Getting the annual budget approved is a yearly task for safety management across every organization. You’ve put in the work to carefully assess costs and develop a strategy for the coming year. Now it’s time to present your safety budget to your superiors or purchasing and your goal is to get it approved. Consider these tactics when it’s time for your budget approval meeting.
Reframe the Value
Can you break down the product’s price to a daily or monthly amount? Or present the cost per employee instead of all together? Better yet, can you compare the cost to something relatable? For example, the cost of a Starbucks coffee per day or less than a tank of gas. Reframing is a common tactic used in marketing and sales. Reframing the value makes it easier to evaluate how much value you are getting out of a purchase.
Present Additions or Changes as a Bundle
This is a common tactic used in marketing and sales. Neuroeconomics expert George Lowenstein notes the LX version of car packages as a great example of successful bundling. It’s easier to justify a single upgrade and expenditure to the LX package than it is consider purchasing the leather seats, the navigation system and the roadside assistance separately. The same concept can work when presenting your training, especially if you are adding on additional topics or delivery methods to an already existing solution or changing your solution.
Sweat the Details
In a Carnegie Mellon University study, trial rates for a DVD subscription increased by 20 percent when the messaging was changed from “a $5 fee” to “a small $5 fee,” revealing that the devil really is in the details. Studies have also shown that conservative spenders are more attracted to the utility of a product or service over satisfaction, so highlighting benefits such as time saved, money saved, and accessibility will be more appealing.
Be confident about your safety training plan and budget before you have to present it by working with Evolved Safety. We’ll review multiple options, vendors and delivery methods to ensure that you have a training program that works for your organization.