This week we brushed over the direct relationship that budget and pain have with one another. The connection caught me off guard, the the more that I listened the more that it all made sense. Someone’s budget can be a direct refection of the situation that they are in. This is a new concept to me but of course it makes sense, when someone is in great need for something they are going to be willing to pay far beyond what they would pay if they were not in great need. This is evident in the car example that was brought fourth in the class by Sweet. If someone is car shopping because they’re current car blew out, they are going to be willing to pay far more that what they would have been willing to pay if they where not in a great need. This is evident in so many aspects of sales. A direct reflection of this in my life is shoes. If I am in need of a pair of shoes then I will spend lees time researching a looking for deals, instead I will spend far less time looking and buy one of the first pairs that fit well. This willingness to speed the buying process up due to a greater amount of need is a direct correlation of the need that I have which reflects on the budget that I am willing to put fourth for that product.
BoweryJE22 3 thoughts on “Budget”
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Good point. It seems so obvious yet so many people miss this connection. The more someone hands a need by default the more they are willing to give up resources to have that need satisfied. Actually this rule can be traced back to basic economics.
This was a really interesting point to learn, it does make sense that the bigger the pain the more willing someone will be to pay. Even the example we heard from dan Hudock about offering sales training to someone who definitely couldn’t pay for it reached out to her father because she new she needed the training.
Craig, this is a great topic. I find it interesting, as we think and talk more about it, that price is so fluid and based on how badly we need a product. Alternatively sometimes price also tells us that we do not need a product as bad as we think we do.