An economic buyer refers to the individual or decision-maker within an organization who has the authority and responsibility to make final purchasing decisions. This person typically has the power to approve budgets, allocate resources, and sign off on major purchases or investments. They are often focused on the financial implications of a purchase, such as return on investment (ROI), cost savings, or long-term value for the organization.
The role of the economic buyer is crucial in the sales process because their approval is typically required for a sale to be completed.
In the context of B2B (business-to-business) sales, the economic buyer can be a CEO, CFO, department head, procurement manager, or any other high-level executive responsible for making purchasing decisions.
How can we engage with the economic buyer?
Focusing on the economic buyer in sales and marketing helps increase the chances of closing a sale, as it targets the person with the authority to make purchasing decisions and the most influence over the outcome.
Here are some ways we can engage with the economic buyer:
- Understand their needs and concerns: Determine the economic buyer’s priorities, such as cost savings, efficiency improvements, or competitive advantages, and tailor the sales pitch accordingly.
- Present a strong business case: Demonstrate the financial benefits of the product or service, including ROI, cost savings, or long-term value, to show how it aligns with the economic buyer’s goals.
- Build relationships: Establish trust and credibility with the economic buyer by demonstrating expertise, understanding their organization, and addressing their specific needs and concerns.
- Navigate the decision-making process: Understand the organization’s internal processes and stakeholders involved in making purchasing decisions, and adapt the sales approach accordingly.
- Address objections: Be prepared to handle any concerns or objections the economic buyer may have, and provide evidence to support the value proposition of the product or service.
Keep in mind: The economic buyer may not always be the end user of the product or service; they could be making the decision on behalf of other individuals or departments within the organization.