“We Don’t Have the Money!”

Many sales calls hit a block when the customer says that they don’t have the money to buy your product or service. Whether the statement is phrased as “I can’t afford that!” or “Your product is too expensive!”, the meaning is the same. They don’t have the money to purchase your product.

The simple thing to do is to thank the customer for their time, give them your contact information, give them a few brochures and leaflets on your product and exchange business cards promising to call sometime in the future.

Chances are you will not meet the customer again. The promise of calling again will be forgotten. The leaflets and brochures will find their way to a file which will be forgotten, or they may find their way directly to the recycle bin. Subconsciously, you may even cross the prospect off your list.

Instead, try to find out if price is the only issue with the product. If yes, then you can do something. First you can check with the customer what they are paying for the product at present and then show the value your product can offer as compared to your competition.

You could be using better raw materials, you have lower turnaround time, your product could be easier to use, it could reduce production time for the customer, it could increase efficiency, you may comply with some standards that are coveted by your customer’s customers. Find out how your product is different and how your product saves your customer money. Those savings would offset any costs on buying your product.

You can explore whether a payment plan can be devised which puts less pressure on the customer’s finances as compared to a lump sum payment. The customer may feel less encumbered if the payment is spread over a longer period and it may help you lock in a sale rather than lose one. If the customer has a good reputation and you could even offer to sell them on credit.

Involve the customer by calculating the value of your product with them. Involving the customer can create a sense of ownership of the process. Involving the customer ensures that the customer is engaged and therefore may see value which was not apparent by only looking at the price.

You can also offer the customer to buy in a small quantity to try out the product. Selling a small quantity, and not free sampling, will ensure that the customer will be involved in the post purchase evaluation of the product and it will ensure a real comparison of your product on the customer’s shop floor. This may lead to future bulk sales and will ensure that you have the opportunity to follow up with the customer.

If all else fails, find out a price which the customer can work with. If your margins are secured, offer a discount. This is the last resort though, do not lead the discussion with the customer on discounts. This will only lead to you engaging the customer on price alone an everything else you offer takes the back burner.

Your job is to sell the value, not the price.