Lesson 37 - Find the Economic Buyer

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Identifying the economic buyer is essential for closing deals. In this lesson, you’ll learn how to uncover and engage with the person who holds the budget and decision-making power. Your assignment will involve researching and identifying the economic buyer for a specific deal.

Transcript

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Nicholas, welcome back to the daily quota. I'm your host, Nicholas Hill, and in today's lesson, you're going to find the economic buyer for your target account and reach out to them in one of a number of ways. Now, we've talked about the economic buyer before, but as a refresher, the economic buyer for your account is the person that has the final say over the budget that's going to be used to buy your solution. This is the person who, when they say yes, it leads to a signed contract. Your champion is slightly different. Your champion is someone that's going to be selling on your behalf while you're not in the room. Typically, they're someone with a vested interest in pursuing your solution, but normally they're different from the economic buyer and that they don't actually have the final say. So how do you find the economic buyer? There's really two ways. First, you can look directly in LinkedIn Sales Navigator, for those that are in the function that typically buys your your solution, that have a senior title. So you're looking for team leaders, senior managers, directors or vice presidents. The second way, and arguably much easier way, is if you have a strong champion, just ask them. So an example of that might be, let me find my notes here. So you might say mark in your experience, who typically signs off on purchases like this within your organization, would it be beneficial to involve them in our discussions to make sure we're aligned with the broader strategic goals? So you have to be tactful here. You don't want to make mark as a champion feel unimportant, but you just want to have them kind of work with you to get the economic buyer into the deal as quickly as possible. Now, if you're already talking to your champion, the next best step, once they've told you who the economic buyer is, is to ask for a referral to that individual. And this gets us into how do we actually get to the economic buyer? And there's really three ways. The first is to ask your champion directly. So you might say, and you want to approach this very confidently, so you might say, Mark, would you be willing to invite Harold to our next call so that we can better align our solution with the overall company objectives? You might also reach out and ask for this over email. So if I were sending an email, the subject line might be aligning on broader goals. And I might say, you know, hi Harold, I hope you're doing well. I really appreciate all the insights and support you've been providing so far regarding our solution, given the strategic impact and potential value we discussed, I believe it would be beneficial to get some feedback from Hiroshi Tanaka, the VP of marketing to ensure we've aligned with the broader organizational goals. Would you be able to facilitate an introduction? I'm confident this will help us tailor our approach to better meet ecowares needs. Thank you for your support. Nick, so what I've done here is I've sent an email asking my champion Harold for the economic buyer, Hiroshi contact and for a referral or introduction. The next way that you can do this is through exec exec to exec outreach. So we've talked about this in a previous lesson, where you ghost write an email for one of your executives to send to their economic buyer. And again, this can be beneficial, because it it just shows kind of credibility when you have someone that is at a different altitude, at your organization that is invested. So it's okay if you don't have a strong champion. We'll talk about how to effectively kind of build stronger champions in a future lesson. But that exec to exec outreach might look like this. I might say, I might ghost write an email for James, who's my executive and I might say, hi, Yousuf. I'm James, Vice President of Strategy at Sprout Social. I wanted to reach out to discuss how sprouts platform could potentially support the BarkBox team in achieving your strategic objectives. We've seen great success with similar companies, such as your peers over at the farmer's dog, and I believe there could be a strong fit here. Could we schedule a brief call to explore this further? Best regards James cannon, so now I've got my executive reaching out to their economic buyer to book a call make sure that you check on that with James, and that you actually have James sending that email, and then finally, you can reach out directly. This is not as effective as the other methods. It's far more likely to lead to them just skipping your email, but it can be effective if you provide a really good reason for why they should be booking a call with you. So an example of a direct outreach email might be subject line exploring opportunities for increased engagement at ecoware. Hi Hiroshi. My name is Nick, and I work with Sprout Social I'm reaching out because we've been able to help organizations like ecoware achieve significant improvements in social media engagement and cost efficiency. In fact, our recent work with trendy threads. Led to a 40% increase in engagement and a significant reduction in time spent managing social media accounts. I'd love to discuss how we might be able to achieve similar outcomes for ecoware. Could we schedule a brief call next week to discuss this further? Best regards, Nick, that's a pretty typical sales email, and obviously there are some some ways we could do this better using the why you, why you now framework, bringing in specific case studies that might be relevant to the economic buyer. There's always room for improvement. But the point here is reaching out directly as kind of a last resort if you're not able to get a referral through your champion, and if you're not able to ghost write an email for one of your executives. So we've covered three different ways to reach out to your economic buyer. Now it's your turn. So for today's assignment, your goal is to find and reach out to the economic buyer for one of your target accounts. First, you'll use the suggested titles and ask your champion to find the best candidates for your economic buyer, then you'll choose the best approach for reaching out, whether that's asking for a direct referral from your champion, using exec to exec outreach or sending direct outreach. If neither of those are an option, before you send any outreach, make sure that you are checking it with your mentor, your manager or your new hire buddy, and of course, your study guide will walk you through it. Thanks for listening. That's all for today's lesson on the daily quota. See you next time bye. You.