You probably have a monthly minimum to make certain that a prospect has enough budget. While this seems like a good idea, people rely heavily on the first piece of information offered. Psychologists call this “anchoring.”
Our research has found that when an agency expresses a minimum, their clients are anchored by that amount and the majority of their accounts are very close to that minimum.
To avoid this trap discuss the budget as annual, rather than monthly, and provide a range that will be determined by the elements of the program, with the low end covering the minimum.
– Darryl Salerno, Owner, Second Quadrant Solutions and Strategic Management Consultant