Written by: Vickie Sullivan | June 15, 2017
2 Things to Know About Big-Budget Buyers
If your business has outgrown your client base, fee resistance is usually a big clue. One common response you might have: “Well, I’m gonna go find buyers that have bigger budgets.” This is one of those ideas that looks good on paper but doesn’t always pan out in the real world.
The problem: Too many business owners go after big-budget buyers in a vacuum. They didn’t anticipate the ripple effect, the adjustments needed to their sales effort. Here are two things that will change drastically when we move up the food chain:
• Their agenda. These new clients have different needs. Smaller budgets create a bootstrapping mindset driven by anxiety over money. In big budget scenarios, buyers understand they have to invest. The real problem is competing priorities. You have to get them to focus long enough to not only agree, but to make the commitment. This is why you get a lot of initial interest but the sale stalls out at the last minute.
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• Your competition. This is very common when a big fish in a small pond moves to a bigger lake. Not only are there more competitors to deal with, but those competitors are similar to you. What differentiated you before is now seen as standard. Be prepared to up your branding game.
Moving sales efforts to a lucrative market is more strategic than changing your sales prospect list. When you change one thing, you change everything. Be strategic and the transition will go much smoother.
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