top of page

MEDDPICC: The Critical Role of the Economic Buyer in Closing Deals

A major pitfall that causes salespeople to lose deals. It's all about lacking access to the economic buyer.


If you can't reach the economic buyer, you're setting yourself up for failure. So, let's dive right in and explore who this economic buyer is and why they hold the keys to sealing the deal.


What is an economic buyer?

The economic buyer is the individual who holds the purse strings. They're the ones with the power to sign the deal and provide the funds necessary to make your product a reality.


Trust me when I say this: the economic buyer is the most important person you need to win over in any deal. They have the final say, and without their green light, your deal is as good as dead.


How to identify the economic buyer?

It all starts with a simple question: Who has the potential to sign the deal?

Take a step back and evaluate the key players involved. Let me share an example from my own experience.


In a previous company, we wanted to purchase a Seismic as our sales enablement platform. Naturally, the Seismic team approached the CRO, which made sense given their position. However, we soon discovered that the finance leader was the actual economic buyer calling the shots as it related to budget sign off. The lesson here is clear: never assume you know who the economic buyer is without asking the right questions - at times your champion may not even know.


The Danger of Not Accessing the Economic Buyer

Now, let me emphasise the risks of not having access to the economic buyer.


Picture this: you're engaging with various stakeholders, working out the details of the deal, feeling optimistic. But here's the catch—the actual decision maker, the CFO in this case, is left out of the loop. The pivotal moment arrives, and a meeting takes place without your presence. That's when the CFO questions the necessity of your solution, the business case, the pain points and investment required, potentially putting the entire deal in jeopardy. Imagine the devastating blow that could deal to your sales efforts. Scary stuff, right?


Winning Over the Economic Buyer

So, how can you avoid such a nightmare scenario?


First and foremost, you need to establish a connection with the economic buyer. Send them persuasive emails, appealing to their specific needs and highlighting the value your solution brings.


Show them the direct correlation between solving the pain points and achieving their business goals. Make it crystal clear how your solution can propel their business forward. Remember, you need to speak their language, not just impress them with technical details. Understand their priorities and position your pitch accordingly.


Tying it All Together

In summary, attaching yourself to the economic buyer is crucial for closing deals successfully.


Identify them early on, engage with them directly, and make sure you address the most pressing problem they face.


Speak their language, focusing on the outcomes and value your solution can deliver. Provide concrete numbers that demonstrate a positive return on investment. When you have all these elements in place, you'll be on your way to winning over the economic buyer and securing those lucrative deals.

 


Kunal Pandya

Founder & CEO

Connect on LinkedIn

bottom of page