Talk About Budget

Many salespeople are petrified of mentioning budget when trying to make a sale. Some salespeople will go through an entire sale, having not discussed budget at all. Discussing budget is not something that salespeople should shy away from, as it is important to the sales process. There is, however, a right and a wrong way to go about talking about budget. Before speaking to your prospect about budget, you should try to gather some information and keep an eye out for a few things as you ask questions, and they answer them. Try to evaluate how easily your prospect talks about money, and if they suddenly act controlling or uncomfortable as soon as money is brought up. Through your questions and how the prospect reacts, try to evaluate how sensitive or insensitive your prospect is with money. Honesty and delicacy are key throughout your interaction. After gathering this info on your prospect, having demonstrated your competence and engagement through strategic questioning, then you can open up with some questions about budget. The opening budget question could be as straightforward as “Do you mind if we talk about budget for a minute?”. It is important that through your budgeting conversation, you get a number, a price bracket, or a range. You must get an idea of what the prospect is willing to pay, think they’ll end up spending, or thinks your product or service is worth. If you aren’t getting a budget number from your prospects, you could be trying to sell them something they’ll never consider buying or end up selling them something for much lower than they would have paid. Knowing your prospects’ budget and what they are comfortable paying is important for ensuring a transparent honest sale where both parties are happy, and salespeople should not shy away from talking about budget with their prospects.