The Game with Alex Hormozi - Avoid Hearing "I left my Wallet at Home" During a Sale | Ep 389

Episode Date: May 17, 2022

Ask if they have their ID on them, this will show you what you need to know. Today, Alex (@AlexHormozi) talks about how to avoid tanking a sales pitch and getting the "I left my wallet at home" excuse. Hint, setting the scene and building trust is key to a successful sale.Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast you’ll hear how to get more customers, make more profit per customer, how to keep them longer, and the many failures and lessons Alex has learned on his path from $100M to $1B in net worth.Timestamps:(0:44) - How to set up a sale to avoid hearing " I left my wallet at home"(2:00) - Build their trust by grabbing their ID and giving it back.(3:44) - Remind them of the sale, and ask them to pull out their phone.(6:53) - Ask them if they are sure they still want to push through.Follow Alex Hormozi’s Socials:LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition

You can ask questions like, hey, you still want to do this, right? And they're like, yeah, of course. And you're like, okay, cool. Then let's just put this other card in. And then when you go home, you can solve it out for me. All right, fair enough, easy? Okay, cool. Welcome to the game where we talk about how to get more customers, how to make more per customer,

and how to keep them longer, and the many failures and lessons we have learned along the way. I hope you enjoy and subscribe. I'm going to walk you through exactly how you can overcome. I forgot my wallet at home. And so I have, if you don't know who I am, my name is Ochoomazee, I own acquisition. portfolio of e-learning and coaching businesses that does about $85 million year. So what I want to talk to you about today is how do you overcome this? And you can do this in person or you can do it over the phone.

And there's a process that we've used and this is just, I had to learn this the hard way, was figuring out how can I set this up so that I can decrease the likelihood that someone says they forgot their wallet. Now, notwithstanding, you probably messed something else up in the sale earlier, which would make them say that because realistically no one ever leaves their home without something to pay with. Like, think about yourself. You've literally never left home without a way to pay for stuff.

all right so like it's not actually real but it's nice to have stuff in your back pocket to know how to decrease the likelihood that it comes up and then how to address it if it does okay and so once we've got to the end of the sale and we say like fair enough and they'll say yes and you say cool do you have your idea on you which is the question that i would have and i would always do this and like if you're in person or you'd probably do it on zoom you just look at them you like do you have your idea on you and i do this and then they know that they take out their id right and so what happens is they'll either take out their purse, if it's a lady, or it's a guy, he'll take out his phone or his wallet wherever he keeps his ID. Now, the next part that's important here is that especially if you're in person,

but you can also see this on Zoom is that when they're taking it out, they usually have their ID next to the things that they do payment with. And so once they have given you the ID, because it's much easier to ask someone for their ID than they just ask them for their payment method, you then say, awesome. And so you take, you see it, you take a picture of it if it's on Zoom because you need it for your stuff. Or if you're in person, you should take it from them. And the reason you do this is because it actually builds trust when you give it back. All right, because it means that like, hey, you have nothing to fear here. I grabbed it from you and I'm giving it back. But it's much easier to grab someone's ID than it just to grab someone's

credit card. All right. So, hey, do you have your ID on you? Right? They say yes. They pull their wallet out. You can see the fact that they have cards. You say, great. You take it. You write down the stuff. You make, oh, you're from so and so. That's so cool. I know I have a dog in Michigan, blah, whatever, right? You write it's out. And then you hold it back and you hold on to it and you look at them and you say, let me trade you for the card you want to use. Okay. Let me trade you for the card you want to use. And so when you say that, you're literally staring.

And ideally, if you're in person, I would shake the card in the direction of the wallet that's sitting on the table or the phone that they have that has like the slots in it or whatever or their purse, whatever it is. Like you're shaking in the direction so they know that you're indicating that they need to take out their wallet. So at this point, you've already set the scene so that you're not going to have an issue with this. Now, this is the only thing they can possibly say at this point because they've now shown you that they have payment methods in front of them. They will then say, I don't have the card that I want to use. Okay. And so in this instance, there's two things that you can do from this point besides, like, and depending on the level of rapport, you can back up a second to be like, hey, Sandy, listen, I don't want to make you feel like, you know, uncomfortable in any way. And this is where you have to ask questions based on some of the information that you've had up to this point.

It's like, what would make this not a fit for you? Right? And sometimes it's like you just skip all the bullshit and you just ask like, hey, like, let's just pivot for a second. Don't worry about signing up. I just want to talk to you. Like, what did you come in here for? I want to lose weight. Okay, cool.

