Most economic buyers are going to be interested in just two things, namely, the cost of your product and how it will increase profitability for the company.
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Are you comfortable calling high, that is, calling the highest-level, decision-maker? Many people are not. In fact, most managers I talk with tell me that they would like to see their people calling higher in the organizations they contact. They believe their salespeople don't call higher because they won't know what to say should they reach the economic buyer.
What is there to be afraid of? Economic buyers (decision-makers) are no different than us. Their job objectives may be different, but they are human beings first. I wager that most of these individuals are just typical people like you and me. They may be one of your neighbors, the person in front of you at the checkout counter, or a parent from your child's softball, football, soccer, or cheer leading team. What makes them so scary? Is it because they have reached a level of respect and command within their company and their industry? Perhaps, or is it because typically they are the only people who can say yes and sign the check?
Managers tell us that their salespeople do a great job of opening doors and calling on the coaches, technical users, and end users. Rarely do they attempt to call on the final decision-maker, be it the CEO, CFO or other final authority. And that is what sometimes costs them the business. They rely too heavily on the lower-level contacts to make the sale for them. Many salespeople are technically savvy; they can explain all the bells and whistles that come with their products. However, it is difficult to translate how the prospect will ultimately benefit. Sure, they may be able to show how a product speeds up the production line or saves warehouse space, but they don't go far enough in translating that into $$$ for the economic buyer. Most economic buyers are going to be interested in just two things, namely, the cost of your product and how it will increase profitability for the company. They want to know where they will see the return on their investment.
What if your product or process is more expensive than what the prospect is currently using? What benefits can be translated into a dollar value for your prospect? Look beyond the obvious. Think about savings on training costs, increased employee morale resulting in less employee absenteeism, the satisfaction of your prospect's customers, and reducing costly returns and outstanding receivables. All of these can be translated into real dollars that directly affect your customer's bottom line. When you start talking in those terms with the economic buyer, you are sure to get his or her attention. Provide financial justification for buying your product or service. It reduces the fear factor of talking with the economic buyer and makes it impossible for him or her to say no!
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