The Audible-Ready Sales Podcast
The Audible-Ready Sales Podcast

Episode 56 · 1 year ago

Three Questions You Need to Answer For Your Economic Buyer w/ John Kaplan

ABOUT THIS EPISODE

Selling to an economic buyer is always challenging and often different from one deal to the next.

Improve your ability to make economic buyers and decision makers stand in their moment of pain and demand an urgent solution to their business challenges. John Kaplan breaks down three key questions you need to answer for your economic buyer in order to propel a deal forward.

Check out this and other episodes of The Audible-Ready Podcast at Apple Podcasts, Spotify, or our website.

Here are some additional resources on economic buyer:

- Close the Excuse Department and Shorten Sales Cycles

- http://bit.ly/3dzElMA

- Maximize the Effectiveness of Proof Points [podcast]

- https://apple.co/3btxqSy

- Earn Your Right to Keep Talking [Templates]

- http://bit.ly/2NQTDln 

Price is always going to be a part of the conversation, but the key is balancing the price with the business benefits of your solution. So remember minimize the cost by maximizing the value. You're listening to the audible ready podcast, the show that helps you and your team's sell more faster. will feature sales leader sharing their best insights on how to create a sales engine that helps you fuel repeatable revenue growth. Presented by the team at force management, a leader in BB sales effectiveness. Let's get started. Hello and welcome to the audible ready podcast. I'm Rachel Clap Miller. John Kaplan joins me today. Hi John, Hey Rachel. Yeah, today, John, we're going to focus our conversations on economic buyers. The first thing to remember when you're having a sales conversation, I think, as we always say, is you get delegated to whom you sound like. So tell the listeners what we mean by that.

Yeah, I love that statement. You get delegated to those that you sound like. It doesn't mean that, you know, economic buyers don't have time for us, but it means that they are very sensitive to try to understand how to get you the proper information that you're seeking. So if you're asking me questions that somebody else in the organization has the answer to, I'm probably going to delegate you to them, and a lot of people get offended by that. They don't stand that. There's like, you know, that person wouldn't talk to me. I couldn't, you know, couldn't get a meeting with that person. But I want you to just sit with a couple of things that we're going to unpack today. So don't ask me a question you could have gotten the answer to from somebody else. I actually have these written down on my desk. So when I speak to economic buyers, I never ask them a question that I could have gotten the answer to from somebody else. Therefore, if I do, I'll get delegated to that somebody else inside the organization. Another thing I always try to keep in mind is to...

...be prepared. If it has been in print, I expect that you have read it. And this, these two, these three, I guess you get delegated those. You sound like. Don't ask me a question you could have gotten from someone else and if it has been in print, I expect that you've read it. Are really kind of great things to keep in mind as we go through this conversation here, wow, and as you're making your way to the economic buying organization, you can keep yourself focused on three things. And if we're going to put it simply, and when we put it simply, we break it down to three questions. John. Yeah, so now we effectively get to the economic buyer. We've passed the you get delegated and all the things that I just talked about. Now you have to think about the concept of how much, how soon and how sure, and you'll often hear me refer to this as muchness, soonness sureness. So you have...

...to define the answers to these questions and it's really really important by economic buyer. What is their expectation on Muchness, soonness sureness? That's right. So let's dive into the first one. I know the grammar police are out there and on our muchness, soonness, and so it makes it much easier to to Ip they just went away after Caplan's on your podcast. The grammar police just get they get fed up and they go somewhere else, possibly possibly. But so let's take that first one. When we say how much, what do we mean in terms of the economic buyer. This is really in relation to the value that your you provide that how much question? Yeah, so muchness is the money factor the conversation. How much money are your prospects losing, or do they stand to lose if they don't take action, for example? So price is always going to be a part of the conversation, but the key is balancing the price with the business benefits of your solution. So...

...remember, minimize the cost by maximizing the value. So how much is relative to the positive business outcomes that you've identified in your sales process? How much of an investment is required to achieve the positive business outcomes you've identified in your discovery process? Right, and then the next question. How soon or soonness? This this one really, this one isn't necessarily part of your typical monitor that you might say if you are part of command of the message, but it's important to the economic buyer. It's still a critical point. Yeah, so economic buyers appreciate the time value of money. They want to know how fast they're going to get a return on their investment. Soon this is the time frame of implementation. If there is a critical business issue, your buyer wants to know how fast you can implement the plan you are proposing. Remember...

...to tie it back to the business impact of your solution. Make sure they understand the timeline that it will take to earn them the promised positive business outcomes. So, for me, this is all about urgency. If you do muchness right, soon this becomes urgent. They can't wait, so do nothing is never an option. Yeah, then the fire. The final question is how sure. Here it's mitigating risk, which we often answer with proof points. Yeah, so your buyer also wants to be assured that you can deliver on what you promise. Remember, your prospects want to know that you can do what you say you can do. Minimize the perceive risk of implementing your solution by sharing the tangible results you've achieved with similar companies. Proof points can be a great tool and helping with the sureness component of the conversation. Yeah, there's there's so important. They provide so much value to you as a salesperson. And we know, John, that selling to the economic buyer isn't...

...isn't easy. It's not something that is the same in every deal. But these three questions, how much, how soon and how sure, can really help us as salespeople ensure that we are focused on the big rocks that are going to matter to that type of persona. Yeah, so you know the mind of the economic buyer revolves around muchness, soonness and sureness. Build out this mantra throughout your sales engagement. Connect with the economic buyer as a process of muchness, soonness and sureness and not an event, and you'll be good to go. Yes, three quick concepts to remember in your sales conversations this week. Thank you so much, John, my pleasure. All right, thank you to all of you for listening to the audible ready podcast. At force management, we're focused on transforming sales organizations into elite teams. Are Proven methodologies deliver programs that build company alignment and fuel repeatable revenue growth. Give your...

...teams the ability to execute the growth strategy at the point of sale. Our strength is our experience. The proof is in our results. Let's get started. Visit US at force MANAGEMENTCOM. You've been listening to the audible ready podcast. To not miss an episode, subscribe to the show in your favorite podcast player. Until next time,.

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