I Have a Money Mental Block – Here’s How To Get Past It
We All Have Money Mental Blocks
We all have mental blocks but for salespeople, a MONEY mental block is very difficult to deal with. Learning how to get past it is something we talk about in this episode. Sales is 100% mental in approach, in processing, and in doing. Why not learn a little about how to get past it?
In this episode, we talk with Ina Coveney, a coach for coaches, so to speak. Ina (ee-na) helps small businesses and coaches get clients BEFORE they spend all of their time and money trying to grow an audience online. She had money mental blocks when she first went out on her own to make her own living, but was able to identify the issue and start to work on eliminating the money mental block she had and begin working on closing more dollars. This is the result of having a healthy image of money versus one of a poor one.
If you struggle with money during your sales meetings or you are hesitant to charge more because you feel like you’re not worth that much, you’re not alone. A LOT of people feel that way. Sometimes its because they feel like the product or service they’re selling isn’t worth as much as it’s priced (especially when working for another company). Other times, it’s personal…it’s that feeling that you’re not worth as much as you should be charging.
In this episode, we talk about that money mental block and how to get past it.
- Find Ina Coveny on Instagram
- Join her Tiny Audience Masterclass
- Listen to Ina’s Global Phenomenon Podcast
NOTE: Some links may be affiliate links, which means we get paid a commission when you purchase, but it the cost remains the same for you.
Music: "Clydesdale Funk" by Cast of Characters, written by: Dustin Ransom.
Welcome back, everybody to The Slow Pitch. And today we have a special guest. And Lane is not going to be joining us. He was tied up today, but we have Ina Coveney. And I just wanted to say thank you first off to start us off that. Thank you for joining us or me today we’re going to talk about money issues. And a lot of people have money issues that are a little bit weird and their mental most of the time, right. So but let’s do a little chat here. Let’s talk a little bit about it. So in your past, we had interacted a little bit or I’ve watched you on a presentation. And that’s why I asked you to come to the show, because some of the things you talked about was really interesting in terms of how you overcame some of that. So I think, given the audience that’s on this show, which is all mostly salespeople, small business owners, people who have to sell for a living, I know that they get into trouble because they feel like they can’t get past their own problem. Right. And so I thought it’d be interesting to have you come on and talk a little bit about that. So can you just give us a little bit of a brief, just high level, you know, what you who you are what you do, just to give us a little background?
Sure. And thank you so much for having me, Rob. My name is Ina Coveney, like you said, and I am a business coach. I’m the host of the Global Phenomenon Podcast. And I specialize in helping other online coaches get clients, even while their audiences are very small. So while everybody else is trying to get them to sign up for their courses to grow an audience, I’m like, how about we just start making money right now. And that’s, that’s what I like to talk about is monetizing small audiences. And yeah, this topic of money has been really, really, really interesting. I can’t wait to see where a conversation takes us.
Yeah, so give me a little history. So have you always been pretty confident about money? Or is this been an issue for you? Have you ever had that problem before? Like, I know, I did. But you know, some people don’t.
No, I grew up basically having everything that I needed, right? I came from, you know, middle class, Venezuelan family, were I, I needed nothing, right? i Everything was given to me. So I grew up, not really worrying, that I wasn’t going to have money, because money was always there. So what ended up happening was I graduated college, my parents pay for college, I walked away with no debt. And then this is when they go, Okay, now you go and make your own life, right. So I got myself a really good job. And I was making really good money for somebody who was 23 years old, I was making a really good living, not having any really any expenses. But I had no idea how to manage money, because I had never had to it was just always there. So one time, I remember, there were these consultants from American Express, that would come to my office like at work, and we try to like pitch themselves, like help people out. And I’m like, Well, I’m all set. But once I started looking at my bank account, I noticed that as much money as I was making, there was always less and less and less money each month. And like, what is happening, it’s not like I don’t have kids, I’m not married, I have nothing else to spend money on, where’s my money going? So I started, I met with the American Express people. And they’re trying to sell me, you know, a package for several hundred dollars. And they would help me figure out my finances. And I’m like, I just showed you my bank account, you know that I don’t have the money to pay you for this. So how about I’m just gonna do it on my own. So I went back, and I’m a big spreadsheet nerd. So I bought all of my expenses. And I started really tracking where my money was going. And from there, I just became really obsessed with just tracking my money where my money was going. And I did that all through my through my adulthood. When I got married, my husband was equally meticulous about money. So we decided, well, I’m doing it through a spreadsheet, you’re using Quicken or whatever software he uses. So you have a much more efficient, much more efficient process. So he went on to take care of the fine finances in our family. And he has done an amazing job at managing it all keeping us out of debt, paying off our cars, like