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6 episodes with economic buyer
7 episodes with economic buyer
3 episodes with economic buyer
3 episodes with economic buyer
2 episodes with economic buyer
2 episodes with economic buyer
2 episodes with economic buyer
7 episodes with economic buyer
In this short segment of the Revenue Builders Podcast, we revisit the discussion with Parm Uppal, CRO at Benchling, to discuss the critical shift from measuring sales activities to tracking accomplishments. Parm shares insights on setting clear expectations for reps, training them for high-impact meetings, and aligning their daily actions with business outcomes. The conversation explores strategies for reaching economic buyers, adapting to shifting funding landscapes, and simplifying sales execution for maximum effectiveness.KEY TAKEAWAYS[00:00:26] The power of simplifying expectations for sales reps.[00:01:19] Training reps for high-impact meetings to close deals.[00:02:13] Why accomplishments matter more than activity metrics.[00:03:16] Aligning rep performance with business goals using a proven framework.[00:04:52] Adapting to shifts in funding and decision-making authority.[00:05:45] Setting clear expectations: the three-to-four things reps must always know.[00:07:07] Keeping sales execution simple and focusing on small wins.QUOTES[00:01:45] “If we know these are the toughest meetings, we have a duty as leaders to be training reps for them.”[00:02:32] “If you got an EB meeting, chances are you already have a champion. To get a champion, you probably did proper discovery.”[00:04:07] “Are you the chief problem officer, or are you just running deals? Your sales strategy depends on how well you define the problem.”[00:05:45] “I want my reps to wake up and immediately know the three to four things I expect from them—without having to write them down.”[00:07:24] “We keep it simple: What's the biggest red flag in MEDDIC today, and who do we take the Three Whys to?”Listen to the full conversation through the link below.https://revenue-builders.simplecast.com/episodes/data-driven-decision-making-with-parm-uppalEnjoying the podcast? Sign up to receive new episodes straight to your inbox:https://hubs.li/Q02R10xN0Check out John McMahon's book here:Amazon Link: https://a.co/d/1K7DDC4Check out Force Management's Ascender platform here: https://my.ascender.co/Ascender/Force Management is hiring for a Sales Director. Apply here: https://hubs.li/Q02Zb8WG0Read Force Management's eBook: https://www.forcemanagement.com/roi-of-sales-messaging
Wie kommst du von Software Idee zu ersten Nutzern und Kunden ohne dich zu verzetteln?Marc Klingen baut mit seinem Team Langfuse. Langfuse ist eine Open-Source Software für die Entwicklung von Tools basierend auf Large Language Models (LLMs).Mehr als 4 Millionen Dollar haben unter anderem Y Combinator, La Famiglia und Lightspeed Venture Partners in das Berliner Startup investiert.Aus Berlin heraus bedient das Langfuse Team Kunden in der ganzen Welt und unser Gast Host Mike Mahlkow (2-facher Y Combinator Gründer) spricht mit Marc über den Aufbau der Firma.Du erfährst alles über die Herausforderungen der frühen Produktentwicklung, wie man erste Kunden gewinnt, warum Geschwindigkeit wichtiger ist als Perfektion und wie man aus Feedback iteriert, um echten Mehrwert zu schaffen. Was du lernst:Wie Langfuse Unternehmen wie Khan Academy, Twilio und Merck hilft, ihre LLM-Anwendungen effizienter zu entwickeln und zu testen.Warum der Fokus auf Geschwindigkeit und ein kleiner Scope in der frühen Phase entscheidend sind.Wie man Champions und Economic Buyer in großen Unternehmen identifiziert und mit ihnen arbeitet.Warum es wichtig ist, Kundenfeedback strukturiert zu nutzen und iterativ zu arbeiten.Wie Open-Source-Ansätze und Partnerschaften helfen können, Nutzer zu gewinnen und zu skalieren.Welche Unterschiede es gibt, wenn man an Startups vs. Enterprise-Kunden verkauft und wie man sich darauf vorbereitet.ALLES ZU UNICORN BAKERY:https://zez.am/unicornbakery Mehr zu Marc:LinkedIn: https://www.linkedin.com/in/marcklingen Website: https://langfuse.com/ Mehr zu Co-Host Mike:LinkedIn: https://www.linkedin.com/in/mikemahlkow/ Website: https://fastgen.com/ Join our Founder Tactics Newsletter:2x die Woche bekommst du die Taktiken der besten Gründer der Welt direkt ins Postfach:https://www.tactics.unicornbakery.de/ Kapitel:(00:00:00) Welches Problem löst Langfuse(00:11:17) Von Idee zu ersten Kunden(00:21:54) Kunden von der Nutzung überzeugen(00:25:18) Der AHA-Moment bei Langfuse: Hallo, User 1!(00:37:56) How to: An größere Unternehmen verkaufen (B2B & Enterprise Sales)(00:48:06) Die Relevanz von Mehrwert & Nutzen: Beispiel Figma(00:51:35) How to: von 1 auf 10 Nutzer skalieren(00:58:42) Unterschied zwischen B2B und B2C-Produkten(01:00:39) Wann sollte man aufhören?(01:08:36) How to: von 10 auf 100 Nutzer skalieren(01:18:25) ... doch was, wenn ich viel länger bauen muss? Hosted on Acast. See acast.com/privacy for more information.
