Sather

Within the past few years, complex sales have gone through significant changes, creating new challenges for salespeople. Buyers can now choose among several different companies with similar products, making it even more critical that salespeople have a clear plan to reach the decision maker, or Economic Buyer.

Knowing the Economic Buyer's Focus

Economic Buyer (def.) The economic buyer is the person who gives final approval to buy your product or service. The role of this buying influence is to release the dollars to buy. S/he looks for whether your product or service matches the firm's priority needs and is a good value for the money. The bottom line is the impact your solution can make on the organization.

Getting to an Economic Buyer is a top priority. But it is only part of the battle. Once you're there, how do you have an impactful conversation? We're regularly in contact with CEOs and Sales VPs, and they have definite ideas about what makes a good salesperson, and what will cause them to respond when you try to contact them.

Here is a rare glimpse, comments straight from decision makers about what makes a good salesperson and what enables a salesperson to reach them.

Q: What are some of the best attributes in a salesperson?

A: "One who pays attention to what I say, and follows up. The number one best attribute is persistence. Although there is a fine line between persistence and pestering, if in doubt, risk being a pest. Also, do what you say you're going to do, plan ahead, and know the culture of the organization. Have a pre-call plan, ask direct questions and have self-confidence."

Q: What is the process your company goes through when making a buying decision?

A: "Every organization has its own unique culture. Identify where the final approval really is. Reaching too low or too high in the organization can tend to block you. It is critical to know who you're selling to. As a CEO, most of the time you don't need me, but rather someone under me. My thought process is always, who can I delegate this to."

(Note: The Economic Buyer is not always the person at the top of an organization. There is an Economic Buyer for each Single Sales Objective not for each organization. The person filling the role may change from sale to sale within the same account, but there's only one Economic Buyer per sale.)

Q: What questions should a salesperson ask you?

A: "Ask questions that get where I'm coming from. Questions like What are my top business objectives for this year? What major obstacles could stop me from reaching these objectives? What other options am I considering? Who else is involved in the decision-making process? First, establish the framework for what I want to accomplish, and then follow with asking what my number one business problem is."

Q: What determines if you allow them another meeting?

A: "When a salesperson asks for time with me, I have to take time out of my busy schedule that might have been better spent on other priorities. Most salespeople seem to miss this obvious point, and they focus on pitching their product. If they've done their homework, they know something about my business. The best scenario is when they've picked up on one of my business concerns, and they're coming to talk to me about my issue, not their product. Then I've got a good reason to talk to him."

Discovering your prospect's concerns, and connecting your solution to these concerns gives you a Valid Business Reason which will make sense in terms of their business reality.

Q: What characteristics cause you to cut a meeting short?

A: "I have low tolerance for salespeople who don't listen or respect how valuable my time really is. This isn't a social call; neither should they talk the majority of the time. They're thinking about what's in it for them, not what's in it for me. If it feels to me as if they're just trying to force their product, then I don't have time for that. I'll make an excuse to cut the meeting short and they'll never get another one."

So what's the take-away here? Once you have identified the Economic Buyer:

• Be persistent.
• Plan ahead.
• Do your homework. Know their business issues.
• Ask direct questions.
• Never pitch product, but make sure you have a valid business reason for your call. Match your solution to your prospect's challenge.

You can always contact us at www.millerheiman.com about reaching your Economic Buyer and slam-dunking your sale.

Miller Heiman has been a thought leader and innovator in the sales arena for almost nearly years, helping clients worldwide win high-value complex deals, protect and grow key accounts, manage talent and optimize sales strategies and operations.

With a prestigious client list that includes Fortune 500 clients, Miller Heiman helps companies in virtually every major industry to build high performance sales teams that deliver consistent sustainable results to drive revenue.