If you haven’t heard it yet you are certainly going to hear more and more of your prospects and clients say something like, “because the economy is slowing I need to cut back on my marketing and advertising budget.”
How are you going to respond?
Do you have a strategic response or will you just stand there like the proverbial deer in the headlights?
This statement or objection is rooted in fear and anxiety which is palatable and real. Because fear of loss is a greater motivator than desire for gain what is called for is a ‘shock and awe’ response that causes the prospect or buyer to experience a nauseating feeling in the pit of their stomach. Your response to this objection must create more fear about the negative consequence of not advertising than their existing fear of advertising.
To do this successfully, you must develop a two-inch thick skin and get over your fear that your responses may offend those who hear them. If you are overly concerned or have a psychological need to be liked you will find it difficult to say these. Get over it!!!
If you have the guts to say them, here are some very effective responses that are designed to strike fear and create massive pain in the heart of the buyer:
1. Wow, that’s the kind of decision that will strike the fear of God into your competition! If you cut back your advertising I can guarantee you five things will happen: 1. You will lose customers, 2. You will lose revenue, 3. You will lose market share, 4. Your profits will evaporate, 5. Your cash flow will go down.
2. You can’t afford to cut – that would be financial suicide.
3. And I promise you one thing – overnight, your best customers will become your competitor’s best prospects.
4. What are you going to do, let the competition have the stage all to themselves?
5. If you think things are bad now, just wait to use see how bad things get after you cut back on your advertising.
6. The road to business failure is paved with businesses that cut back their advertising during a recession.
7. Okay, but according to the national retail Federation: “any business that cuts back its advertising will either be severely hurt, or will not survive.”
8. That’s some late New Year’s resolution you got there – and it’s one you’d better break real quick if you hope to compete this year!
9. How do you hope to replace the 30% of your customer base you lose every year through attrition?
10. What your business needs is more customers and more sales! If you cut back on your advertising, how will you get them?
Becoming a master at overcoming this objection will put more bounce in your step and more coin in your pocket. Have fun!
Great post, Steve! I’m a copywriter who’s forever looking to polish my “salesmanship in print” skills and your site is an excellent resource. Thank you! Extra KUDOS for this post. Awesome advice for helping customers realize what’s most vital during a “slow economy.”