We get a real kick out of reading Geoffrey James' posts on BNET. They are interesting and we use his thinking in our own business development. Have a read and tell us what you think.
LIE #10: “We don’t have the budget.”
How often it’s actually true: About 25 percent of the time.
Why they tell this lie: This is shorthand for “we have budget money assigned to other projects that are considered higher priority.”
Your best response: Through questioning and conversation, gather information about where money is currently being spent. Once you’ve discovered what’s funded and why, reposition your offering and the value it provides so that it becomes higher priority than the budget items that are currently funded.
LIE #9: “I promise to read your brochure.”
How often it’s actually true: Never.
Why they tell this lie: They’re either trying to get rid of you, or they’re being nice. The only time that anybody will ever read your brochure is when somebody wants to sell you his “brochure re-writing” service.
Your best response: Stop depending upon brochures for anything other than a physical proof that your company has marketing money to burn. In some situations, you’ve got to have a brochure or your firm doesn’t look serious. But that doesn’t mean that anybody will ever read them.
LIE #8: “I am the sole decision-maker.”
How often it’s actually true: In anything other than “Mom and Pop” operations, almost never. And even then, Mom probably has veto power over Pop and vice versa.
Why they tell this lie: Customers tell this lie for two reasons. The customer contact wants to hide the fact that he really can’t make a decision without consulting others.
Your best response: Ask about the specific reporting structure and gently probe to find out the “stakeholders” who “influence” the decision. Read between the lines and you’ll probably be able to figure out which people actually have to be “sold” in order for a deal to go through.
LIE #7: “Your competition is much cheaper.”
How often it’s actually true: About 50 percent of the time.
Why they tell this lie: To get you to drop your prices.
Your best response: You do the same as you would if the competitor actual WERE cheaper. You position your offering, and the privilege of working with your company, as being of massively higher value than working with your competitor.
LIE #6: “We always get a big discount.”
How often it’s actually true: Never.
Why they tell this lie: Same as #7; they’re trying to get you to drop your prices.
Your best response: Ignore it and stand firm. Demands for discounts, especially at the end of a sales cycle are usually just the customer testing to see if they’ve gotten the “best deal.” If you drop your price in demand for an automatic discount, you’ll lose credibility and end up cutting a non-profitable deal.
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