Risk & Business Magazine CMW Insurance Fall 2015 | Page 23

Here are some examples:
• Do you have a budget set aside for this purchase?
• Is the project funded?
• Are there budget limitations about which I should know?
If your prospect’s answer to your budget question is “yes,”
appropriate follow-up questions include:
• In round numbers, at what amount are you looking?
• Perhaps you can give me a ballpark idea of the amount with
which you have to work.
Using terms like “round numbers” or “ballpark” take the
pressure off the prospect to commit to a specific amount.
If your prospect’s answer to your budget question is “no,” or
he is reluctant to share the information, you can “test the
waters” using third-party stories. Reference one or two similar
sized projects or sales you completed with other clients and
disclose an investment range within which those transactions
took place. Then, ask your prospect if he
would be comfortable making a similar size
investment if he felt your product or service
was the best fit for his needs.
For instance, you might say:
• Jim, the last two projects that we completed
that were similar in scope to what we are
discussing came in between just over $18,000 to just a bit
under $22,000. I suspect that you’d be looking at a similar size
investment. Can you be comfortable with an investment in that
range? If not, you should probably tell me now before either of
us invests any more time in something that will never get off the
ground.
[Jim indicates he is comfortable with the range.]
• Where in that range do you suppose your budget will fall once it’s
established?
QUALIFIED PROSPECTS ONLY
If, after all that, your prospect still won’t share any budget
information with you, you’re not ready to present anything
… because this person has disqualified himself from your
sales process. Instead of investing lots of time, energy and
resources and setting up a presentation that won’t close, make
“Let me think it over” a thing of the past. Disengage politely.
Work with a qualified prospect who will discuss budget issues
directly, and who will commit to giving you a clear “yes” or a
clear “no.” Your closing numbers, and your personal income,
will improve as a result.
Eric Fry is Managing Partner with Sandler Training.
Prior to Sandler Training, Eric worked for a number
of well-known, international organizations including
Xerox and Staples Advantage while honing his skills
in sales and leadership throughout his career.

RISK & BUSINESS MAGAZINETM FALL 2015

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