BUDGET BUSTER: How to Get the Client’s Budget 99% of the Time

00:00 - The Importance of Knowing the Prospect's Budget
00:32 - Introducing the Budget Buster Method
01:05 - Common Mistakes Agencies Make Regarding Budget
01:47 - How to Ask for the Prospect's Budget
02:29 - Handling Prospects Who Claim They Don't Have a Budget
03:11 - The Reverse Auctioneer Technique
04:03 - Timing: When to Ask for the Budget
04:24 - Dealing with Unclear Budgets: The Foot in the Door Offer
05:17 - The Importance of Knowing the Budget to Avoid Undervaluing Your Work

Are you tired of wasting time on prospects who don't have the budget you need? If you've ever struggled with determining the prospect's budget or have faced challenges in pricing discussions, this episode is a must-listen for you.

Drawing from my extensive experience running an agency and working with thousands of agency owners, I introduce the "Budget Buster Method," to help you get the prospect's budget 99% of the time.

Around 50% of agencies either don't ask for the budget or fail to get a clear answer. Out of the 50% that does ask for the budget, only about 25% get it. That means 75% of agencies are not getting the prospect's budget.

By not asking for the budget upfront, agencies run the risk of either overestimating or underestimating the prospect's financial capabilities, which can ultimately harm the relationship and the potential for future business.

I’ll teach you a simple approach to asking for the budget, as well as a helpful tactic to use when prospects respond with uncertainty or claim they don't have a budget.

For starters, the easiest way to get the budget is just to ask directly, what's your budget? The prospect will most likely come back with one of these three answers:

• They’ll tell you the budget: In these cases, if it’s not a budget you can work with, let them know why and help them know what to look out for since they'll have to work with someone smaller. They’ll either raise their budget to what it really needs to be or come back to you years from now when they’re ready.

• They’ll say they don’t have a budget: Now, they can say this but they most likely do have a budget in mind. When I run into this answer I like to give a playful answer like “Great! I love working with people with no budgets because we can try so many things!” They’ll immediately backpedal and tell you their budget.

• They have an idea but are not quite clear: In these cases, you’ll need to ask the right question in order to get their budget range. It’s very important that you start at the highest rates. Ask “Are you trying to stay around a million dollars, $500,000, a hundred thousand, 50,000, 10,000, what's your range?” 99% of the time you’ll get the budget and then you can go back to number 1 and decide whether or not you can work with that.

There is another scenario where the prospect really doesn’t know, even after talking about ranges because they lack the clarity of what they actually need.

In these cases, instead of trying to guess, have your foot-in-the-door offer ready. Just say “I know there's a lot of unknowns and it seems like, why don't we meet for an hour?” Let them know you charge a rate for that hour and what they’ll get out of it. You’ll help them break down where they're going, where they're at, what the biggest challenge is, and how you’ll help them develop a high level plan.

If they’re not sure about the offer, tell them there are three possible outcomes.

• They'll love the plan and go implement it by themselves.

• They'll love the plan and want to work with you.

• They don't like the plan and they’ll get their money back.

There’s nothing for them to lose. This way, you’ll help them gain clarity and build trust. Once they’re paying you for that session, they’ll be 20 times more likely to pay you again.

So this is my Budget Buster method to getting the prospect’s budget every single time. Remember to always ask for the budget so you don’t end up putting a lot of energy into prospects that weren’t right from the beginning or get looked over by companies that had a high budget to begin with but thought your prices were too low.

Now start implementing these tips and say goodbye to wasted time and hello to qualified leads!