Why Engaging with the Economic Buyer is Crucial to Optimizing Your Sales Cycle

Over the past week, I've been preparing a list of prospects for my next sales job. For this new role I'll be selling job postings on a career platform for blue-collar workers to businesses seeking to hire electricians and technicians. To gather feedback, I shared my list, which includes company information, past growth, and a brief analysis of their potential interest in our platform, with one of my mentors.

Creating this list serves two purposes: 1) it helps me understand the Ideal Customer Profile (ICP) and 2) provides me with contacts to call. My mentor astutely suggested focusing on the economic buyer within each company. This insight is invaluable, as identifying the right contact from the start can expedite a deal or help avoid potential obstacles.

Why is it important to engage the economic buyer as early as possible? The economic buyer, typically the individual with decision-making authority and control over budget allocation, is essential for finalizing a transaction. By connecting with them swiftly, sales professionals can better understand their needs, align offerings accordingly, and tailor persuasive sales pitches.

Ideally, the person with authority over procuring new solutions should also be the one most affected by the problem being solved. If not, it's best to involve that person in the call with the economic buyer to align on shared interests and achieve better outcomes for the company.

If you don't have the opportunity to speak with the economic buyer immediately, you'll need to build a champion within the organization, a process that can prolong the sale and over which you have less control.

Early engagement with the economic buyer helps establish a strong rapport, streamline communication, and minimize potential misunderstandings that may hinder the negotiation process. A study by the Sales Benchmark Index supports this argument, revealing that 71% of salespeople who engage the economic buyer during the sales process achieve their quota, compared to only 49% who don't engage the economic buyer. As such, swiftly reaching the economic buyer is essential for maximizing efficiency and effectiveness throughout the sales cycle, ultimately leading to increased revenues and business growth.