Everyone knows that finding out the needs of a potential client is critical because that information will help in the attempt to make a sale. However, another piece you need to find is the budget of the company you’re targeting.
Sure, you’ve made contact, figured out how to serve them in the context of their industry, and more importantly, learned about their needs and how you can serve them. Sadly, if they can’t afford that service, what would be the point?
Some would say that a budget is simply another extension of a potential clients needs. However, you need to know exactly how such a thing translates into those needs so that you can adjust your qualification process accordingly.
- First, a budget denotes time, time needed to make it bigger so that they can afford.
- Secondly, the time needed also implies timing. Your follow-ups must be timed accordingly or else you either risk giving competitors the opportunity or rushing the prospect
- Thirdly, budget naturally affects the disposition of a potential client to do business with you.
As you may have noticed, these all revolve around both needs regarding time and money. However, what’s interesting is that these needs are all reflected once you know a company’s budget. There’s also the fact that ERP software is expensive so you can’t just expect clients rushing in and crowding around you for it. In fact, the implementation project itself requires its own share of time at the very least. You can even say it’s a culmination of their needs because time and money are major factors in all business decisions. As such, it’s another type of information all on its own and you need to put it on your list on what you need to know like everything else.