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No Money? No Problem!
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The Brooks Group
Sometimes the no-money objection is only an excuse. But when funding to buy your product or service is your prospect’s genuine concern, try these suggestions for overcoming the not-in-the-budget objection.
1. Deal only with prospects at the most senior level who can revise the budget, develop strategies and make emergency purchases for products or services that fall into unforeseen areas.
2. Before visiting a prospect, discover what items are – and are not – usually included in the company’s budget. Is your type of product or service usually budgeted for? Know the potential customer’s budget cycle, planning times, policy for disposing of excess funds and who controls what parts of the budget process.
3. Schedule sales calls when budgets are being planned – not when they’re being spent.
4. When you’re face-to-face with the decision maker, ask these budget-related questions: “How much have you set aside for this?” “How do you normally handle this type of purchase this time of the year?” “Who else, other than you, has to approve this type of expenditure?”
5. To gather more information to help the prospect solve the no-money problem, continue the discussion by asking the following questions:
“How have you funded this type of project before?”
“We encounter this quite often. Let me suggest how other organizations have found ways to handle it.”
“What are some other budget areas that support this endeavor? Let’s examine ways we could work with them to help fund this activity.”
“How much money have you set aside that may not be used? Are there ways we could access those funds to start this project?”
6. It may be possible for the prospect to use “future” money to buy your product. These three questions should help you determine the likelihood of that happening:
“How could we get started and arrange for payment to be made from next year’s budget?”
“Is there a way to borrow against next year’s budget this year or to be sure this item is adequately funded next year?”
“Are there ways we can access next year’s budget now?
The_Brooks_Group3810
4 months ago
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