Budget Busting

Do you have a hard time getting a budget from potential clients? It just might be the most frustrating part of business no matter what industry you work in. Let me give you an example of a typical “prospect” phone call:

Caller: “Hi! We’ve got a brand new product we want to bring to the market place and we need all sorts of marketing to get this thing off the ground!”

You: “Great! What are your needs?”

Caller: “Well, first we need to get some branding done with a logo. Then we need to create the packaging for the product. We’ll definitely need to get some product photography taken for the website and collateral pieces. OH! And we’d love to shoot a video for the launch of the product! Can you help?!”

You: “ Of course we can! What kind of budget do you have?”

Silence for a few seconds.

Caller: “Well…We’re not sure at this point. We don’t want to break the bank because we’re just starting out, but we have some funding. Can you send us a quote?”

You: “Sure thing. I’ll get you one by the end of the day.”

Caller: “Great thanks! I look forward to it!”

You send quote as promised and 5 days go by and you haven’t heard back. So you email or call the Prospect. 

You: “Hey there Mr. Prospect, I just wanted to reach out because I haven’t heard from you since I sent you the quote.”

Caller: “Yeah, that was a lot more than we wanted to spend, but thanks anyways!”

Click…

Ouch. You’ve just spent probably a couple of hours of time, that you’ll never get back – talking on the phone doing “discovery”, and then budgeting… for nothing. Why? All because the prospect wouldn’t give you a number they were comfortable being in. Let me just say, IT SHOULDN’T BE THIS WAY. Time is way too precious! So let me offer a quick piece of advice that someone once gave me that they called “Budget Busting.”

Let’s have a “redo” of the previous fake call. 🙂

Caller: “Hi! We’ve got a brand new product we want to bring to the market place and we need all sorts of marketing to get this thing off the ground!”

You: “Great! What are your needs?”

Caller: “Well, first we need to get some branding with a logo. Then create the packaging for the product. We’ll definitely need to get some product photography taken for the website and collateral. OH! And we’d love to shoot a video for the launch of the product! Can you help?!”

You: “ Of course we can! What kind of budget did you have in mind? Because there’s all sorts of very cool things we can do to get you to your goals.”

Caller: “Oh really? Well, we’re really not sure, but we have some financial backing.”

You: “Ok, so are you thinking like a couple of hundred thousand dollars, because we could really go BIG with a budget like that.”

Caller: “Oh gosh no!”

You: “Haha…Just kidding! No, seriously is it around $100,000, because we’ve done some pretty outstanding product launches for this budget range.”

Caller: “No that’s way too much”

You: “Oh ok, are you more around $50-75,000 range? This is still a very good budget for a project like yours…

Caller: (interrupts) “We’re thinking around $30,000 for the whole thing.

Ding, Ding!

You: “Ok, great! Now let me tell you what amazing things we can do for you with that budget.”

Do you get it? Everyone has a budget in mind. No matter what they say. 

*Also, if there’s a particular service you sell like web design for example, tell them right off the bat “Our website’s start at $_____.00” That way you can filter out anyone that can’t afford your service(s). You don’t waste their time nor yours.

So, next time you’re trying to size up a potential client, follow this simple formula called “Budget Busting.” It may take some practice, but once you get it….you’ll get them!