he’s been doing great. So I haven’t had to touch it until I started my business. And then that problem started to rear its ugly head again, that I wasn’t even looking at it. And I found myself in a position where a lot of coaches, a lot of people who start an online business find themselves, which is we’re being told all the time, if you want to grow your business, you need to invest in yourself, and you need to invest in your business and you need to be paying for coaches and courses and you gotta invest and you got to invest. And you got to realize that people who are telling you that they’re selling you something, right, they’re encouraging you to spend your money on them, but I didn’t see it that way before I was just, I just looked at it as a mantra. If I’m serious about my business, then I need to be investing in myself. So I spent, I mean, all of my money went into programs and courses. And in the first three years of my business, it was all downhill, I, what I was making was not offsetting what I how much I was spending, so I was in the negative every single year, until one year, it was the end of 2020. Right? That was like the worst year of all of our lives. 2020. Yeah, at the end of 2020, I got angry, I got really angry that I had drank the Kool Aid, that all my money had just gone down the drain. And I still had been in business for three years. And I really had no savings. I had no profits, right? I had nothing. And I got angry. And I sent a letter to my audience to my mailing list. And I told them like, I am mad, I am mad that I let myself fall into this situation, because I am much smarter, and much more resourceful than that. So 2021 was the year that I turned everything around. And I said no more. I looked at all of my expenses. And I said, what do I absolutely not need right now? Have I have I really maximized what I have learned from courses and programs and coaches that I have signed up for? No, the answer is no, I have not I have not been implementing on everything I’ve been learning. So you know what, this is a time to zip it to no more further investing, and you’re just falling for it. And I’m just going to apply the things that I have learned from the best people that I’ve invested in in the last three years. And 2021 was the year that I went from negative thousands of dollars per year to 30% profits in my business. So that’s kind of the spot where I am right now keeping track and making sure that I hold on to these profit margins.
Yes. So now, when you went through all of that, that’s the hard part where you learn that lesson of oh, man, I need to make more than I spend every month, right? So you know, how do I do that? But then the next step of that becomes for a salesperson when you’re selling your business? How do you talk about money? Because you’re when people say, well, how much is your business? How much is your service cost? And you say, you know, it’s x 1000s of dollars, and they go, that’s too high, you have to have the confidence. How do you get past that? How did you do that? Where you were able to say? No, I’m worried, like, how did you get that? How did you get there?
This is the trick of it is not just being confident of the price is being confident that there is the perfect person out there for this offer. And that just one person telling me that this is not the right price for them or not the right offer for them. It’s completely meaningless. It doesn’t say anything about my ability to sell this to the right person. Right? Yeah, that’s, that’s really the trick of it. If I listened to everybody who told me that my program is too expensive, right, I have programs at different levels. I have I created a program because I saw coaches going through what I went through. I said, You know what, it would be sweet. If there was a coaching program, that I didn’t have to drop $5,000 right out of the gate. And two months later, realize that it wasn’t for me, and I’m still on the hook for the 12-month payment plan. You know, what would be really sweet? If there was a coaching program out there that gave me what I needed. But I could quit whenever I want if I decide that this is not right for me. So like membership style. So my program like my signature program is a $200 membership, right? Is that a high level enough? That is not just for anybody who’s just tire kicking. But it’s low level enough that people who are understand that this type of coaching packages go for $3,000, they’ll understand that this is a good deal. And as soon as they stop paying, if they don’t want to continue this anymore, because it’s not for them or they’re implementing something else. They can just stop their payments; they don’t have access to anything else. And if they want to come back, they can. So I created an offer that feels really good to me and Rob, people tell me all the time. I don’t think I have the money to invest in that. Right. I also have clients who ended up signing up for my VIP annual membership who told me I think your services are too cheap. Like, no, you gotta be charging more for what you’re giving. So I hear both. So which one is right? There is no absolute is there’s just the right person for the right offer.
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It’s interesting that you make the comment that you have to separate the fact that what you’re doing charging is what your charging is what it’s worth, and one person telling you that it’s too high or too low is irrelevant. It’s, it’s getting in front of the right person. And so I think one of the things that I’ve found over time, and it sounds like you have as well is that you’ve been able to mentally separate yourself your own self-worth, from what you’re charging, if you will, or from that dollar value that you’re applying. You’re saying, it doesn’t mean that I’m worth less or not worth as much as I’m charging, it just means they’re not ready for my service, because they’re not at that level. That’s it. I mean, that’s really the hardest part I feel a lot of salespeople run into.
