How Can a Sales Team Handle The "Lack Of Budget" Objection?

"I'd love to, but it's just not in the budget for this quarter," says a potential buyer, and most salespeople will take this as a firm "no" and move on to the next on their list. It's surprising how many salespeople do exactly that, and even more surprising that your average sales force training programme doesn't cover what to do in these situations. The truth is, there's a much bigger potential for a sale than most people realise.

Why? Because when a buyer says it's not in the budget, most of the time what they're really saying is, there's no room in the budget for something that doesn't wow me. But does that mean you should give up? Absolutely not: it means you need to figure out what will wow that buyer. They may not be interested in this product, but they might be interested in something else.

When it comes to budgets, most have some built-in wiggle room. And that “wiggle money” is more likely to be spent on a want item rather than a need item. The question is, what does the buyer want?

A fundamental part of sales training is about learning how to determine what a buyer wants, and also about figuring out how to make a buyer want what you're selling. These best-practice strategies still apply here; as always it's just a matter of asking the right questions. Remember, it's all about asking open-ended questions that get the buyer talking; for example:

• If cost weren't an issue, what would you be looking for in a [product]?

• Apart from the cost, what's stopping you from considering [product]?

• What [product] features are most important to you?

This isn't necessarily about trying to sell the product the buyer already turned down; the more important aspect is the fact that you're getting the buyer talking. That helps you figure out what it is they want, and it may be that you have another product that fits neatly into that category. Not only that: it's also a way of ramping up the buyer's enthusiasm for the original product, and sometimes, that's all it takes to override any budgetary concerns and make the sale.

Photo Credit: www.medscape.com

How Can You Find the Hidden Leaders in Your Organisation?

Leadership skills training is an important part of preparing future company leaders for the role, but how do you identify who those leaders are? Sometimes an employee's leadership qualities are obvious, but that's not always the case.

Defining the Hidden Leader

According to Scott Edinger and Laurie Sain, authors of The Hidden Leader: Discover and Develop Greatness within your Company, hidden leaders are people who believe that their actions contribute to the company's success. A simple definition that speaks volumes, because people who believe in the importance of what they do tend to be highly motivated. By this definition, the leaders in your organisation aren't always who you think they are: it might be the customer service representative who goes above and beyond to solve problems, or the personal assistant with a talent for preventing problems even before they arise.

In most organisations, selecting candidates for the leadership track tends to result in promoting those candidates who are the most outspoken or the most adept at self-promotion, but aren't necessarily the best leadership candidates. Hidden leaders, however, are often less inclined to promote themselves and their talents.

Identifying your Hidden Leaders

So how can you identify these people? According to The Hidden Leader, there are four key traits to look out for. Hidden leaders are people who:

• Demonstrate personal integrity by consistently speaking and behaving according to a strong code of ethical conduct regardless of with whom they are interacting. Their inclination towards consistently ethical behaviour makes them reliable and trustworthy.
• Lead through their relationships with others, because they consistently act in ways that inspire respect and trust, rather than using their position to influence people.
• Are results-oriented, independent workers who can take initiative and work outside the box to complete a task.
• Are also customer-oriented, with an awareness of how an organisation's actions and promises influence customers’ buying decisions.

Hidden leaders are highly effective employees, and given the chance, can make significant positive impact within an organisation. Being able to identify the hidden leaders, to develop and nurture their talents, can help them and the company flourish.

Image Credit: www.unseminary.com