Sorry if you find that offensive, but it needs to be said. Your clients likely don’t have a budget.
If during the course of selling your products or services you continually get the objection that it is not in the budget, you are being lied to.
This may be said in different ways: “We can’t afford it” “It’s not in the budget” “We blew the budget elsewhere” “We are trying to spend as little as possible” etc.
On one of my business breakthrough calls earlier today, an owner told me that all his clients are “on a budget.” I’m throwing the BS flag on this one, especially since this owner works in the wedding industry. Look, the amount of people that actually plan a wedding around a firm budget I would venture to guess are less than 5%. This is an emotional time and almost all purchases in any environment are made by emotions first and later justified with logic. They will buy what they want and find a way to pay for it. This is to the extreme in the wedding industry.
The other half of this equation is that if you as the owner have this belief, you will likely project it on your prospects and find it to be true (self fulfilling prophecy). You will have a hard time closing deals, even harder time selling high ticket items, and never realize it is your own mindset that is the real problem. You will find countless evidence that this is in fact the truth and ignore any advice that points to the contrary. You don’t think it can be done and if somebody else is doing it you feel the must be ripping people off. It is what we call a blind spot. Easy for someone on the outside to see but impossible for you to see yourself and even harder to work through on your own.
So when we get the budget objection we need to find out what they are really telling us. They may be saying it is more than they planned to spend. They may be saying they feel it is not worth the price. They may also have a completely different objection that they have not shared and you haven’t brought out. BUDGET is next to never the real problem.
Think about how much you spend in your own life on what YOU want… maybe eating out, maybe Starbucks, might be clothes, might be electronics…. whatever. If you want it, you find a way to come up with the “budget” for it. Especially those of you selling items under $3,000 this absolutely applies. If they want it, they most definitely can find a way to afford it. If the sales is $10k-25k, it is still true just a different person with another zero behind the dollar amount.
NEVER put your own beliefs into the sales process and your clients minds. Don’t put words in their mouths. This is about THEM, not YOU. Doesn’t matter what you think, how much you personally would spend, or how you prefer to buy. You are messing this up big time if you think for a second this is about you.
“Budget” is just on possible blind-spot holding you back. There are tons of them that I help people to discover and overcome everyday in my coaching business. If you keep doing the same thing, you will keep getting the same results. It’s time to do something different.
Profit 911 Consulting