“My budget is frozen.”
“We’re not spending right now. Check back with me in three to six months.”
Do these B2B sales objections of budget and timing sound familiar? Before the current pandemic, they were two of the most common phrases heard by sales reps, sales development reps, and business development reps. And now, in these uncertain times, they’re stated even more as companies are being charged to do more with less and have decided they’re not spending until they see how the economy is in a few months. So, how can you, as a sales manager, help your sales team even begin to respond to these objections? Read on to learn what to say when you hear a budget or timing (or both!) objection.
Across the board for all of the counters below, your sales team should be speaking from a place of empathy. Show compassion and understanding instead of just barreling into your sales pitch. The phrases “We understand” and “I get it. I’m hearing that a lot” will show that you’re listening and not just focused on the sale.
All about the Money
Whether your sales team is working remotely or in the office, when they hear that a company doesn’t have money to spend, are they continuing the call or just saying “Okay, thanks” and letting that person get off the call? If they are doing the latter, it’s time for more sales training and coaching.
Here are some counters for your sales team to try when they receive a budget objection:
- “If you DID have the budget, is this something you’d consider?” This statement gives you the information you need about if they’re a potential customer or not. If they wouldn’t have a use for your product at all, there’s no need to continue the conversation.
- “Are you currently using something like our product?” Learn what they’re already spending money on to see if your offering could replace it to save them money.
- “Are you open to learning more about our product now for when you have budget?” This is another way of asking if the interest is there or could be there, before you go down the path of selling to someone who’s never going to be interested.
- “I know you’ve been told to do more with less, and I get that. Our customers are having to do 3x the amount of work to keep their pipeline going, and that’s where we come in to help.” Show the potential customer that you understand and also give them a solid number to get them to listen to your ROI discussion.
- “I’m guessing that your company is still paying the utilities because they know they need to keep that going, right?” If they reply yes, which almost all will, mention that they also want to keep their pipeline going and by putting off a new product, they might also be putting off increasing their revenue.
- “Let’s keep talking about the ROI we offer so we’re on your radar when you do have a budget.” With a strong ROI, which all of your sales reps should have in their bag of tricks for selling your products, the potential customer may wind up motivated to FIND the budget instead of waiting until that money is released.
Time is on Your Side
Companies may be in a holding phase during this pandemic, and want to wait to see what the economy looks like in three to six months. Can they really hold off that long? It’s your sales team’s job to convince them time is not on their side.
Here are some counters for your sales team to try when they receive a timing objection:
- “Why delay something that could provoke such a strong ROI for your business and help you get ahead of the game now?” This statement should prompt the potential customer to ask about the numbers, which is when you get the baseline data you need from them to show that ROI.
- “Our customers say they have to do 3x the work now to do their normal level of business. Let’s unthaw that frozen timeline and talk about how we can help you now.” Again, this shows that you understand the market and that they’re having to do more with less, while also moving into the ROI discussion.
- “Let’s talk about what you’re doing now to keep your business running.” This statement serves to learn more about what the potential customer is using, and could help you move into a conversation about replacing their current software or product with yours for stronger results.
When you’re talking to potential customers about budget and timing, look for companies that are willing to take a reasonable amount of risk (in moving to a new product) for a significant amount of return on their investment.
Reach out to us here at ConnectLeader today to learn more about our multi-channel sales engagement solutions, including sales cadence software, sales dialer software, and human powered phone dialers, that can help you reduce your costs per conversation; reduce costs per meeting; and reduce the costs of getting prospects into your pipeline. Simply click here or give us a call at 800-955-5040.