The Economic Buyer is Key

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Qualification frameworks are essential tools for guiding teams toward high-value deals and sustainable revenue. One of the most popular frameworks, MEDDIC, has become synonymous with effective deal qualification, helping sales teams systematically assess opportunities and improve close rates. But when you look closely at MEDDIC, a few specific criteria stand out as critical predictors of deal success.

One of these key predictors is the Economic Buyer (EB) – an often overlooked but crucial factor that can be the difference between a stalled deal and a signed contract. In fact, gaining access to and building a relationship with the Economic Buyer is a surefire way to boost close rates. Here’s why focusing on this aspect of MEDDIC can make a substantial impact on sales performance and how you can coach your team to optimise this key element.

The Importance of the Economic Buyer in MEDDIC

The MEDDIC framework (Metrics, Economic Buyer, Decision Criteria, Decision Process, Identify Pain, and Champion) provides a comprehensive approach to qualifying opportunities. However, when we dig into the data, it becomes apparent that access to the Economic Buyer is not just another box to check; it’s a significant indicator of success.

The Economic Buyer is the individual within an organisation who has the authority to make budgetary decisions and can greenlight or veto a purchase. Without direct access to this person, sales representatives are often left navigating layers of internal stakeholders and advocates. While these relationships are valuable, they don’t carry the same influence as a direct line to the EB.

Data from the Ebsta Benchmark Report, which analysed $37 billion worth of annualised pipeline and 3.2 million opportunities, illustrates the importance of engaging the Economic Buyer. The report found that top-performing salespeople engage the Economic Buyer in 85% of their deals, compared to only 29% for mid-performers and 8% for low performers. This stark difference highlights the direct correlation between EB engagement and sales success.

Why Access to the Economic Buyer Matters

1. Faster Decision-Making: When you have direct access to the Economic Buyer, you can avoid time-consuming back-and-forth with intermediaries. This can accelerate the sales cycle, as you’re engaging with the ultimate decision-maker from the outset.
2. Greater Insight into Strategic Goals: Economic Buyers typically have a comprehensive view of the organisation’s objectives, budgets, and strategic priorities. Engaging them early enables you to align your solution with these broader goals, making your proposal more compelling and relevant.
3. Higher Close Rates: As illustrated in the data, access to the Economic Buyer is strongly associated with top sales performance. High performers not only engage EBs more frequently but are also more effective at aligning their solutions with the EB’s strategic objectives. This data reinforces the importance of prioritising EB engagement in your sales strategy.

Coaching Your Team to Engage the Economic Buyer Effectively

If you’re running a sales organisation, a deliberate focus on accessing the Economic Buyer is paramount. Here are some core strategies to instil in your sales team to make the most of this opportunity:

1. Coaching Champions to Gain Access to the Economic Buyer Champions are invaluable allies within target accounts, advocating for your solution and providing valuable insights. Train your team to leverage champions to secure introductions to the Economic Buyer. Help them understand how to frame this request as a logical next step in the buying journey, making it clear that involving the EB is in the best interest of the champion and their organisation.
2. Aligning the Product/Service to Strategic Goals Economic Buyers are focused on long-term strategic objectives rather than granular product features. Coach your reps to research and understand these strategic goals and build their messaging around them. This alignment can turn your solution into a key enabler of their initiatives, shifting the conversation from a transactional sale to a strategic partnership.
3. Building Accurate, Compelling Business Cases A well-crafted business case is often the deciding factor for an Economic Buyer. Teach your team to create accurate business cases that quantify the benefits of your solution and highlight ROI. Focus on building a case that reflects the Economic Buyer’s pain points, business objectives, and desired outcomes, demonstrating the tangible value of your offering.
4. Cold Calling Economic Buyers First While it may be tempting to start with mid-level contacts, a direct approach to the Economic Buyer can be more effective. Train your team to target EBs in their initial outreach, tailoring their messaging to the interests and concerns of decision-makers. While cold calling Economic Buyers can be challenging, it’s a skill worth cultivating for faster engagement and shorter sales cycles.
5. Organisational Mapping To access the Economic Buyer, you need to understand the structure of your target accounts. Encourage your reps to conduct thorough organisational mapping to identify key players and influencers. By understanding the reporting lines, decision-making hierarchies, and organisational priorities, they can better navigate complex buying processes and chart a path to the EB.

Balancing the Focus Across MEDDIC

While a focus on the Economic Buyer is crucial, it’s important not to overlook the other elements of MEDDIC. For instance, top performers in the Ebsta report also excel in Identifying Pain (78%) and understanding Decision Criteria (76%). Metrics, Decision Process, and Champion involvement each play their own role in supporting the journey to closing deals. Nevertheless, focusing on the Economic Buyer earlier in the sales process is one of the most impactful moves you can make. It sets the stage for a more strategic, business-focused conversation and increases the likelihood of closing deals faster.

The data is clear: securing access to the Economic Buyer is a powerful predictor of sales success. By coaching your sales team to prioritise this aspect of MEDDIC, you can improve close rates, shorten sales cycles, and build stronger, more strategic relationships with customers. The Ebsta Benchmark Report’s analysis of $37 billion worth of pipeline underscores the robust correlation between EB access and deal outcomes, making it a cornerstone of effective sales qualification.

Equip your team with the skills and strategies to access the Economic Buyer, and you’ll see the impact in your bottom line.