Ever have someone say: “I’d love to work with you but I just don’t have the money!” What are you going to do when that happens? How will you market to people who do not have money?
No matter what you sell – product or service – you will always have a portion of your target audience that falls into the “I’m broke” category.
It could be because they’re unemployed. Or perhaps, they’ve sustained an injury or illness. There are many reasons why people don’t have extra spending money. I’ve been there, done that myself. So, I know how it feels.
It could mean that what you are selling is not attractive to them. Or, what you’re saying doesn’t resonate well. And they’re using money as an excuse to back out of making a commitment to you.
You can sense when others are telling the truth and when they are lying. Even on the phone.
So, let’s talk about what is behind the phenom.
She’s the Same as Anyone
Even though she may not have much disposable income right now, the “I’m broke” prospect has the same needs as the rest of us. She wants safe and happy daycare option for her children, wants a business that prospers, and enough money not to worry about paying the bills.
See, the same needs as you.
The difference is she doesn’t have the resources at her disposal right now. So, she has to make tougher choices when buying the products/services she needs.
Be respectful of that person and her situation at all times. Show that you understand and appreciate her needs. Offer something that speaks directly to her.
She will remember how you treated her, not shunning her like the plague. When she has more money, she will come back and work with you in some manner or form. And, she will tell her friends about you.
Remember, there but for fortune…..
Who Are You Targeting
Southwest Airlines advertises itself as a low-cost, no-frills carrier. They offer budget-friendly flights to many destinations around the United States. And, it focuses its marketing efforts on people who don’t want to spend a lot on airfare.
On the other hand, United focuses on individuals who are employed full time (particularly in a management or executive position) and have a household income of $50,000 or more.
Why does United do that?
Because business travelers are more likely to pay full fare than people traveling for pleasure. Because those with higher income are more likely to select first class over economy.
As a result, United sells more full-cost fares than Southwest.
Airlines identify those who are more likely to respond to their particular offerings. Then market to them, almost exclusively.
Having a targeted market creates an appeal to your demographics.
Who is your target market? And where are you targeting that audience? Do you know?
Focus on the Value
Focusing on the value of what you provide may be enough to spur this prospect into buying, with two conditions:
If she sees it as having value for her.
And, if she needs it now!
It’s vital you show – no, to emphasize – the value of your product or service when you’re targeting prospects.
When showing value, focus on hard evidence that puts you above your competition. You could show how long-lasting your product is, how your product has better functionality over similar ones, or how your product will give the prospect more for their money.
Someone I know has a website. She was surprised the other day when a prospect gave her the “I’m broke” spiel. We talked about why this could happen and the things she could do to make it clearer why this prospect should work with my acquaintance. One of the things I saw is that it isn’t clear in her content what value the prospect gets when working with her. Both the need and the solution needs to be crystal clear.
By focusing on the value you provide, prospects (even those who don’t have funds right now) will find it hard to resist your offer.
Because the “I’m broke” prospect has less money to go around, she will spend her money on products and services that she feels won’t rip her off.
That’s where the Know-Like-Trust factor comes in.
But how can you do that?
Earning trust is a longer-term effort. It doesn’t happen overnight.
Here are a couple of ways to do that:
- Give away your best stuff: Just some of it, not all. The net is flooded with free stuff. If you want to stand out, even your free offer must be remarkable.
- Don’t be disappointing: Keep your word. Always. If you say you’ll post an article every day, post an article every day. Break a promise and your credibility vanishes.
- Include testimonials: Let someone else vouch for you. Ask people to include full name & website. By sharing their experience with you, you’ll build trust that you deliver a positive experience.
- Use case studies: Real-life stories give examples of your work and show your capabilities.
- Avoid jargon: Keep your words simple. Be approachable. Cut the c%$p. We’re born with built-in BS detectors. So your prospects can sniff it out in a heartbeat.
- Offer a guarantee: Of some kind. But, when your prospect is ready to buy, reduce her risk. For example, offer a 30-day trial or money back guarantee.
Appeal Using Benefits
People without money are not just concerned about how much.
They think of the value and the benefits they’ll receive as more important than the price. According to the Harvard Business Review, the “I’m broke” prospect is willing to buy products and services that lead to career and educational advancements.
Tap into that when selling to this type person. Show them how what you offer will lead to professional success.
Fill Their Needs
Meet prospects where they are.
Show prospects how your product or service offers solves their problems.
If you are a nutritionist, for example, showing how a high-fiber diet leads to healthier, longer life, can help sell your services for nutrition coaching.
Research your target markets to find out what they need and specifically target those priorities.
Back to You
What strategies do you use to market and sell to people in the “I’m broke” category? Leave a comment to share with me, won’t you? I’d love to hear from you.
If you need help in this area, I invite you to sign up for a complimentary Strategy Session with me.