Budget Is A Lie

How many of you have heard from your buyers…
That’s outside of our budget” or “Our budget is…“?

I’m willing to bet 100% of you have.

Guess what?

That is a lie!

How do I know this? Less than 10% of buyers have a budget. If “budget” were true, your buyer would be willing to get less car to fit their budget. But that is not what they are trying to do. Your buyer is using the word “budget” to try to get more car for less money. I get it. We all do it.

As a sales consultant, you need to understand two very important facts about
buyers when they talk about budgets:

  1. All buyers have 3 prices.
    – What they want to pay.
    – What they’re willing to pay.
    – What they do pay.
  2. All buyer have 3 fears.
    – Buying the wrong car.
    – Paying too much.
    – Being pressured or hassled.

When you understand these two facts and when you work with excellence, you can make your buyer feel comfortable purchasing the car they want to buy and paying what it takes. (For additional training on getting your customers committed to buying the car from you with your first set of numbers, watch the Agree Step training in your Excellence Roadmap.)

You know your buyer will never want to pay what it takes to buy what they want to buy. Here are a few tips to use when your buyer says “budget”:

  • Never repeat the word budget back to your buyer. It is a negative statement that locks your buyer into their numbers, into their lie. (If you repeat a lie enough times, everyone believes it.)
  • Rephrase what your buyer said using an Empathy Statement. (Refer to your ReSell ReAsk training in the Excellence Roadmap.)
  • Remind your buyer the market prices the car and the trade. You do not.

Remember, when your buyer brings up budget, it’s just another way to say…
“I don’t want to pay too much.”
“This is more than I really want to spend.”
“Show me this is a great deal, and I’ll take it.”
“Prove to me this is a great deal, and I’ll take it.”

Understand your buyer’s 3 prices and 3 fears. Focus on showing value. Use empathy (and the market). Get a today commitment before presenting numbers.

Good Selling!