Dealing with the “We don't have the budget” objection

At some point in your sales life, you have been told that your target customer does not have the money to buy your product. It’s always ironic as their office is in a huge building, they wear suits to work, and the team around them is swarming to make the whole operation work, but don't have the pennies to buy your goods. 

Here is the hard truth about this objection, but first, let look at some stats on the current business world. 

• Ecommerce is up by 30% YoY 
• App downloads are up by 50%+ YoY
• Side hustles are up 20% YoY (estimate) 

Everyone in your target audience has rent, a salary, insurance, and a subscription to something digital. Every business has ongoing projects, investments, and a pipeline of sales waiting for them. 

But they don't have the money for you?

The scarcity problem is a direct result of you not being able to sell correctly. That's right, this objection is the easiest way to get out of any sale that is being performed. We're taught from a young age that when mom/dad could not afford something, that was the end of the line. When you cannot afford something grandiose, you also don't have the money. However, credit is available to anyone who needs it and that, my friends, is how you can afford anything. 

Some more facts: 

• 10% of income is given to debt repayments
• $100Bn of credit will be issued to households by 2023
• Credit card debt in the US is $1bn

Your job then is to convince the client that your product/service is so great that they will not only buy it on your pitch alone but are willing to take a credit line against it too. Here are some things to say/consider that could help when this objection arises: 

• I can give you a better option if you’d like? 
• Proceed to give them a more expensive option and explain that it is better and more expensive. Sometimes they will take the cheaper option and realise that you are true to your product 
• I believe you are an open-minded person working for an innovative company. No one likes to believe that they are not open-minded or not innovative, this increases resistance to saying no 
• Here are three options I can offer, A) more expensive, B) even more expensive, C) normal price. There are a lot of studies on how 3 options usually result in one being chosen. 
• If you know the client is price sensitive, add 15-20% on your price and then reduce to the actual price when you are in the meeting. 
• If you have credit facilities for the client and they object with price say this; The good news is that you have already been pre-approved for credit and can use this service.
• My favourite response to this objection is to ask them for evidence that that the product or service does not work. A lot of clients don’t have the time to research the competition or industry and don’t have the facts. In this case they qualify the product themselves and can convert to a “yes” on the spot. If your prospect is well informed then get ready to sell your product with everything you know and learn the real reasons why they don’t want your service. 

There is always an opportunity, but there is a vast shortage of committed salespeople. Be committed to the profession, have the desire and willingness to be great. You are only limited by the imagination you have. You can get paid want you want, but you have to know it and not expect it.

Great salespeople have 5 x growth. They think differently. They see the future differently. The greatest pay large fees in becoming great - time, energy, learning and practice. 

There is no luck, only hard work and mastering your trade. When there is a crisis, great salespeople continue to grind.

Take time to learn the art of selling.

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?? A note from Adrian: I have been offline for a while and to give something back for the lack of updates here is a meeting link for a free 30min consultation. Hopefully, I will see some of you there!

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