La respuesta para aumentar ventas B2B generalmente NO ES prospectar más...sin embargo, es la decisión que la mayoría de los vendedores toman. No tienes que trabajar más para vender más, para vender más tienes que aumentar tu tasa de cierre, y para eso, tienes que trabajar inteligentemente. Bienvenido al "Win Rate Series" del vender diferente podcast donde te voy a mostrar paso a paso cómo puedes aumentar tu tasa de cierre a través de calidad en lugar de cantidad. En el segundo episodio de la serie de 3, hablo de la diferenciar entre reuniones agendadas y oportunidades calificadas en el proceso de ventas. Menciono las tres reglas fundamentales para identificar oportunidades reales y optimizar tu tiempo y recursos. Regla #1: Precalificación antes de la llamada (agenda compartida o encuesta) Regla #2: Preguntas las identificar la necesidad el tamaño de la brecha y luego usar “value stacking” con sus diferenciales. Regla #3: Calificar el cliente usando MEDDIC (Metric, Economic Buyer, Decisión Criteria, Decisión Process, Identify pain, Champion) o BANT. Hecho bien podemos reducir el ciclo de la venta. Si quieres limpiar tu pipeline de la "basura" que solo te hará hacer perder tu tiempo. Este episodio es para ti. IMPORTANTE: Si aún no estás inscrito en el webinar que haremos el 5 de diciembre "Duplica tu tasa de cierre en 2025: Las 3 claves para aumentar tu tasa de cierre a un 30% en 3 meses, ¡Garantizado!", lo puedes hacer en masventasb2b.com/2025
Carl Froggett and Joe Lynch are back for the second part of their conversation on engaging the Economic Buyer. Before they were colleagues at Deep Instinct, Joe sold to Carl when he was a CIO at Citi. Carl shares his extensive experience as an economic buyer in tech deals. The conversation is a valuable one for sellers who are trying to engage the economic buyer, particularly in the information security space. Don't miss Part 1 of the Epiosode here: https://podcasts.apple.com/gb/podcast/behind-the-deal-a-perspective-from-an-economic-buyer/id1610203369?i=1000653572085Tune in and learn more about this episode of The Revenue Builders Podcast.HERE ARE SOME KEY SECTIONS TO CHECK OUT[00:00:55] Revisiting Key Sales Insights with Carl Froggett and Joe Lynch[00:01:46] Deep Dive: The Art of Selling to Economic Buyers[00:06:14] Strategies for Effective Sales and Building Value[00:13:21] Navigating Complex Sales Processes and Stakeholder Dynamic[00:16:05] Leveraging Internal and External Champions in Sale[00:28:35] The Critical Role of References and Final Decision Criteria[00:38:32] Understanding the Collective Yes in B2B Sale[00:41:30] Navigating Internal Dynamics and Stakeholder Influence[00:42:35] The Impact of Technology Deployment on Internal Teams[00:43:17] Strategies for Managing Internal Opposition and Building Support[00:43:48] The Importance of End-User Experience in Technology Adoption[00:45:02] Leveraging Partnerships and Advice for Navigating Corporate Politics[00:48:05] Executing a Successful Pilot: Strategies and Outcomes[00:52:51] The Decision-Making Process and Finalizing the Deal[01:08:08] Insights on Product-Led Growth and Enterprise Strategy[01:14:42] RSA Conference Takeaways and the Future of CybersecurityADDITIONAL RESOURCESLearn more about aligning customer-facing teams to improve execution: https://forc.mx/48o1jConnect and learn more about Carl Froggett.https://www.linkedin.com/in/carlfroggett/https://www.deepinstinct.com/Connect and learn more about Joe Lynch.https://www.linkedin.com/in/joe-lynch-6613745a/HIGHLIGHT QUOTES[00:46:30] "Nobody thinks about the end user; nobody's thinking about network and identity. So I was able to see how internally, and I leveraged my boss at the time to get there. If you have someone who's not thinking like that, I hate to say it, but you probably need to find somebody different, right?"[00:47:40] "Ultimately, it's about the business, right? We're not buying a Zscaler because it's cool. We're buying it because I've got X, Y, Z from a business strategy to sort out, and you need to add value to that, right? I hate to say it, but maybe you got the wrong person."[00:51:30] "It's not about wasting our time; it's about committing resources to try to solve this problem together. You respect our people, we respect your people and our time. We're not here to waste anyone's time."
