Economic Buyer: questions to ask your prospect

Grey: initial questions

Status: No knowledge of, or access to, the Economic Buyer (EB)

Guiding light principle: Knowledge. While you may have encountered people who claim to be the “decision maker” or the “budget owner,” it is not clear who has the final approval to make the investment.

• What are the company’s current business initiatives for this fiscal year, and which one can we best align with?
• Who owns the initiative we can best align with?
• Who gave that owner the funds or budget to accomplish the initiative?
• Who could take the funds away?

Yellow: you know who the EB is

Status: You know who the EB is and are gaining access to the EB, but you are not sure of their PBOs

Guiding light principle: Access. It is now time to test your Champion. You know who the EB is, but you have not met with him or her. You have reason to believe that your solution can impact a key business need of the EB. You have someone offering to champion you to the EB, but that meeting has not yet occurred.

• Explain to me how the last EB meeting you had or attended went.
• Other clients have benefited from getting additional resources, or the best resources, after meeting with the EB. What other benefits from a meeting do you think would help you?
• EBs like to provide guidance. What do you think she/he would change or add to our mapped-out decision process? What would they think is most important in the decision criteria?
• If you and I were to meet with the EB before any external or internal resource-intensive events, do you think that is the best timing? If not, what is, and why?

Green

Status: Access to the EB and knowledge of business outcomes

Guiding light principle: Sponsorship. You’ve met with the EB. They have confirmed that your solution addresses a business issue that they care about. They provided some guidance on their financial criteria to take action. They have agreed to provide oversight to the buying process, and you have a plan to maintain contact.

• Based on the agenda, what would be a good outcome of this meeting for you?
• Now that you have heard what business problems we are addressing and what your current state is, do you think this warrants your attention?
• Are we addressing the right business outcomes?
• Here is the list of stakeholders involved. Should anyone be added who isn’t currently engaged?
• Is the timing we have defined for you in line with your investment plans this year?
• How would you like to be kept informed?
• What is the best way for me to communicate with you if I need to contact you directly?