Dealing with Money
Uncover the Budget
Traditional consultative selling methodologies implore salespeople to ask, “Do you have a budget set aside for this project?”
Imagine a poker game in which one of the players asks another, “Can I see your cards for a quick second?”
This question almost never gets the desired response.
In the real world when sellers ask buyers about their budget, it undercuts trust and creates resistance, just as if you asked to see someone’s poker hand.
How to Talk about Money
As much as I value questions in a consultative sales process, this is a good place to make a statement.
Put the price on the table with confidence and conviction.
When to Talk About Money
You can talk about money too early or too late.
It is too early to discuss price until:
- The Need Diagnostic is complete
- You and the buyer have quantified the financial impact of the need
- You have co-created the solution with the buyer
When those are things done, now is the time to talk about money.
Almost all buyers will test the price at least once.
In the face of this inevitable price pushback, the typical salesperson responds with weakness by saying, “Sir, where do we need to be to earn your business?”
Weakness at this juncture will also demean the value of your solution and reduce your stature in the eyes of your buyer.
Improve your sales team’s negotiating ability by preparing. Help them stand firm while negotiating pricing by formulating high-quality responses, such as through a Mobile Defense Plan.
Preparation will ensure you yield as few concessions as necessary and that you do so with grace.
You cannot deliver high-quality solutions if you let buyers squeeze too hard.
Three Supportive Beliefs
As with all sales techniques, your beliefs will support or undercut your use of a tactic.
Here are three counterintuitive beliefs that support your ability to deal with money:
- Money is never the real issue. Conviction is.
- It’s not when they tell you that your price is too high that they don’t buy.
- They don’t buy when they don’t believe:
- They have a problem
- The problem is costing them money
- The problem can be fixed
- You can fix it
- Their budget doesn’t matter. If they are willing, they will find a way to become able to pay.
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