Mind if we talk about budget?

Sometimes in a sales conversation, broaching the subject of budget can be quite intimidating. So, as salespeople we need to have a few techniques on hand to make the interaction as comfortable, helpful and smooth as possible. 

First, finding the real pain of the prospect is vital before any conversation about money should be started. Once you have established that there is a real problem in your prospect’s world and your offering would be the best fit to resolve the issue, then is the time to enter into discussion around budget. Second, it is important for the salesperson’s to be comfortable talking about budget, if the prospect picks up on any discomfort or reluctance from the salesperson this could very likely become awkward and might be the close of the file when it didn’t have to be. In a similar vein, the salesperson must not allow his or her own perspective and opinions about money to influence or interfere as the prospect is considering the offering. This can be difficult, if you have strong feelings about the way money should be used it would serve you well as a salesperson to put those feelings aside during this conversation with a potential customer.

Once you have discovered a real pain, asked good questions and given your prospect ample time explain and describe their pain, then it can be time to ask the question, “Mind if we talk about budget for a moment?” You have earned the right to talk about it, since demonstrating your engagement in helping ease their pain and your competence in strategic questioning. Three techniques I have recently learned are 1) get to a real number 2) get a range  and 3) get a threshold on what they are honestly willing to pay.

Budget conversations are not always the easiest or the most fun but when done well they have the power to bring life to the salesperson and the prospect. It is worth diving into and becoming well practiced and well spoken in this area.