from your business and, consequently, what they stand to lose.

Often, customers will be aware of their challenges, but they won’t account for the cost of having these challenges. Not knowing the cost of their challenges often affects their value perception and prioritisation since they don’t know the actual benefits they get from solving their problems.

For instance, if you’re selling an automated sales solution for $5,000, your prospect won’t see great value since all they see is $5,000 spent on a piece of software. However, if you explain that your product will boost productivity 4x, they’ll see the cost savings of having the work of four extra employees done by your solution and spend their money on it.

Your value proposition should show the prospective buyer what they stand to gain in terms of profits, revenue, time savings, cost savings, and more. What you’re selling should present itself as an investment to them and not an expense.

Provide Alternative Options for the Purchase

Sometimes your prospect cannot genuinely afford what you have to offer. In such cases, you can still close a sale by providing them with alternative payment options for your product or service.

For instance, your business can offer customer financing where the client can pay for the product or service in monthly instalments until they clear the bill. Alternatively, you can offer a slight price adjustment to make the deal more attractive.

Price adjustments are different from discounts. Whereas a discount simply reduces the price, a price adjustment offers a two-way transaction where you give up a slight percentage of the product’s price for the client’s commitment to something bigger.

For instance, you can give clients a price adjustment if they make a massive order or sign a long-term supply contract. Therefore, you end up with a win-win situation. The client gets a better price while you get more sales from the agreement.

Price adjustments and customer financing options will vary based on your business and prospective customer.

Provide Your Product or Service in Phases

If price adjustments and customer financing options are not viable for your case, you can opt to offer your product or service in phases that the customer can afford to pay for.

For instance, if your business sells furniture in sets of 7, you can deliver or make them in phases of one piece, with the customer paying for each piece once it’s been completed or delivered.

Subscription-based services also use this model to ensure customers of varying financial muscle can afford to pay for their services. For instance, Grammarly bills its annual business subscription starting from $180 per year or $15 monthly.

A small business that can’t afford to pay the one-time annual payment will opt for the more affordable monthly payments.

This strategy ensures that you maintain your pricing, the customer gets no overdraft, and they only pay for what has been delivered until the entire order is completed.

Provide Better Sales Copies

Your sales copy can significantly contribute to potential clients feeling reluctant to spend their cash on your business.

For instance, lengthy sales copies produce the worst results. Data shows that pages with less than 200 words get the highest average conversion rate. Clients want to get the necessary information quickly with a direct statement of what they stand to gain from your offering.

Using a professional copywriter to produce your sales copies will improve your value proposition and make more customers willing to spend on your business.

Follow Up on The Clients

A successful salesperson will tell you that one of the biggest secrets to their success is never giving up. Data shows that 92% of sales personnel will give up after the fourth call. They don’t know that 80% of prospects say “yes” the fifth time you ask.

Walking away after facing rejection during the discovery call will leave money on the table. Instead, you should use the information you gathered during the discovery call to craft a personalised follow-up addressing the barriers holding your prospect off from spending on your product or service.

Empathy should be at the forefront of your follow-ups, showing genuine interest to help your prospect find what they’re looking for.

However, you have to let go at some point. Great salespersons also know when the deal is too sour and walk away. Some core issues the prospect faces may be difficult to overcome, leaving you with no choice but to respect their decision entirely.

What You Should Not Do When a Client Says You're Too Expensive

While there are many strategies you can employ to win over a client unsure about spending on your business, there are a few things you should avoid doing once they mention your offering is too expensive.

Typically, you should not do the following immediately:

  • Negotiate your price
  • Reduce it
  • Justify it.

Doing any of these will put you at the mercy of the client and their budget, exposing you to poor and uneducated opinions about how much your product or service should cost.

However, this approach should be taken very carefully and objectively.

Yes, your product can still be grossly overpriced. Instead of having a head-to-head debate about pricing with the customer, take your time and genuinely and objectively assess what the competition offers. How is your offering stacking up? Is the amount you’re asking for genuinely worth it?

If not, you can adjust your pricing to ensure it’s still competitive and attractive to most buyers within the market.

Work with a Professional Who'll Help You Show Value for Your Business, Products, and Services

Selling to clients can quickly become frustrating for even established business owners. However, if you employ the right strategies, you can be sure that your prospect will be willing to spend money on your business and see value in your offering.

Contact a professional copywriter today and let them transform how your business uses its sales copy to show value to its prospects.

Over to You…

Do you agree with How to Make Clients Who Can’t Afford You Spend Money on Your Product? Or is there something missing, or you would like to add?? Would love to hear from you in the comments – any feedback is greatly appreciated.

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