What's Your Budget - The Bob Bly's Approach
"What's your budget?"
I think this has been debated quite a
lot recently.
I've been a service provider as well as a
client before.
So I can empathize with both sides
of the fence.
In my offline experience, I know of many
prospects who get very turned off when
someone immediately asks them what
their budget is right off the bat.
It makes them feel that the service
provider is only interested in 1 thing
and 1 thing only - getting their money.
In fact just the other day an insurance
agent approached me. And the first
thing he asked was - you guess it -
what's my bloody budget.
Nothing about my investment goals
and risk appetite. He didn't even bother
to establish a rapport with me.
Stone-cold approach.
Needless to say, he did not get my business.
Such situations can be rather tricky.
The truth is, as service providers, we do need
to know the client's expectation as well as their
budget.
That's crucial.
So everyone's time will not be wasted.
Happened that I came across an email from Bob Bly
addressing this very same same issue.
I think this is very timely and
will be pretty helpful to you folks.
He gave 3 scenarios and 3 solutions.
And I'm printing this out to see if you agree with this:
"There are certain times in selling where neither you nor the
prospect knows exactly what to say next -- or even who should say
it.
Here are 3 of those situations ... and one good way to handle
each:
>> Situation 1: You need to quote a price and have no idea of
the prospect's budget.
Don't come right out and say, "What's your budget?"
Doing so is a turn-off to many buyers.
Instead say: "Do you have a budget for acquiring this
product/getting this project done?"
If they say "yes," then ask: "Would you mind sharing what
that budget is with me?"
If they say "no," then ask: "Do you at least have a dollar
figure in your mind of what you'd like it to cost?"
>> Situation 2: You quote your price and the prospect gives no
reaction.
Solution: You say, "How does that sound to you - good, bad,
or terrible?"
If they say "good" you can proceed to close the sale.
If they say "bad" or "terrible," ask why and then
overcome the objection.
>> Situation 3: You've finished your sales presentation and
there is an awkward silence.
Solution: Ask the prospect, "What do you want to happen
next?"
They will tell you what they want you to do next - and then you
do it.
Your thoughts?
Jag
I think this has been debated quite a
lot recently.
I've been a service provider as well as a
client before.
So I can empathize with both sides
of the fence.
In my offline experience, I know of many
prospects who get very turned off when
someone immediately asks them what
their budget is right off the bat.
It makes them feel that the service
provider is only interested in 1 thing
and 1 thing only - getting their money.
In fact just the other day an insurance
agent approached me. And the first
thing he asked was - you guess it -
what's my bloody budget.
Nothing about my investment goals
and risk appetite. He didn't even bother
to establish a rapport with me.
Stone-cold approach.
Needless to say, he did not get my business.
Such situations can be rather tricky.
The truth is, as service providers, we do need
to know the client's expectation as well as their
budget.
That's crucial.
So everyone's time will not be wasted.
Happened that I came across an email from Bob Bly
addressing this very same same issue.
I think this is very timely and
will be pretty helpful to you folks.
He gave 3 scenarios and 3 solutions.
And I'm printing this out to see if you agree with this:
"There are certain times in selling where neither you nor the
prospect knows exactly what to say next -- or even who should say
it.
Here are 3 of those situations ... and one good way to handle
each:
>> Situation 1: You need to quote a price and have no idea of
the prospect's budget.
Don't come right out and say, "What's your budget?"
Doing so is a turn-off to many buyers.
Instead say: "Do you have a budget for acquiring this
product/getting this project done?"
If they say "yes," then ask: "Would you mind sharing what
that budget is with me?"
If they say "no," then ask: "Do you at least have a dollar
figure in your mind of what you'd like it to cost?"
>> Situation 2: You quote your price and the prospect gives no
reaction.
Solution: You say, "How does that sound to you - good, bad,
or terrible?"
If they say "good" you can proceed to close the sale.
If they say "bad" or "terrible," ask why and then
overcome the objection.
>> Situation 3: You've finished your sales presentation and
there is an awkward silence.
Solution: Ask the prospect, "What do you want to happen
next?"
They will tell you what they want you to do next - and then you
do it.
Your thoughts?
Jag
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