It’s one of the most common sales objections out there: “We just don’t have the budget right now.” This phrase may sound like you’ve reached the end of the road, but there are many ways you can navigate the path forward.
Ivan Kreimer, a contributor to the Nutshell blog, has asked some sales experts how they would respond to this objection. We share what he learned in this issue of PromoPro Daily. Read on for some expert tips and tactics on how to overcome the dreaded no-budget objection.
Recognize the objection’s validity. Simply saying “I understand” can be a great way to neutralize the objection. Then you can follow up with something like, “How do you decide which initiatives get priority for funding?”
Talk about pricing early. It’s smart to raise the objection even before the prospect does. This allows you to get ahead of any budget objections that may come after the prospect understands the value of your offering.
Use strict criteria to qualify leads. Make sure you’re working with a decision-maker. You should also understand what it would cost the prospect to maintain status quo.
Highlight the value, not the cost. If a prospect is concerned about the dollars, don’t talk about the money aspect — talk about your offering’s value. You can acknowledge they may not have the budget and then follow up with a statement like, “I see a lot of people allocate their budget for something they see valuable. And based on what you’ve said and my research, I believe we can really help your company.”
Drill down on the problem’s financial cost. The prospect may be working with a tight budget, but what is their problem or challenge costing them? Try saying something like, “What do you think would be a reasonable budget to solve that problem for you?” Remember that people don’t mind buying things, but they don’t like being sold to.
No one likes to hear, “I just don’t have the budget,” but don’t take this as a sign that a deal is impossible. Try out some of the strategies above to move past this oh-so-common objection.
Compiled by Audrey Sellers
Source: Ivan Kreimer is a contributor to the Nutshell blog. Nutshell is a web and mobile CRM and email marketing automation service.
Published With Permission From PPAI Media