ECONOMIC BUYER
The Economic Buyer is the person with the overall authority in the buying decision. They have the power to say yes when others say no, and say no when others say yes.
QUALIFYING THE ECONOMIC BUYER
The Economic Buyer is unlikely to raise their hand and tell you they’re the EB. It is your job to identify them.
If you have someone in mind, there are a few things that are useful in finding the EB. They will have veto power to push the project forward or to stop it, regardless of what other stakeholders do.
The EB’s priorities will be more in line with the strategic objectives of the organization. They will also likely have profit and loss responsibilities and have access to discretionary funds that aren’t budgeted.
ENGAGING WITH THE ECONOMIC BUYER
The success of your deal hinges highly on how well you can engage with the Economic Buyer. It isn’t easy, but don’t worry, it isn’t supposed to be. If it were, everyone would do it, and then how would you make yourself stand out?
Your Champion will be crucial in identifying and engaging with the EB. If your Champion is unwilling or unable to introduce you to the EB, this could be a signal that they aren’t a true Champion, and you have work to do.
When you meet with the Economic Buyer, you need to speak to them in their language. That means referring to the Economic Decision Criteria, AKA what your EB cares about. Resist the urge to talk about how great your solution is; instead, focus on the business objectives and outcomes they are trying to achieve.
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WANT TO KNOW MORE ABOUT ECONOMIC BUYERS?
Andy and Pim talk about the need to accept change - that as circumstances and deals change, so will the Economic Buyer. But, if you keep your wits about you, you can still find success with the Economic Buyer.
MEDDIC as it was first known is the number one methodology in enterprise sales. This video gives a brief overview of each element of the most commonly implemented connotation of MEDDPICC and MEDDICC.
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In this episode of MEDMEN, Andy and Pim break down the five things you NEVER want to do when engaging with the Economic Buyer. The EB’s time is precious, and it can be difficult to get to them, so when you earn that time it needs to be worth it.