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Money Tolerance And The Games We Play

Money Tolerance is a topic I'm surprised to find I haven't written much about here, given that it is such a central concept not only to the sales training I deliver but also to life. Your life.

If we look at the 80/20 Rule aka Pareto's Law, and apply it to your life, we find this: a small number of beliefs and their resulting decisions turn into the majority of what you experience in life.

The purpose of thinking is to stop thinking. The vast majority of our decisions are made on autopilot, drawing on what we've done before, consistency, identity. The maintenance of identity is key, whether you're conscious of this or not.

money tolerance, dollar, eye, bill

Photo by Vladislav Reshetnyak from Pexels

The Consistency of Money Tolerance

Money Tolerance is a two-parter. It's a limiting belief to imagine as two goalposts: one lower, and one upper. The upper limit is easy to spot, at least when we're being truthful with ourselves (and we often are not). This is the number at which you start saying, "That's a lot of money".

This is a game we play. We play it first with ourselves, then with others.

You see, that number is a BS story. It's nonsense. One number isn't any bigger than another: compare your number to infinity. It's all a game. Why this number and not another? You probably heard your parents say it. "This washing machine is a lot of money." OK, $500 or $1000 gets locked into your mind as "a lot of money".

But it's not the same number for other people, and this is where many folks get stuck in the game they're playing.

"This car is a lot of money," Dad said about the Mercedes station wagon priced at $87,500 because he wanted the nice trim package. So for you, $1000 is peanuts; "a lot of money" starts at $80,000.

How This Key Limiting Belief Affects Your Sales Conversations

Different people are walking around with different money tolerance levels... but they don't know it.

So as a prospective customer, you can bump into somebody who has an extremely different belief in what the cost and value of what you offer as a business owner or salesperson represents.

If you grew up being imprinted upon that "$80,000 is a lot of money", but this prospect in front of you right now believes that "$500 is a lot of money"... can you predict what's going to happen?

That prospect is going to collapse. They're going to fall into themselves, because their belief doesn't support your price tag, and they're going to leave. They literally cannot stand being around the mere idea.

Take this in.

You can also use Money Tolerance as a qualifying tool: I certainly do.

I've explained for years how you choose your customers.

One of the levers you've got available to work with here is Money Tolerance. What if you were to use it to set a bar? So that only those people who already believed—were playing the game that the money number level of where you believe value begins is what they already agree with—were allowed past the velvet rope?

What if you only let people with a pricing-value belief matching your own see the offer?

A big part of positioning works this way. Consider Mercedes again. They're happy to give away whatever info is on their website to whoever wants to look: they know the vast majority of visitors are dreamers who will never qualify to buy. Only those who come into the dealership, and pass the test of answering some qualifying questions correctly, will get the chance to receive an offer to buy. Remember, those are the prospects who can stand there and participate with the idea of this investment as not being "too much money".

How can you take this concept to your own business and apply it?

>> Jason Kanigan is a business strategist and coach. If you're ready to book a session with Jason, click here <<

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How To Beat The Holiday Doldrums (In Sales)

I hear a lot of complaining about the upcoming time of year regarding "holiday doldrums" sales and revenue. While I've discussed this idea before, I want to add a few action steps to the solution for you.

First, let's remember that the notion that the whole world shuts down in the holiday season is silly and false. You can buy into it if you want to, and I can't stop you, but it's really a false and limiting belief.

Do many people take time off in the period starting at Thanksgiving and concluding in early January? Of course they do. I'm not here to argue that.

But does everyone?

Everyone?!

festive food holiday doldrums sales training

Holiday Doldrums Are Not For Everyone

Many people have an unconcealed hatred of the consumerist way Christmas celebration has become. I speak with them every day, and they have no trouble sharing their belief with me. These folks all continue with the grind and are available in their offices during the holiday season.

And what about people who don't have kids? They have far less of a reason to take their holidays at Christmastime, don't they. I myself took holidays for many years in April, and late September or early October.

The lesson here is that not every prospect has to follow the pattern you have in your mind.

You are not your customer!

Prospects Will Also Behave Differently During the Holiday Doldrums

So the truth that we are left with is that many potential customers remain in their offices in the traditional holiday season. And who is around them? Not as many other people, to be sure. The gatekeepers are often gone. These proto-buyers are far more likely to answer their phones.

I remember one year when I was a credit manager, I worked on my birthday. My age-turner is in the final week of the year, and it was almost silly—there was a skeleton crew on, and I was bored out of my tree. At 3:00 the director came in and said I could go home as they were shutting down early.

Now if you had reached me on a day like that day, right smack in the middle of what is supposed to be the dreaded “Shutdown Season”, I would have talked to you. I would have been glad to speak with you.

Keep this image in mind, because there are a lot of bored executives out there during the holiday period who will welcome your call.

See, what you have to do to be successful during this upcoming season is Change Your Behavior.

You can't count on inbound leads.

Referrals probably aren't going to flow in.

Your regular customers are going to behave exactly the way they have in past holiday seasons, and disappear.

Are you starting to get me?

You are going to have to do something different.

Reach out.

Have an interesting way to reach out—give the prospect something, have a good opener, something to break up what in there world is deadening monotony.

Then you have a great chance of being greeted by a chuckle, or a warm word of appreciation...and then you can get on with qualifying your new lead.

The deals are out there. Even in the midst of the holiday season. Change your behavior and go get them.

>> Jason Kanigan is a business strategist and sales trainer. If you are looking for a way to consistently reach and engage prospects, book a consultation with Jason.

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Slow Holiday Sales

Slow Holiday SalesSlow holiday sales is a complaint many businesses have in the Christmas and New Years period. I was asked on an expert platform what to do about the apparent slow-down in interest and sales companies experience at this time of year, and here is my reply:

From what you've shared, it sounds like your sales pipeline is empty.

Many people complain about slow holiday sales: but for me, it's one of the most busy times of the year.

The Truth About Slow Holiday Sales

I'll share with you a secret, in two parts:

1. Nearly everyone gives up for the holiday season because they believe everyone else is out for the count

and

2. Those business owners and decision makers who remain at work during the holidays because they could care a less about them are much easier to reach. The help has gone home.

The "Christmas Business Stall" is entirely a false but widely held belief.

I have sold 5-figure coaching in the Christmas week!

I have picked up the initial order for what turned into a long term and very profitable relationship two days after Christmas!

What You Can Do About Slow Holiday Sales

But the question is: Are YOU In?

Have YOU turned off?

What big underlying business belief do YOU have about the season?

So your current clients are away at holiday time, leading to slow holiday sales?

Come up with a new target customer. Include as a factor that they NOT be on holiday at Christmastime. Screen for and go get them!

Nearly everything in business is centered around your limiting beliefs. If you BELIEVE nobody is available, you won't do anything--reach out, email, call, advertise, whatever.

If you BELIEVE the perfect customer IS out there, you'll go get them. And now, at holiday time, their gatekeepers have gone home...staff aren't busting into the decision makers' offices wanting decisions...your perfect customer is just sitting there, undistracted, hoping for something to do!

(Similarly: if you believe you're the janitor, you just won't talk to a CEO. See where I'm going with this? It isn't "woo woo"; it's real.)

When you bring a limiting belief out from the unconscious into the sunlight, it dissipates. You are then freed up to substitute another belief, of your own choosing this time. A supportive one.

I hope I have opened your eyes a little.

>> Jason Kanigan is a business strategist and sales trainer. If you'd like to find out exactly what limiting beliefs you have, and replace them with supportive beliefs and effective prospecting methods, then let's book a call. <<