EP Huddle #6
It's very important to ask a prospective buyer about their budget. It can help to create goal alignment on a project, and can also significantly impact the type of service you as a salesperson are trying to sell them. Learning about their budget early can also help avoid sticker shock and help you build value in your product before they see what it costs. This question will address a probable objection before it's ever discussed.
Asking budget questions is the best way to customize your solution for a prospective buyer. You can't sell what they can't afford, so it's important to learn about what they need, and find a way to solve their problems.
For instance, Engaged Prospect offers three types of services.
Given the above scenarios, we have several things to sell our potential clients on. But, we aren't able to effectively understand their needs and craft a customized plan if we don't understand their budget. If their budget is less money than is required to hire a sales person and effectively run a sales execution campaign, then we should be discussing other options that would solve their problems, yet fit within budget.
As a team:
Talk about your product and service. Are you customizing the way you recommend products to your customers? At the very least, you should be in order to increase sales. At the very most, you're doing this to make sure you're recommending something within budget, and that solves their problems! How can you fit this into the sales process? When should you ask the prospect about their budget? What should you do when someone says, "I don't have any budget".
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