Yeah, it really is about the right person for the right offer. I mean, I could pitch my offer to an entire roomful of people. And most of them are going to say that’s too high, there’s no way. But then there’s a couple who are going to say, yes, that is right for me. And it’s my job as the salesperson to realize, okay, you two, who liked this offer? How do I attract more people like you, so that I can have less conversations than the ones that I would have had with 90% of the room and more conversations, like the ones I’m having with you. So the point of separating yourself from the worth of it, it actually comes down to positioning in the marketplace, is understanding that my offer is not me, my offer is something that already exists, and that other people are offering something to this same audience. So I need to understand what that is, if my ideal client is being faced with two options, one that is, you know, $5,000 for a certain level of service, and mine, which is $200 a month for a certain level of service, I know when my that person is going to say well Ina, that is a no brainer. And I know when that person is going to say, I know that enough it is a no brainer. But I know that this $5,000 program, I’m going to get more high touch, right? And maybe that’s what that person needs. So there’s also, there’s also respecting people’s decision making, right is I’m not trying to dupe anybody into working with me. And if somebody doesn’t want to work with me, that was not a failure of me, the only thing that I can do is explain, these are your options. This is what you get out of it. And you who are a grown up, can decide by looking at everything else I think any other offer out there, if mine is the best one for you.
Yeah. How would you recommend a salesperson who struggles with that? Number one being able to separate themselves from the value of whatever they’re offering. But more or less transitioning from this? Everybody keeps telling me a price too high to I’m worth this. And that’s I’m sorry, if you’re not, that’s not what you want to pay? That’s okay. I’ll find somebody that is you’re right. How do you transition? How have you been able to do that? And how would you recommend others do that?
I think it has a lot to do with. And I hate to say this, because it’s not something you can figure out overnight. Right. But it’s but it’s with practice. It’s getting on enough sales calls to hear a yes. Right. If somebody’s struggling to sell a program, or be asking them, how many sales calls have you gotten on in the past month? How many were a yes? How many were a hell yes? How many were a no, how many were not yet, how many ghosted you, right? So you can start to see what your conversion rates are. I heard from somebody who is really smart, that you should be aiming for about 40% conversion rate on your offer anything higher than that, and you’re pricing it too low, anything lower than that, right. And the offer is just not hitting right with the right person. So when people go, this is just something everybody has to know, when people go and like salespeople, right? Coaches, and people who are there talking about this stuff, when they say, Oh, now, I used to not land, like 1% of my calls. And now I sign 90% like nine out of 10 of the people that I get on a call with, they signed with me, right? The implication there, right? Like what they want us to believe is that, oh, they are so much they’re so much better at sales now than they were before. But really what’s happening is two things. Number one, that they are becoming their offerings becoming more well known, right? If they are raising their profile, improving their profile, then people before they get on the call, they’re going to be a yes already. Right. That’s a great way to increase your conversion rates is to be sure that the person is already a yes before you even get on a call. Right? That’s number one that’s happening. The number two thing that’s happening is that they are being because they’re growing. They’re being more choosy about who they get on a call with, which is not what happens when you first start when you first started. You’re getting on a call with me article will listen to you. So you can start collecting that data, right and start to get to know people and start to get feedback on the offer. So yeah, in the beginning, you’re going to be getting on 50 sales calls and only landing maybe five or 10. Like, right, that would be great. As you get better with it. And as you start to hear yes, once you start to hear, yes, the no’s start to mean a lot less. Because you start to realize, like, I already got yeses. I know that they’re out there. This No, completely irrelevant, hey, I get it. This is not right for you, at this moment. Stay in touch, maybe it will be later on. If you have any questions, let me know, you close the call, you are fine. Nothing to do with you. That was just not the right person for it. So that’s what I think is that’s what I think is happening.
Yeah, and I think you’re dead on. And I think your comment about having a price that is so good that people are saying yes to often becomes a real issue, like what over time, I have learned that when I have too much work, then I need to raise prices, because it I should be getting less clients paying more per hour per whatever. So that I can work the same amount of hours, I should be able to work, not over exert, but be better quality for that person for that client. And charge a little more for that. And that’s okay. But I think that interesting, part too that you just made a comment about was that you’ve you’re transitioning from a lot of meetings and a lot of no’s to finding the sweet spot of who you should be in front of. And then once you get there, you start to identify that target, get in front of more of those who are also able to pay that price and say yeah, this is this is a no brainer. That data that is exactly the way it should be right?
Yeah. And it’s almost like it happens almost by magic. Because once you identify those people, you know exactly how to talk to them, and you know exactly what they’re looking for. And if somebody signs up for a call, you could tell in the first five minutes if this is going to be a yes or no. And you can handle that conversation differently. Because I am a big fan of not treating every conversation like a sales call. I’m a big fan of treating every conversation as a discovery as a finding out. Okay. What is it that you need? What is it that I do? Is there an overlap in there? Can we intersect someplace? And if no grade? If yes, how do we make that work? Is it really the money that is a barrier? Is there a payment plan that I can offer you that would make this a yes, right is workshopping rather than, you know, I am a shark. And as soon as you get in, like in my mind that I need to sign you otherwise I’m worth nothing is Oh, it’s a partnership with that person. And many times, it doesn’t work out. And that is okay.
