Economic Buyer

The Economic Buyer (EB) is a person with discretionary approval to spend. This person gives the ultimate “yes” or “no” to a project. Usually, they have a clear view of the business benefits, the decision criteria and the process to close a deal.

Meeting the real EB and checking for their sponsorship, criteria and next steps usually sheds a lot of light on the complex decision criteria and processes. Preparing the EB 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 the real EB

Qualifying whether you are talking to the real EB is key. A good qualifying question could be: “If you and I come to an agreement, is there anybody else, formally or informally, who would need to be involved or approve?”

Questions to ask the EB

• Do you sponsor the project?
• What does success look like for you?
• What are the next steps if we fulfill the success criteria?

If the EB confirms the project and outlines a possible close date, your deal has a good chance to close. If you do not meet the EB or get their approval, your chance of closing a deal in time drops below 50%.

Further reading

• Who is the Economic Buyer?