What's the leading reason for B2B sales objection? Prospective buyers may decline to purchase a product or service for a variety of reasons. However, a Chorus report found that more prospective buyers object sales offers because of budget than any other reason. If you own a B2B company, or if you're a sales rep, tackle these objections head-on to increase your chances of converting prospective buyers into paying customers. While you can't change a prospective buyer's budget, there are ways to address and overcome budget-related objections.
Focus on Value Proposition
When selling a product or service to a sales lead or prospective buyer, focus on the value proposition. In other words, explain the value of the product or service and how it can benefit the prospective buyer's company. Far too many B2B sales reps neglect value proposition and, instead, highlight the features of their product or service. There's nothing wrong with conveying the features of a product or service, but it's the benefits that offer value. If you're hitting their business 'need' and you've shown the payback, they will work with you to find a way to purchase the product and/or service.
Show Case Studies
In addition to focusing on value proposition, you can show prospective buyers written case studies or video case studies involving your company's products or services. Case studies allow prospective buyers to understand the quantifiable impact of your B2B company's products or services. It takes time to create case studies. If you're willing to put forth the work, though, you'll find they are an effective sales tool that will help you overcome budget-related objections.
Target Leads and Prospects With the Right Budget
Of course, you can avoid many instances of objections by targeting leads and prospects with an identified budget. Identified leads are the best way to gain new business as they have already identified the project, budget and scope of work. That's what SalesLeads provides. Identified projects with project type, project stage, project value to name a few.
You can't control how much money a prospective buyer is willing to spend on a product or service. You can, however, overcome budget-related sales objections by properly adjusting your strategy. By focusing on value proposition, showing case studies and targeting prospective buyers with identified projects with a budget, you'll generate more leads that will go into your funnel and come out as brand new sales.