The Expert Podcast

• The common practice of asking customers for their budget
  • Why many salespeople are trained to ask for a customer’s budget and the benefits behind it.
• Why asking for the budget may backfire
  • It could unintentionally sabotage the sales process by putting pressure on the customer too early.
  • Rejection fear and the risk of underpricing your product to accommodate a self-imposed budget.
• The importance of soft-selling into the budget question
  • How you can gather information about the customer’s budget without directly asking.
  • Example: Instead of asking for a specific budget, discuss the customer's current product or how they plan to use the new product or service.
• Why customers may end up spending more than their initial budget
  • Consumers often get excited about a product once they see its value, causing them to reconsider their original budget.
• The consequences of starting with a low-priced product
  • Why starting with a base model might backfire, leading to customers feeling dissatisfied and less likely to upgrade.
• When it's appropriate to ask for a budget
  • Understanding when budget-related questions make sense in the sales process and ensuring it's necessary before proceeding.
• The importance of showing value
  • As a salesperson, your job is to showcase the value of your product or service, not to assume the customer’s budget will dictate their decision.
• How to respond as a consumer
  • Tips on how to handle the "What’s your budget?" question without feeling pressured. You can focus on the value, not the price.
• The dangers of focusing too much on the budget
  • Salespeople who focus too much on the budget risk losing the opportunity to connect with customers and demonstrate the true value of their offering.
• Quality prospects over budget-focused ones
  • How working with confident, decision-making customers is more beneficial than those who are pushed into revealing a budget upfront.

• Asking for a budget may not be the best approach in sales.
• Focus on the customer’s needs, desires, and how your product fits their lifestyle or business.
• Don’t let the fear of rejection influence your sales tactics. Show the value of your product, and the price will become secondary.