And what I’m hearing you say or describe is, hey, there is no pressure on your side to close the deal. And then I think is very important to understand for anybody who’s listening that when you’re in a pressure situation, I have to close this because otherwise I’m not going to pay my next bill. That’s a problem. And so that goes back to what does the pipeline look like? How many leads how many people are interested, if you’ve been filling that, and you’ve got a good lead of a whole bunch of different people, you’re in a good place, you can walk into the meeting, go, I don’t I don’t care if I close this or not. And guess what you come across in a much stronger place more confident. And you’re probably because you don’t feel like you need it, you’re probably going to close the sale. I can’t tell you how many times I’ve had it and you probably had the same thing. When you look at a go boy, I kind of hope this one doesn’t close, because this is going to take a lot of work to get going. And so you kind of act like I don’t know, I don’t know, this is a good idea of Oh, and what do they do? Please, let’s get started. You’re like,
I have legit been on conversations on sales calls like that, where I say, you know, I don’t I don’t think this is it. I don’t think this is exactly what you need another thing, this is exactly what you’re looking for. Maybe I can recommend you to somebody else. And they convinced me that they need to work with me like that has happened. And no, I love it that you said that about desperation. Desperation, people can smell it a mile away. Right? Because, you know, because I work with coaches whose businesses are not necessarily like on rails, right? Like, that’s why they come to me because they need to get clients with their small audience. You know, there are some coaches who come into the relationship with that sense of like, I need to make my bills and I need to put food on the table. What do I do to get money fast, and I’m like, Man, I can’t help you. I cannot help you make money fast. I can help you establish a very strong foundation. So that you know from now until three months, six months, one year down the line, you have a strong business, and you don’t have to worry about these things. But this is not a get you know get rich quick scheme. This is not to make money overnight, like if I had the answer to how to make money overnight, and I would just give it to you. But all of these things really take a lot of time, effort, patience, and really finding the right fit, not just any fit.
Yes, it’s totally true and the time that you put in, and that’s one of the things that we’ve talked about Lane and I have talked about in our in our shows before is tracking the meetings and tracking the tasks and behavior, things that you do to fill the pipeline, get in front of the right clients, or potential clients and actually close and tracking which ones in which areas are productive for you. That then leads to you saying, Okay, I need to do more of this and less of that, saving you some time. And focusing more on who the right people aren’t getting in front of those people. So all of that makes sense. And I think you know, what your pipeline looks like how much pressure you’re under, when you’re making sales calls, are trying to meet, and trying to get things to close all can either make or break you. And so I think you’re right on. Listen, I think we’ve gone through a good, good, quick conversation. And I think it’s really important for people that are listening to understand that the goal of this conversation was too quick in and out. Let’s get this conversation started. If people wanted to get a hold of you, because I know you’re looking for coaches, how would they get a hold of you? And what’s the perfect type of person to be in front of just so that if they wanted to get a hold of you?
Yes, sure. So, the best place to talk to me is on Instagram. I’m there all day, every day, and I’m on Instagram at YourEngagementCoach. And I have a masterclass that I teach periodically, where I teach, where I teach coaches, how to get clients with a small audience. So, if anybody who’s listening is a solopreneur, they have a small audience, and they’ve kind of falling in the trap of having to grow their audience. But still, the audience is not growing, they’re still getting themselves in debt, and they’re still not getting clients, then it’s time to rethink how they’re doing their sales, because I love it that you said the Lead Pipeline, because that is so important. People think that they turn followers into customers, when really followers turn into leads, which then turn into customers. And that’s basically the basis of everything that I teach. So, if anybody would like to come to that masterclass, just go to TinyAudienceMasterclass.com I teach it periodically, and it would be great to see you because I’m gonna teach you all of those foundations. And yeah, on Instagram, DM me, YourEngagementCoach.
Perfect. I listen, I really appreciate you spending some time with me. And just going through this, because I think people don’t understand how other you know, when you’re in it, you don’t think you’re thinking about yourself, right? I mean, especially when you’re a small business, or salesperson, you’re in this and you’re like, I think I’m the only one having this problem and you’re not, and somebody like you can really help them with some of that stuff. So, I appreciate you being a part of the show. Thank you so much for your time. And for those of you that are out there if you want to get a hold of us put the links in the show notes so that they have that as well. But until next time, everybody Slow Down and Close More and we’ll see you guys later. Thanks.
Thank you for listening to The Slow Pitch. Do you have a question about sales? Call or text your question at (608) 708-SLOW. That’s (608) 708-7569. Or you can email them to Questions@TheSlowPitch.com. Slow Down and Close More.
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