Why does an economic buyer matter?
Deals that never reach the economic buyer are forecast on a champion's optimism. Late in the cycle, that person may question the priority, ask for a different business case or move the budget, and the deal slips or dies. Meeting them early lets the seller confirm the outcome that would justify the spend, learn how approval really works and hear objections while there is still time to address them. It also gives the champion cover, because their recommendation now matches what the executive asked for.
What does engaging the economic buyer look like? An example
A champion in IT operations is keen, but the budget sits with the COO. The seller asks the champion what the COO will need to see, then proposes a short meeting about business outcomes, not features. In it, the COO names the result she cares about and mentions that any spend of this size needs board approval next quarter. The seller and champion add both points to the mutual action plan.
How do you measure economic buyer engagement?
- Share of late-stage opportunities with the economic buyer identified and met
- Stage at which the economic buyer was first engaged
- Win rate for deals with and without economic buyer contact before the proposal
- Economic buyer activity on shared content, such as the business case
- Deals that slipped after the economic buyer raised a new requirement
Revspire Digital Sales Rooms let sellers place the economic buyer on a buying-committee map and see, through real-time buyer engagement analytics, whether they have opened the business case.
Further reading: economic buyer engagement mistakes to avoid
Economic buyer: frequently asked questions
What is the difference between an economic buyer and a decision maker?
Many people make decisions in a deal, such as evaluators choosing a preferred vendor or IT approving security. The economic buyer is the one who releases the budget and gives final approval, and who can overrule the others.
How do you identify the economic buyer?
Ask the champion who approved similar purchases, whose budget this comes from and who signs at this deal size. Confirm it against the procurement process, because the person named early is not always the one who signs.
How do you get a meeting with the economic buyer?
Work through the champion, offer something worth an executive's time, such as a short review of business impact or an outside perspective, and keep the meeting focused on outcomes and risk rather than product detail.