In the world of Chicago area B2B sales, understanding the intricacies of the buying process is critical to closing deals successfully. This comprehensive guide will decode the roles of Economic Buyer, Decision Maker, and Technical Buyer, empowering you to strategize effectively.
Economic Buyer: The Value Proprietor
In any sales cycle, the Economic Buyer holds a key position. This individual, often a high-ranking executive, is responsible for the fiscal health of their organization and is primarily concerned with the financial implications of a purchase.
Identifying the Economic Buyer
Identifying the Economic Buyer in your sales training requires finesse. Seek out the individual with the ultimate authority over financial decisions, the one keen on cost-saving strategies, and approving budgets.
Selling to the Economic Buyer
When presenting your solution to the Economic Buyer, their pains will be different than the other buyers pains. Focus on the ROI your product or service offers. Center the presentation around related pains for this buyer specifically. Articulate how your solution provides value and enhances their organization's financial health. Remember, the Economic Buyer's central concern is whether the proposed investment will generate a worthwhile return.
Technical Buyer: The Rigorous Evaluator
While the Economic Buyer plays a strategic financial role, the Technical Buyer, often an engineer or a technical expert, is responsible for assessing the technical feasibility of your solution.
Identifying the Technical Buyer
Technical Buyers are those who understand the nuts and bolts of your offering. They may be system administrators, engineers, or IT specialists, who can judge the technical implications of your solution.
Selling to the Technical Buyer
During your sales coaching, remember that Technical Buyers value clarity and comprehensiveness. They want to ensure your solution suits their technical requirements, so aim to showcase your product’s technical proficiency.
Decision Maker: The Authority in the Room
In contrast, the Decision Maker(s) has the authority to give a final 'yes' or 'no' to a proposed solution. They assess the potential impact of your product or service on their organization.
Identifying the Decision Maker
The Decision Maker is often a C-level executive or department head, with the power to approve or reject proposals. They hold a vision for their organization and are always on the lookout for solutions that align with that vision.
Selling to the Decision Maker
When approaching the Decision Maker, it's vital to align your solution with their organizational objectives. Demonstrate how your product or service can be instrumental in achieving their goals.
Interplay of Economic Buyer, Decision Maker, and Technical Buyer
Understanding the dynamics of the Economic Buyer, Decision Maker, and Technical Buyer allows for a more strategic, targeted approach to B2B sales. By appreciating the unique objectives and concerns of each, you can tailor your pitch and connect more effectively with each stakeholder in the buying process.
But remember, in any B2B buying process, these three roles often intersect. It is essential to understand that a single person can hold multiple roles, or these roles can be dispersed among several individuals. By understanding the distinct concerns and priorities of each role, sales professionals can tailor their approach, enhancing their chances of success.
In the end, the key to successful sales lies not just in understanding your product, but also in understanding your buyer.
At Sandler, we provide hands-on training and personalized coaching to elevate your sales strategy and close more deals with less effort. If you're a sales professional looking for a deeper understanding of the Sandler System, and our sales training programs at in Chicago, Illinois.
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Jody is a licensee of the Sandler Training®, and brings over 35 years of real world sales, management and training experience to his clients. Jody's strong belief and conviction is evident in all areas of his business and its successful training programs and consulting engagements.