What have you done? Like, you basically have to re-remind them in the sale. But if you don't have to do that, here's the two ways you can overcome this. Number one is they'll always have their phone on them. Okay. Now, if they don't have their phone on them, every single human being on planet Earth has their phone on them, right? And for everybody who's online, of course, there are countries that don't have phones and that is unfortunate, but you're on YouTube and you're watching this. So you have a phone. Okay. So you ask them to take their phone out and then you say, cool, what bank do you bang with? And then they'll say, cool, can you pull up your banking app real quick? And they'll be like, okay, cool, cool, go to statements. As soon as you go to statements, you say, cool, there you can click any of the months. It doesn't really matter. And on the top right, you'll see your account number. And so right there, it's the full account number for their account. and you can write that down in lieu of a credit card.

It's an ACH transaction. If you can't do ACH transactions, you should get that set up with whoever processes your money because it opens up another way for you to make a sale. The other alternative is to say, hey, no worries, do you have your Apple wallet set up? Now, I wouldn't do that as my go-to. I would do the bank statement in ACH play first

because just about everybody who banks has their banking app on their phone and a way to pull the statements and see the account numbers. So the likelihood that you do that is virtually 100%. And so this works. especially well for in-person sales because like they're right there they have their phone you can say cool do you have your phone on you they'll say yes obviously say cool pull your banking app up they pull it up you walk them through statements account numbers at the top right and you write it down if you don't do ach go do it go get it set up so that you can do this to overcome these issues right and then option two

is you have them pull up Apple wallet and if they don't have Apple wallet then you're like cool how about this why don't you put one of the cards you don't want to use down right now because I have to do that it's policy, right? So you put it outside of yourself like, hey, this is just how we've always done it, right? And you get them right down the card that they don't want to use. And we say, no worries. What I'll do is I'll delay the payment for, for 24 hours. And so that you can go home and just swap whatever card you want to use for it. Okay. So it'll run tomorrow. So just make sure that when you get back and I'll shoot you a text. What time are you get at home? Okay, cool. I'll sit an alarm on my phone. Why don't you send an alarm on your phone

because you have your phone out? And I'll call you at that time. Cool? Great. And then you can get it. Hey guys, love that you're listening to the podcast. If you ever want to have the video version of this, which usually has more effects, more visuals, more graphs, you know, drawn out stuff. Sometimes it can help hit the brain centers in different ways. You can check on my YouTube channel. It's absolutely free.

Go check that out if that's what you are into. And if not, keep enjoying the show. And so just to walk you through this, you ask for the ID, you write down the info and make a joke about where they're from, and you reinforce rapport. You indicate and you shake it back to them and say, hey, let me trade you for the card you want to use. Most times this will handle 80% of the scenarios anyways.

They'll give you the card. If they don't give you the card, because they say, I don't have the card that I want to use, because it's the only thing they can really say in this instance, is you say, cool, pull your banking app up, get ACH. If you can't do that, you've got Apple Wallet, which you can see, do you use Apple Wallet? If they say no, then you go to the final step that you can do,

which is let me just use one of the other cards you have. We'll delay the date, and then I'll text you in a minute or when you get home so that we can swap the cards out. Fair enough? Right. Now, either way, the deal was closed with that credit card, and you have the contract and file that says that. Okay, so you're fine, but it's up to them to swap it out. Now, the key point here is that you can ask questions like, hey, you still want to do this, right? And they're like, yeah, of course. And you're like, okay, cool. Then let's just put this other card in. And then when you go home, you can solve it out for me. All right? Fair enough? Easy. Okay, cool.

Now, sometimes it's like, well, I don't have enough money. And so then you're like, cool, what day do you get paid? And a lot of times it's like whenever I'd have like Fridays coming up, It was like, awesome. So today's Wednesday. Let's put it on Friday. And that's when you get paid. Cool. Okay, great. Boom. And a lot of times you can just close the deal because we just have to identify what the issue is. And you can usually tell based on the rapport of the person that sometimes they're hesitant because they actually don't know if they have money or they're hesitant because they don't want to do the program. And that's why it's important to ask like, hey, you sure you still want to do this? Like, I just want to do this. I want to do it. They say, yeah, no, no, no, I want to do it. It's like, cool, then let's just put that car down. That gets you in, you locked your spot up. Like, you're in the program.

You're good. And then when you get home, just swap the card you want to use, right? And it's like, cool, got it. So that is the four or five step process that, A, I walk through to decrease the likelihood that someone says they left their wallet at home. And even if they did say that they left their wallet at home, and we can prove that they didn't leave their wallet at home. If they said they left the type of payment that they wanted, the steps to overcome that

so that that doesn't blow up the deal for you. All right. And I learned this just from doing a zillion sales in my, life and step by step adding these little tweaks that improve the likelihood that I was actually going to close the deal. And so my hope is that you can use this immediately and not have to go through all those sales to use this stuff in your life. All right. So keeping awesome lots of love, Mosy Nation. Bye.