The Economic Buyer is a person with the discretionary approval to spend. Economic Buyers are decision makers who give the ultimate “yes” or “no” to a project. Usually, the person has a clear sight on the business benefits, decision criteria and the process to close a deal.
Meeting the real Economic Buyer, checking for his sponsorship, criteria and next steps usually sheds a lot of light on the complex decision criteria and processes. Preparing the Economic Buyer meeting is key to success, however you need to do your homework on the value proposition and earn the right to ask for this meeting.
Qualifying if you talked to the real Economic Buyer is key. A good qualifying question could be: ”If you & I come to an agreement, is there anybody else formally or informally that would need to be involved or approve?”
Questions to ask the Economic Buyer:
- What happens if you decide this project is the right thing to do right now?
- Do you sponsor the project and us as it looks right now?
- What does success look like for you?
- What are the next steps, if we fulfil the success criteria?
- How do you initiate and complete a purchasing process?
- What information do you need to issue a purchasing order?
If the Economic Buyer confirms the project and outlines a possible close date, your deal has a good chance of closing. If you do not meet the Economic Buyer or get his approval, your chance of closing a deal in time drops below 50%.
