Budget is one of the hardest topics to discuss with prospects and clients. Most of us are taught that discussing money is impolite or we are just naturally uncomfortable asking questions about finances. Money should be dealt with up front rather than at the end of the selling process. Once you have raised a sufficient number of “pains” in your prospect, you have reviewed these pains, and you are confident that the person in front of you is a true prospect you are ready to proceed to the budget phase. There are 3 rules to keep in mind as you approach the budget phase of a sale:
- Never defend, justify, or explain.
- Money is never the real issue.
- Getting what your product or service is worth is a selling skill issue.
You have to let the prospect handle their own objections. Honestly, you probably don’t get paid enough to handle others’ personal objections. If your prospect is objecting your proposed budget chances are the money isn’t the real issue at hand. Keep asking questions to uncover where the real pain lies. It’s also important to remember that you have many other satisfied customers that are paying your prices. Investment is dependent on factors other than just money and resources. Effort and time are also important deciding factors.
There a couple budget techniques you can use as a subtle way to entice your prospects to buy or nail down a number from reluctant prospects. Bracketing is a method that presents a price range with a low end and a high end. You can pitch the price by saying: “It’s going to be somewhere between X and Y.” Be careful on the low end estimate. Always make your low number is slightly higher than the actual price. In addition, the monkey’s paw is also a good way to gain financial commitment. The monkey’s paw concept generally assumes that a small purchase serves as a prelude to a larger purchase. The goal is to get the prospect to agree to spend some amount of money in hopes that the anticipated purchase looms in the future. Softening statements are also very important in this step of the sales process. Be sensitive, but get to the point.
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