Reminder: Budgets

Our clients just want to give the party of their dreams. We have to act like dreamcatchers. (Image via via Shandi Lee))

As we talk about budgets this week, it’s important to think about what may be going on in the minds of our potential clients when they come to us:

  • Their dream is to give the most amazing party for their friends and family. I think this is a wonderful, giving, generous place to start.
  • A lot of times, after that first meeting, they are brought to reality about how much that dream could cost. This is where bubbles start bursting. They might be upset because they never expected their dream could be so costly.

It’s very important that we as vendors understand this simple scenario. Our clients just want to give the party of their dreams. Our jobs is to provide some item or service for them to do so, while making a profit. After 30 years in business, I am still learning.

(And, I’ll let you in on a little secret. The bigger my company gets, the more challenging it becomes.)

In today’s Reminder, I’d like to make a list of suggestions of what you should be thinking to fit into your potential client’s budget and get the job.

1. Let go of the idea of a “good budget” and deal with the budget at hand. I have heard more than once, “We lost the job because someone else gave them a cheaper price.” Well maybe they learned how to do so and make money, but we’ll never know for sure.

2. Your clients just want to give a party, it’s up to you to sell them something. How you sell it and how you make a profit is always a work in progress. No need to get frustrated.

3. Why am I surprised when some clients wants a bargain? I am sure every one of us likes a good bargain, why should our clients be any different? I always forget this when I am all uppity about my prices.

4. Most clients understand the concept of a “good value.” As you make a sale, without constantly mentioning money, you need to convince them they are getting a unique value and great service from your company.

5. We need to personalize. If you were giving an event, would you hire yourself and your product? Why? This is a question I constantly ask myself in order to understand my clients.

6. The biggest challenge in fitting into a budget is never making our clients feel like you are doing them a favor. If you are doing them a favor, don’t. Most likely it’s costing you money. (Tomorrow’s blog will cover the exceptions to this rule.)

7. You need to learn from each and every job you did not get. Reasons I have heard:

  • (Top of the list) Too expensive
  • Did not get back to us fast enough
  • Was not flexible with my prices
  • Their overall budget for everything was too low

The only way we can continue to get clients is by constantly fine tuning the balance between our products, their pocket book and their willingness to spend.

Is being too expensive the number one reason you are not getting jobs? If not what are the other reasons? How can you change your business and still make money?

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