On the way to a call I asked the seller, “So… how are you going to bring up money?”
She said, “I usually just come out and ask, ‘Do you have a budget for this?’”
I suggested she try this instead: “Can you tell me about the FUNDING PROCESS?”
Budget is a noun. A fixed bucket. It’s also a trigger word that can cause buyers to freeze — they may not want to give that info away, or they’re afraid of saying something too high or too low.
Funding is a process. It’s not a fixed amount. It opens the gate to hear who’s involved and how it actually gets done. You can still talk about target dollar amounts they may have allocated… but knowing the funding process lets the seller explore how additional funds could be found.
I’ve found this language is particularly useful when training consultants who have to sell. They say it just feels less “salesy.”
Managers — what challenges have you seen with your salespeople when it comes to budget?
Additional Note From Greg
Money is such a huge land-mine area for sellers for several reasons:
- Talking about money can feel very personal
- Many sellers are afraid that what they're selling is "too expensive" or that the buyer will be freaked out by it
- Experienced
buyers like to hold back when talking about money, because they love to use the "That's way over our budget"
Unfortunately, many sellers do proposals without having a real understanding of the buyer's funding process....so the buyer is thinking $5,000 to $6,000, and the seller is rolling in with something that's $50,000 to $60,000...HUGE miss
I teach sellers and, consultants who sell, how to make the money conversation much easier to bring up and navigate through.
It's one of the areas I focus on in my new Sales Jiu Jitsu gym, opening soon!
It's all about Controlling Key Moments...check it out
Additional Note from Greg
A few other questions I love to ask (these will put you in the top 5-10% of sellers)...
- Once I get a number, or number range, I ask..."Out of curiosity, how did you arrive at that number?"
- Then I may follow with..."What if you discovered that $_______________ wouldn't get you the outcome you need?"
- IF THE BUYER THROWS OUT A LOW NUMBER THEY'RE SEARCHING FOR, OR THEY MENTION FINDING THIS PRICE ELSEWHERE, I LOVE, LOVE, LOVE THIS QUESTION..."What's the biggest concern you have about going with that low number?"
BUYER: (Sheepishly)..."Uh...that it won't work"
We all okay with that? I mean, what if I was in the market for a reliable helicopter, and I found one for $399?
The question would be..."What are you married to, Greg? Spending less than $400, or actually staying in the air?"
