If you’re on the front line of the sales process like I am, eventually you’ll have that prospect that doesn’t want to give you a budget to work with.
“If I tell you, you’ll spend it”, is one of my favorites. “I don’t have a budget, just quote me on A, B and C and we’ll see what I can get approved”, is another common one.
I often tell my prospects that I can “spec it to your budget or I can budget it to your specs…which one is more important to you?”
Ultimately, I like to know what field I’m playing on and how serious a prospect is. A budget is one of the elements I look for indicating the prospect is qualified. It tells me they’ve considered and committed a portion of money to the need, and is willing to invest it… to get it.
A qualified prospect typically has:
- A need
- A budget
- A timeframe
- Power to say yes
Why we ask to know your budget:
- It helps define the project.
All our work is custom-developed to meet a set of specifications. In providing ready-to-use sales tools; print collateral, direct mail, media campaigns and trade show exhibits, some alternatives cost more than others. Choices must be made. Your budget will guide our choices as we work to develop solutions that meet your specifications – including a cost you’ll find acceptable.
- It moves the project forward.
The most direct way to get what you want is to ask for it. Since a budget must be established somehow, if you don’t tell us, we have to guess. If we guess wrong, we both lose. If you tell us, we’re that much closer to the goal of a successful project.
- You have nothing to lose.
This isn’t about haggling, where the first person to name a number loses. It’s about meeting your needs. If you need a Chevy, we don’t want to propose a Mercedes. If you need a Lincoln, we don’t want to propose a Volkswagen. Whatever your budget, we will invest if for the greatest possible return.