Economic Buyers in Sales: Everything You’re Getting Wrong
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Oct 6, 2023
In this episode, the Med Men discuss the misconceptions with the Economic Buyer, the risks of over-qualifying and assuming their static nature. They emphasize the importance of qualifying stakeholders and engaging with the right decision-makers. They also explore the criteria for identifying an Economic Buyer and their concerns, as well as the mistake of assuming the same Economic Buyer for different business lines.
07:31
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insights INSIGHT
Don’t Overdefine The Economic Buyer
Over‑qualifying the Economic Buyer is a real risk when you apply rigid rules like 'must have veto power'.
Andy explains that treating veto as absolute pushes every deal to the CEO and loses practical common sense in qualification.
insights INSIGHT
Economic Buyer Can Shift With Deal Size
The Economic Buyer can change between deals as deal size, complexity, or the economy shifts and adds extra scrutiny.
Pim and Andy note land‑and‑expand upsells usually push EB more senior, while smaller follow‑ups can shift it downward.
volunteer_activism ADVICE
Validate Your Champion’s Influence
Do not rely solely on a champion who lacks power; check that your champion has the influence to reach the EB and secure budget.
Pim urges sellers to level up stakeholder engagement especially in tougher economic climates.
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Attention to detail is needed when dealing with the Economic Buyer. You don’t want to under-qualify them, but over-qualifying them can do equal damage! In this episode, the Med Men take a close look at what people typically get wrong with the Economic Buyer.
Andy and Pim talk about the need to accept change - that as circumstances and deals change, so will the Economic Buyer. But, if you keep your wits about you, you can still find success with the Economic Buyer.
If you have any questions about identifying or engaging with the Economic Buyer, or any suggestions of what you’d like to see the Med Men cover next, make sure to comment below!
Until next time - cheers!
The MedMen Show is a MEDDICC MEDIA production, where CEO Andy Whyte and CRO Pim Roelofsen dive into aspects of the MEDDIC framework, and look good doing it.
*Who are Pim Roelofsen and Andy Whyte?*
*Pim Roelofsen* Born and raised in the Netherlands, Pim lived in the Dutch Caribbean and London, before making the move back home. Having been involved in tech sales for 10 years, Pim is passionate about MEDDICC and is a big believer that more organizations should adopt the qualification framework for sales and beyond. Pim empowers sales organizations across the globe to implement the tried and tested framework as MEDDICC CRO.
*Andy Whyte* The founder of MEDDICC™ and the author of the five-star rated “MEDDICC’ book, it’s no surprise that Andy has an impressive sales career spanning over 18 years. Andy first started out as a door-to-door, double-glazing salesman where he quickly built up an appetite for sales, hungry for more, he started his B2B career as an SDR, progressing through the ranks to eventually lead the EMEA at Branch before moving on to set up MEDDICC™. Andy used MEDDIC in multiple companies as an individual contributor and sales leader and even implemented MEDDPICC into two SaaS organizations. Known for his mantra “Nobody ever regrets qualifying out” and his passion for the science and art of sales. Away from the day-to-day, Andy practices many skills as a chef, sports coach, taxi, and cleaner in his most important role to date - DAD.
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