Mindful Value: Qualifying B2B Budgets

When we talk about things being 'mindful' what do we really mean? Sometimes we may actually mean 'mindfulness proper', but mindfulness is only a small subset of what it means to generally be mindful. It might also be said that mindfulness is one tool by which we can all be more mindful, but again, what does the word 'mindful' truly convey in broader contexts and situations?

For us here at Mindful Life, Mindful Work, Inc., the word 'mindful' conveys a wide range of qualities, including but not limited to: being attentive, displaying care, exhibiting relational awareness, being professional and personable simultaneously, having deep curiosity, wanting to be of the greatest service, and being accountable for our own experience; when it comes to the business of B2B Sales, being mindful means to us meeting those conversations with a genuine desire to both offer and receive high value. Value provided; value received (in the form of adequate compensation). Without this circle of reciprocity, no business is sustainable despite its wonderful intentions!

When it comes to valuing, and the negotiating of value, it's important to first understand one thing... each interaction and every exchange is a negotiation! Every single one. To miss this fact is ultimately to undermine the value we hope to offer to our clients and to the world. When we understand that knowing our value and communicating it are not two separate things, then we have the necessary foundation in place to enter into good and honest sales conversations in the B2B space.

What is important to consider when clarifying our value in B2B budget conversations?

Timing is important... clarify early, but not too early. There are two completing needs that needn't be overly competitive, and those are relationship building and making money. Thus, make sure there is a real relational connection before getting too specific about dollar amounts, but also make sure to assess general budgetary range early in order to ensure that future conversations with a given prospect have the actual potential to result in the selling of services, if that is in fact your ultimate goal. Even very general questions like "Is there budget allocated for these sorts of initiatives?" can go a long way to preventing long call sequences that ultimately go nowhere in terms of conducing business. Valuing our services enough to qualify and clarify budgets early can save both parties a lot of time.

To assist yourself in clarifying the budget of a prospect, it's first important to design a general sales process for you and/or your entire sales team (if they exist). Roughly speaking, a sequence that includes discovery, suggesting solutions, and ultimately offering a formal proposal is pretty standard, but where in that process do you want to qualify the budget? And... how specific does the budget need to be at each juncture of the process?

We've found that determining budget should begin broad and become more specific over time... something like: Is there budget for this?; What is the general budgetary range for this?; Are you the decision-maker for this initiative?; What is it worth to the company for you to address the various needs we've discovered?; Given the needs we've identified and your stated budgetary target, we can offer you the following services in which you've showed interest. You get the idea.

Ask the first and most general question almost immediately, and if the answer is a definitive 'no', then the process may end there or until the prospect circles back with a 'yes'; and if the answer to that first question is 'not sure', then that is where the valuing process begins with a response something like, "I'll give you some time to check on the budget and let's have a call in a few weeks to hear what you've discovered." If the prospect is willing to truly check on available budget, then you've also identified genuine interest!

Many of the coaches and consultants we've mentored don't ask about budgets up front, and we think this may be the case because they don't want to be disappointed; but to not be willing to bear the initial disappointment early is only to set ourselves up for both disappointment and frustration later on... wouldn't it be better to clarify and know the actual truth early in the process in order to gauge both our own and the expectations of prospects? If they say there is $5,000 allocated and our services start at $20,000, it would be important to know this detail as early as possible, and to have a real conversation around whether the prospect of working together is feasible.

Value your services fully; meet prospects in THAT value honestly

In summary, integrate the qualification of B2B budgets into the very fabric of your sales sequences... make sure the entire process conveys and delivers value at each and every touchpoint. Also, don't waste your own time or that of your prospects, while simultaneously being careful to keep the entire process fully human... your goal is ultimately to nurture professional relationships and partnerships that are honest and mutually beneficial.

When the budget is right for all invested parties and the services truly map onto the needs of the client, then the delivery of the work can truly propel all involved to greater excellence. Qualifying B2B budgets is ultimately the clarification of how we respect and value each other. When done right, the purpose and benefit of good work done well extends far beyond the immediate beneficiaries.

Happy practicing clarifying and qualifying B2B budgets!

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Jonathan Reynolds is founder and CEO of Mindful Life, Mindful Work, Inc., a San Francisco based leadership development company providing services that address the intersection of self-awareness and team performance. Since 1997, Jonathan has trained extensively in the discipline of mindfulness, and his work with leaders emphasizes simple and practical ways to improve performance, efficiency, and workplace cultures by integrating mindfulness sensibilities.