Economic Buyer: internal inspection questions
Inspection questions on the Economic Buyer (EB): whether the seller knows who the EB is, is gaining access, and has the EB’s sponsorship.
Grey
Status: No knowledge of or access to the 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.
- Did your champion tell you who the EB is?
- What makes you think your champion has access to the EB?
- How do you know he/she is the EB?
- Has budget or range of spend been discussed?
- How are you going to get an EB meeting?
Yellow
Status: Know who the EB is; gaining access to the EB
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.
- How are you explaining/did you explain the value of meeting the EB to your champion?
- What was/is the agenda for the EB meeting?
- Tell me the questions you have planned or asked.
- Which metric proof points are you presenting/did you present?
- Which business metrics are most important to discuss, or were discussed?
- How are you asking/did you ask about timing and the compelling event?
- How are you asking/did you ask about stakeholders, to confirm the right ones are involved?
- How are you presenting/did you present a budgetary pricing range?
- How are you asking/did you ask about getting you the EB’s contact info?
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.
- How do you know the EB will sponsor the project/initiative?
- What is the EB’s contact info?
- What was the reaction to the budgetary pricing range presented?
- How do you know the timing of the funding?
- Who is involved in the release of the funds or will review the ROI document?
- Why is this project a priority for the EB?
- Why would they not move forward?
Go deeper on Economic Buyer
The person with discretionary approval to spend: the final yes or no.