When a prospect says they don’t have the money – what do you do?

When a prospect says you’re too expensive do you freeze and worry they will go to your competitors? Or do you ask yourself – how much do I really know about this person and what can I do to really help them? Read on for tips on what to do next and how to establish your position as a trusted advisor.

You’re with a prospect and you feel they have a need yet they are saying your solution is too expensive. You’re concerned they will look elsewhere.

In a situation like this many a salesperson starts to feel under time pressure and loses faith in their pricing. They take their eye from the value of their offering and get consumed by price. Sometimes they become demoralised and demotivated. The knee jerk reaction for many salespeople is the urge to discount the price more to get the sale.

The issue is the salesperson is focused on closing the sale instead of focusing on helping the prospect.

The real issue with ‘I don’t have the money’ has little to do with the price. It’s due to the client with the money not having trust in the salesperson.

Alternatively, when the client has trust in the salesperson, the relationship shifts to that of a doctor/patient scenario and then the client is indeed, waiting to be advised what solution will fix their problem.

They are expecting the ‘expert’ to give them the most suitable solution. In turn, the salesperson feels an obligation to provide a solution that aligns best.

Often this solution is substantially more money than what that client was originally going to spend and (insert drum roll) the client buys (cue crescendo) because it’s the right solution for them (release the doves!).

When we are engaging with a prospect they are looking for someone to understand them. Someone who ‘gets’ what they need. The client wants to feel confident the seller is 100% aligned with them and will only present a solution that fits best.

As a salesperson – ask yourself these two questions

1.    Are you 100% sold on your solution? If you are not 100% sold you can’t expect your client to be). 

  • Do you know your solution, inside and out?
  • Do you know the alternatives the client could buy instead from competitors?
  • Do you know the value of your solution to the client?

2.    Do you seek to understand? Your intent is to be a partner, the solution provider, the trusted advisor

  • When you are with a potential client, are you mentally – and physically – ‘beside them’, ‘seeking to understand’.
  • Are you 100% present and focused on them?
  • Do you ask relevant, meaningful questions to really assess the situation?
  • Are you are listening and absorbing everything the client is saying and how they are saying it?

Often a salesperson is selling ‘at’ the buyer. We call this a ‘spray and pray’. Spraying all the features and benefits of their solution which is a banter they use repeatedly without adapting to this client. They are not making it clear ‘what’s in it for them’. There’s no linking the benefit and value to how it will help that specific person’s situation. They can’t know as they haven’t asked enough insightful questions. ­­­­­

Go in as the solution provider, the trusted partner and you will naturally offer what’s right for the client.

Read another blog on tips of becoming the trusted advisor.

 

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