Have you ever had the experience of having initial meetings with a potential client, drafting a proposal, and then not hearing from them? Maybe you find out later that they went with another company because your prices were beyond their budget. This scenario can happen because you did not give them an idea of your pricing when you were meeting and then they were later shocked by your prices.

So how do you make sure that prospects have the right budget for your services?  In this article, we discuss how to qualify a prospect and get their budget before you put a lot of time into preparing a proposal.

Mention the Price During the First Meeting
Bringing up the price during the first meeting can allow both you and the prospect to address and resolve the issue of the price before you spend time on additional meetings or on creating a proposal. Another way to give the potential client the price is to send them an email with the price right before the meeting. You can give a price range if you don’t know the exact time or cost that a project will take to complete.

By putting the price on the table, you can get the prospect’s reaction to the price while you are in the meeting with them. This allows you to respond to their reaction right away. You might tell them the price, then pause to wait for their reply or ask them how they feel about it or if the price works for them. Then listen to what they say.

They may tell you that the price is high for them and ask you if there is anything you can do, such as allowing them to make multiple payments. Another possibility is that they will tell you that the price sounds good and they will ask you to draft a contract for them. Before agreeing to your price, they may also need to ask you some questions to understand more about your process or the results you can get for them.

Talk About Your Experience
When giving the price, you can talk about a related project that you had worked on in the past. Describe the components that would be included in the project to help explain the price.

Pitching Other Options
If your price does not work for the potential customer, you can pitch them other options that could be a better fit for their budget. An alternative option could be to give the project to one of your partners who can complete it for less than you can.

Discussing Price First Before Sending a Proposal
Before sending a proposal over, make sure to have an agreed upon price. Avoid emailing a proposal to a potential client without discussing the price first.

Set a Follow Up Meeting
Set a follow-up meeting during the first meeting. If possible, set the meeting a couple of days after the initial meeting. Inside of a proposal, you can also include a link that the prospect can use to purchase your product or service.

Consult a coach for more tips on how to qualify potential clients and have effective meetings with them.