Peak Your Profits: Is the budget really firm?
How do you handle the decision-maker who gives you, what is seemingly, a firm budget?
Let’s take a look at an example that’ll be easy to relate to. Imagine I’m a real estate agent and you’re a motivated buyer. We’ve already determined you want a four-bedroom, two-and-a-half-bath house in a quiet community, close to schools, shopping and transportation and the lot has to be at least a quarter of an acre. You have told me you’re only willing to look at homes listed at $350,000 or less.
Armed with this information, the first house I take you to is listed at $375,000. Not only do you detest the floor plan and neighborhood, but you’re also disappointed and disturbed with me, because the house was listed at more than $350,000!
You feel I took you here just so I’d make more on my commission. Needless to say, I’m in trouble! You feel I didn’t listen. And worse, you may begin to question my integrity and real purpose.
However, what if this scenario took place?
Imagine I said to you, “now let me make sure I understand what’s important to you. You’d like to find a four-bedroom, two-and-a-half-bath house in a quiet community, close to schools, shopping and transportation and the lot has to be at least a quarter of an acre. You’ve also told me, you’re only willing to look at homes listed at $350,000 or less. Correct?” You nod affirmatively.
Now, I ask a question that combines what I call the “budget builder” strategy along with what I label as, the “fairness doctrine.”
And the question is, “would it be fair to say, if I come across a listing that offers you and your family everything you want — the space, the community, the lot size and then some — but it’s listed at more than $350,000 — would it be fair to say, you’d prefer I not even show it to you?”
Now how do you think you’d react. It’s likely you’ll say, “Well, I guess I’d be willing to look at it.” I say, “Great! How much in excess of $350,000 are you comfortable with?” You say, “Well, up to $380 is probably okay, maybe even $400, but then it really has to be something special!”
Who just increased the budget — me or you? You did!
And it was accomplished, with the use of a simple question or a probe, which enables a decision-maker to reply logically and emotionally! And that’s a powerful, winning combo!
Be sure to remember and apply, the following five peak-profit points, for they’ll help you maximize all your future probes:
- Control through questions that reveal problems, needs and dreams or goals.
- Keep quiet—stare with your ears, listen with your eyes.
- Take notes—place value in your prospect’s words.
- Restate your prospect’s wants, needs and desires and confirm their importance.
- Let your prospect know your probing is crucial to helping you help him or her.
As a peak profiteer, may you continue to probe your path to profit!
More: Peak Your Profits: Your market, message and Michelangelo
The preceding is an excerpt from the new 5th edition of Jeff’s bestselling book, “Peak Your Profits.” It’s scheduled for a summer 2018 release and will be available on Amazon and at your favorite bookstore.
Jeff Blackman is a Hall of Fame speaker, author, success coach, broadcaster and lawyer. His clients call him a "business-growth specialist." If you hire speakers, contact Jeff at 847.998.0688 or firstname.lastname@example.org. And visit jeffblackman.com to learn more about his other business-growth tools and to subscribe to Jeff's free e-letter, The Results Report. Jeff's books include “Stop Whining! Start Selling!” (an Amazon Bestseller) and the soon-to-be released 5th edition, of the bestselling “Peak Your Profits.” You can also stay connected with Jeff via Facebook, LinkedIn and Twitter: @BlackmanResults.