Written by: Vickie Sullivan | June 08, 2021
Beware of the Budget Grabbers
Have you ever had several great conversations with a potential buyer only to face radio silence after quoting your fee?
When that happens, a lot of us assume it’s because our fee was too high for their budget and it scared the buyer off. Nope. What really happened: The buyer didn’t go with a competitor; they instead decided to keep the work in house. These budget grabbers usually pop up in these two places:
• Internal resources. Once money is mentioned, buyers start to see internal folks as a viable option. (This is especially so after buyers see your price point.) Don’t underestimate the power of the political dynamics. Be prepared for this even if the buyer insists outsiders will be hired.
Listen: How to Compete with Internal Resources
• Competing priorities. Sometimes our biggest competitor can be another challenge that requires a substantial investment. When faced with competing priorities, the question is rarely about the best choice. Our next best step: Sell the urgency. Show what can happen in the near term if they sideline the problem they are trying to address.
Many of us know our colleagues well and can point out our differences in sales conversations. To get the deal, though, and that slice of the budget, remember buyers always have options. And many of those options have nothing to do with us.
Now Read This:
- How to Identify Influencers and Advance the Sale
- Competitive Branding for B2B Professional Service Firms