I still use what I learned from the Outcome Thinking®️ Platinum Program in this role. Last week, I shared with the sales team the value of providing high-level budgetary ranges early on vs. throwing out ten formal quotes. It really transformed the way I sell and definitely impacted my close rate.
I’d say that by using budgetary ranges on the front end of conversations, I’m able to eliminate a couple of things from the pipeline:
- Prospects who have no financial ability to invest in any solution we sell
- Solutions/proposals for solutions that don’t fit within their range.
In other words, where I used to go into every conversation assuming I should produce a quote for many options with many price ranges, I’m now leaving discovery calls knowing what product and price range. I’m speeding up that sales cycle by cutting down on reviewing multiple proposals. And truly, I rarely put things into the pipeline that are unlikely to close. Shorter time to close—with a higher quality of opportunity = quicker sales cycle and higher close rate!
The other thing I’ve been able to do is secure an additional margin. The budgetary number I provide for customers is generally very conservative, so when it comes to putting actual numbers on paper, I can retain a couple of margin points because I didn’t give them a specific price out of the gate.