MLM Tips – MLM Objections – Overcoming The No Money Problem

So today I had the opportunity to once again listen to a few prospects give me a bunch of lame reasons (MLM Objections) as to why the business was not right for them.

mlm objectionsNow if you are in the MLM business, you hear them every day, and for the MLM Pro who has been around for a few years, MLM objections are just part of the territory.

That’s what started me pondering what the biggest problem in the MLM universe was.

Maybe problem is not the right word here, let’s rephrase that to, “what is the biggest obstacle that most people encounter in their journey to MLM success?”

Wow! That thought kind of opened up a Pandora’s Box of stuff that jumped out of my mind.

Now since I have been in the MLM industry for over 25 years I have seen a lot of the obstacles that people struggle with, so where do we even start?

Lack of focus, lack of commitment, unrealistic expectations, wrong business model, lack of lead flow, no MLM marketing system, no business experience, no MLM business plan, and the list goes on.

So this article was at that point getting ready to mutate into a 100 page book so I narrowed the focus down to…….

What is the single biggest objection people have to joining you in your MLM business, and how do you overcome it?

Humm……

Well in the world of MLM objections,  it has to be the dread “Money Objection”. It is I believe the most frequently heard utterance in MLM objection universe.

It goes something like this,

“…Wow Marc, I can really see the potential of this and I would love to join you but I just don’t have the money right now”.

Now when you are new in the MLM business, hearing this is kind of like a knife in your heart. I mean after listening to lots of “NO’s” you finally find someone who actually has half a brain and can see the incredible potential of your deal, but they don’t have the dam money!

Arrgh…… the universe is so unfair!

So how do you deal with that MLM objection, or is it really just an excuse?

You know the different right?

 

MLM Objections

 

Sales 101 teaches us that an objection is a supposed statement of fact concerning the presentation you just delivered, based on erroneous conclusions or incomplete information. For example, “I don’t want to be a representative of xyz MLM because network marketing is illegal.”

An objection is a question phrased as a statement. Recognize this, and answer it as such. A standard response would be, …”well Bob, I understand how you could feel that way, however “if I can show you that network marketing is not illegal, would you be interested in becoming a representative?” If the questions can be answered to the prospect’s satisfaction, they should then become a representative.

MLM Excuses

MLM Objections and excuses are not the same, learn to recognize the difference. This is a big stumbling block for many people entering network marketing without sales skills. Good sales people develop an intuitive “feel” for the difference. People without experience can waste a lot of time chasing uninterested prospects. From the standpoint of MLM business building most MLM objections are probably excuses.

Now believe it or not we live in a polite culture, and as a result people actually have a hard time saying the “NO” word,  and as a result they just make up excuses or use the big kiss-off phrases like: “Send me some information or I will think about it”.

But what about those people who your gut seems to tell you are actually interested but you just can’t seem to get them to commit? It’s kind of like herding cats, it can be a frustrating task.

MLM Objections & The Internal Priority List

Look, think about this for a moment, you could probably sit down right now and write out a list of 50 things you are interested in but you only have time, money, and attention for probably the top 2 or 3 things on that list.

So for the purposes of MLM prospecting and recruiting, whenever you hear phrases like:

  • “I am considering several options”
  • “I have not ruled it out yet”
  • “I am still considering it”
  • “I have not come to a decision yet”
  • “I just don’t have the money”

They all mean the same thing, ………“NO”

Now there may be an interest level there, but it’s so low on their list that washing the car probably takes priority over it, so don’t waste your time. Just say “Next” and move on.

The Ah-Ha Moment! MLM objections

Did the little light just go on in your head? Recognizing this one simple fact will save you hours and probably years of frustration in building your MLM business.

MLM Lies

So now your faith in human nature is probably restored, maybe all those prospects were not actually telling you lies. Your deal probably did register as something that was interesting, so they were telling the truth, it just wasn’t high enough on their internal priority list for them to take action on it.

MLM Money Objection Confusion

Now on the surface the MLM Money Objection seems to be different than “kiss-off” excuses so it tends to confuse the success hungry network marketer. I mean let’s face it, these people are saying “Yes”, so we want to believe them.  So what is the real obstacle here?  Is it really about the money? No not at all, its lack of motivation or desire.

The Wrong Path

Many people in network marketing hear the “No Money” MLM objection so much that they start actually believing that the money is the real issue and that if they had a product or MLM with a lower cost “buy in”, it would solve all their problems and they would be millionaires in a week.

MLM objectionsYou will find these people tend to gravitate to consistently lower cost deals where the sign up fees are maybe $50 or even to the real low cost trash deals that cost $5 or so chasing the illusion of “the perfect buy in”.

Now here’s a real killer, usually when they start promoting the low cost deals they find they still get the same excuses.

………….“What do you mean you don’t have $5?

You see, if someone really sees the opportunity and its high enough on their priority list the cost is never really a factor. Your “buy in” could be $10,000 or $20,000 like many of the Top Tier MLM deals and if your prospect saw the opportunity and was excited they would sign up.

The $5000 Corvette Story – The Power Of Intrinsic Value

Now if you don’t believe this here is a quick test you can do on those “No Money” prospects. Ask your prospect if you could show them a way to quickly earn the money to join your business if they would sign up. Then tell them that you have a friend who got in trouble with the IRS and that he had just bought a brand new Corvette for cash the day before. Tell them that he is desperate for money and that if they could come up with $5000 cash by tomorrow he will sign over the $90,000 Corvette to them and they would make a killing.

Now you can probably see where I am going with this right? Do you think the person who just told you they did not have the money to sign up for $500 is going to be able to come up with $5000?

You better believe they are, they are going to move heaven and earth to get that $5000. Even if they don’t have it, they were going to pull out all the stops to make it happen.

You see, if your prospect sees a high enough value in your opportunity nothing can keep them out, and the cost is irrelevant. 

Now the best way to implement this strategy is not to start studying up on sales courses so you can learn how to overcome MLM objections, but rather to study ways to implement a high volume lead generation system and bury yourself with leads. You see, with a high volume of leads you not only gain posture but you also become much more aggressive with your qualification and you no longer listen to excuses.

When you no longer live in lead poverty, you only need to remember one thing:

Yes means Yes, and everything else means NO

  MLM Objections

Ready to take your MLM business to the next level? Ready to learn the skills of how to become a super-recruiter and turbocharge your income stream?

Learn The Secrets of A 7 Figure Earner

 

 

About Marc Barrett

2 Responses to “MLM Tips – MLM Objections – Overcoming The No Money Problem”

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  1. Rena says:

    Awesome article this is great information about MLM tips and MLM objections in overcoming the no money problem. This is very interesting to read. Thank you for posting.

  2. Marc Barrett says:

    Thanks for the feedback Rena

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