How to Handle the Budget Objection
I have been doing some telesales myself this last week as I do a) to keep up with what you need to do to be good at telemarketing and b) to promote my own training courses. The biggest objection I get at this time of year is the lack of budget for training. No more budget is one that most people get so let's have a look at how best to handle this.
Has this ever happened to you? You have set yourself a budget and then wanted something so badly, you have stretched the budget to buy what you want. I am sure it has, so don't be fobbed off with the "I don't have any more budget". This is just a line to get rid of you. Remember key decision makers can always overrule a budget or they can work within a range rather than a fixed figure.
I recommend you don't bring up the issue of budget until you absolutely have to. Instead, ask the decision maker things like:-
"What are you wanting to achieve from the new software upgrades you are planning?"
"What percentage increase in sales would you like if we were to implement a new programme for you?"
"How much time do you see yourself saving if you were to outsource your recruitment needs?"
Inspire them with questions like this to get them thinking and talking about results. Get them excited about what they want and then make your ideal recommendation. The budget objection may well fall by the wayside if you do this well.
You then need to sell them on the value of your product or service and how it will fulfill the results they said they wanted. If the decision maker is not personally sold on your offer, then there is no way he is going to make an effort to find the money.
At this point he may say "That is all very well, but we don't have any money left in this year's budget." You must then clarify whether what you are proposing is something he would like to do if he had the money. If he says "no" then you need to work on explaining the true value of your proposal further.
If he is personally sold on the idea , you then have to become a problem solver around finding an idea how he can come up with the funds. Here are some questions you can ask:-
"What do you do normally when you really want something and there are no funds available?"
"Which other departments might benefit from the purchase of the(product/service) that could possibly share in the investment costs."
"What have you done before when you have run out of budget?"
"When does your new budget year start?"
"What other categories might you be able to list this investment under?"
"When do you need to put requests in to be included in the next budget?"
Remember, it is important to sell the decision maker on the value of your proposal first, then you can work together to overcome the problem of the lack of funds.
Copyright Jenny Cartwright –Telemarketing Award Winner and Telesales Trainer/Speaker/Author
Sales and Telesales Solutions
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