You’ve probably seen the meme a few times: “Shut up and take my money!” Most often you find it when there’s talk about a product that’s stuffed with all things better and new that people don’t care about how much it’ll cost.
Lead Generation Tips – Don’t Just Shut Up, Don’t Just Take Their Money
But as funny as that can be, being too willing to pay more just for something better doesn’t always end well for the spender. This applies to not just consumers but also B2B prospects and customers.
In his first post as a LinkedIn influencer, Oracle President Mark Hurd talks about how this problem has been going on for quite a long time in IT departments:
“So when CEOs would demand IT capabilities that helped deliver better customer engagement (Customer Experience) or real-time insights and decision-making (mobile) or more-precise insights (Business Analytics), CIOs would reply, ‘Sure, I can do all that, but it’s going to cost more.’
This is the enterprise version of “shut up and take my money.” Just because a prospect says they can afford something better from you don’t always mean it’s a good idea if it’s just another added expense to their overall budget.
As a matter of fact, even Hurd’s praise for cloud computing’s cost-efficiency isn’t shared by all businesses. These costs need to be looked at in the long-run before you can finally say they’re not actually paying more.
Perhaps the challenge comes from figuring out the budget prior to any sales meeting. Some would demand a ballpark figure on the spot, others request more information, and others still would rather share the information to the salesperson.
What you’ve just overlooked is that it’s not really an issue of budget. It’s an issue of whether or not they’re spending more. Now how do you figure that out?
- 1. You don’t always need a number – Why not just ask if they’re having difficulties with their IT budget? This doesn’t necessarily mean you should ask for exactly how much they have already spent.
- 2. Ask the age of their tech – Another thing you can take from Hurd’s post is that age is a factor when guessing how sick a prospect is of spending on IT. If their system is old for instance or they constantly have to upgrade, you know that involves extra spending.
- 3. They’re not mindful of their spending – This can prove particularly useful in inbound marketing situations. Sometimes a prospect just doesn’t know how much they’ve already spent on their IT resources. Take the chance to make them aware.
Generating buzz by introducing a new product or service is good for marketing. But when it leads to some customers spending with less thought, it could be up to the vendor to draw their attention. Don’t just shut up and take their money!
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