If your prospect wants to buy, but actually doesn’t have the money in their budget, try this:
Salesperson: If your budget wasn’t used, would you buy my product?
Prospect: Oh, Yes!
Salesperson: When is your next budget meeting?
(NOTE: You must now ask the following questions and write down the answers.)
Salesperson: What type of proposal do I need to submit? Date due? Can you get me a sample of a previously submitted proposal? Are there others I should submit it to? Will you give me a letter of endorsement? (A letter of endorsement by a manager attached to the budget proposal can be the deciding factor.) Can I present my proposal in person at the meeting so that any questions can be answered?
(SECOND NOTE: Any hesitancy on the part of the prospect to answer these questions means the budget is not the true or only objection.)
You still might be able to make a sale, or partial sale, this year. The key is to immediately ask about the present situation. “Is there anyone else who might be able to rearrange this year’s budget to find some money? Is there any money left in approved items that is unspent? Can we categorize this purchase in another heading that has money left to spend (office equipment, promotion, dues and subscriptions, publicity, advertising)?”
A bit more pushy approach is, “Are you sure you can get it approved?” Prospect says, “Yes.” You say, “Buy now. I’ll bill you now. But the money’s due after the budget approval.”
“No money in the budget” is among the most difficult objections — because you don’t know if it’s the truth. And if it is, there’s serious follow-up that must be done. If you submit a proposal for budget approval, keep it concise and without error. Spell out all the terms and conditions and submit it on time.
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permission from Jeffrey H. Gitomer and Buy Gitomer 704/333-1112