No Budget? No Problem: The Magic Blueprint to Overcome "No Budget" Objections with Confidence.

"Most of the people we've approached told us they had no budget to hire us."

This topic popped up when I was leading a strategy session with a video production duo the other day.

They were feeling puzzled and slightly defeated. I empathized as I knew these guys have been gung-ho about going after new leads to create more opportunities for their business.

Good news is, this problem is one you can fix. Here, I'm going to show you how to tackle “no budget” objections. In a way, this is the greatest indicator that you need to revisit your outreach strategy.

"Budget" is such a mysterious term. It sounds legit, but it can also be highly subjective.

For some, “budget” means a concrete spreadsheet where a quarter or entire fiscal year is clearly mapped out. This type of budget allows no exceptions (so they say, and you’ll find out why I sound a bit sarcastic later in this post.) For others, "budget" is just the go-to excuse to say "no" without saying "no."

Another mysterious phrase that is equally used to turn down offers is, "I can't afford this right now."

"Affordability" and "budget" are, in my humble opinion, highly subjective bullsh*t words.

Here is the clear and blunt version of what they are saying:

"What you are offering to me is not compelling enough to go out of my way to pay for it."

Can you see a squeaky, heavy iron gate shutting right in front of your eyes in slow motion? It's discouraging, isn't it?

Well, there's no need to be deflated. This does not mean your lead generation effort goes down the drain completely. By the end of this post, you will know exactly what to do to reopen that heavy iron gate with one finger.

3 Major Reasons Why They Don’t See Value in What You Are Offering

1. Your Conversations Are “Feature-Heavy”

You are too focused on what it (whatever offer you are presenting) does and not focusing enough on what your prospect will get in return as a reward.

I have heard a few people use the same analogy of a luxury car salesperson. When shopping for a BMW, a high-closer salesperson will not tell you about the high quality the leather seats or how big the monitor on the dashboard is. He or she will instead say, “Take a spin. Feel the power. See it for yourself.” This approach gives a “free pass” for this sales person to get to the core motivation as to why you are toying the idea of purchasing a BMW.

So, what is your core motivation in this case?

Power, control, validation from others (that you are able to afford a BMW), a positive perception that it gives by owning it (especially if it’s a hybrid), etc.

Notice these are all “rewarding feelings” that some people crave and desire.

Many SaaS startups tend to make this mistake. Granted, they are proud of all the features they can offer through cutting-edge technology, and they are dying to tell the world about it. Instinctively, I would even be attempted to do the same if I get caught up on a “geek out” mode. But, if they fail to explain how their products can transform people’s lives, they would be closing fewer sales. Or even worse, they will experience a huge churn.

2. Your Conversations Are Too Logical and Rational

Let’s take QuickBooks Online as an example. Quickbooks is a cloud accounting system designed for small to mid-size businesses. What if Quickbooks landing page just talked about the benefits of keeping clean books? I bet your reaction would be:

“Yeah, yeah, yeah, we all should eat better, sleep better, and exercise more. We all should keep our books in order, too.”

Not enough motivation there to overcome a potential switching cost. Right?

But, when you go to the site, what do you see? You see videos featuring brave small business owners doing what they love, and they are killing it. It’s inspiring. Visitors can connect the dots between dry, boring bookkeeping tasks and crushing it in their business as a result.  

3. Your Offers Come Across as “Nice-to-Have” Offers

Let’s now go back to the original reason which motivated me to write this post. As you recall, it was about the video production duo getting shut down by “no budget” excuses.

I am all about “turning obstacles into opportunities.” This is the reason I am known as the “counter-intuitive” strategist. What is intuitive for these guys is to put an emphasis on “increased eyeball (traffic)” or a “great promotional tool” by creating video content. Unfortunately, this is where they get shut down by “no budget” excuses as many still consider professionally done video productions as “nice-to-have” items.

So, how can these guys shift their conversation from “nice-to-have” to “must-have”?

The answer: Explore ways to directly tie video content with what their prospects truly desire = money.

The formula here is: Video content = Increased revenue

When someone presents an idea that will help prospects bring in additional revenues, the word “budget” goes right out the window. 

I have seen business owners doing exactly this. They talk “budget” on regular basis, then something enticing comes along (new revenue generating opportunities or something that boosts their ego), it gets approved with lightning speed.

So, I will say this again, “budget” is highly subjective. This means we all have a chance to turn things around!

The Magic Blueprint to Overcome “No Budget” Objections

*For details on how to proceed with the below, check out the original post here.

Here is the blueprint that you can work on to get your hands on that “free pass” to your prospects deep desires.

1.    Learn by listening to your prospects explain the situation they are in, what they want to accomplish and why.

2.    Reiterate what they just told you AND convey your services are the missing piece to achieve what they strive.

3.    Ask them to describe a scenario where they don’t achieve what they desire.

4.    Connect the dots: Now switch the gears to discuss their desires being fulfilled and what they will gain from this experience.

5.    Offer real-life examples to solidify why it has to be you to do the job and not the other options.

6.    Kill the objections by demos and samples.

7.    It’s time for you to say, "So, if you agree, this seems like a priority for you. How soon do you want to get cracking on this?"

*This piece is a summarized version of what was originally published on www.maikosakai.com on March 20, 2018.  For the full version, click the URL.