In this episode, John McMahon and John Kaplan, features an insightful conversation on selling to the economic buyer with guests Carl Froggett, CIO at Deep Instinct, and Joe Lynch, Sales Director for the East at Deep Instinct. Before they were colleagues, Joe sold to Carl. Carl shares his extensive experience as an economic buyer in tech deals, highlighting the importance of account executives not wasting his time with generic pitches or vendor bashing, and instead focusing on understanding his business needs. Joe discusses his approach to selling to Carl at Citi, emphasizing the value of doing thorough research, building trust, and creating a tailored value proposition. The discussion also covers strategies for forming genuine partnerships with clients, the challenges of navigating sales processes within large global banks, and the innovative threat prevention technology offered by Deep Instinct. The conversation provides valuable insights for B2B sales professionals on effectively engaging with economic buyers and fostering long-term partnerships.Tune in and learn more about this episode of The Revenue Builders Podcast.HERE ARE SOME KEY SECTIONS TO CHECK OUT[00:00:45] Diving Deep: Selling to the Economic Buyer[00:01:43] Insider's Take: Carl Froggett on Vendor Engagement[00:07:20] Joe's Approach: Research and Value-Based Selling[00:14:40] Building Trust and Partnership in Sales[00:26:28] The Art of Prioritization and Flexibility in Tech Solutions[00:33:44] Building Trust and Overcoming Challenges in Sales[00:34:13] Innovative Solutions to Business Disruption[00:35:51] Strategic Partnerships and Economic Decisions[00:37:55] Navigating Internal Company Dynamics for Sales Success[00:57:20] Deep Instinct: A New Frontier in CybersecurityADDITIONAL RESOURCESLearn more about aligning customer-facing teams to improve execution: https://forc.mx/48o1jyPConnect and learn more about Carl Froggett.?https://www.linkedin.com/in/carlfroggett/https://www.deepinstinct.com/Connect and learn more about Joe Lynch.https://www.linkedin.com/in/joe-lynch-6613745a/HIGHLIGHT QUOTES[00:38:48] “There needs to be transparency internally at a company about how a large global bank operates. Our product is fantastic, but they do have their procedures and their policies for how they evaluate new tech and onboard new tech and understanding what those timelines realistically look like.”[00:54:05] “I will always pivot back to where's the value prop for my business and my company ultimately. And like I say, timing is part of it.”
Verkaufen an Geschäftskunden - Vertrieb & Verkauf - Mit Stephan Heinrich
Einleitung ins Thema: In der heutigen Podcast-Episode tauchen wir tief in die Welt des MEDDIC-Modells ein, einem revolutionären Ansatz im B2B-Vertrieb. MEDDIC steht für Metrics, Economic Buyer, Decision Criteria, Decision Process, Identify Pain und Champion – Komponenten, die zusammen ein leistungsstarkes Framework für den Verkaufserfolg bilden. Wir beleuchten, wie dieses Modell dazu beiträgt, den wahren Bedarf der Kunden zu identifizieren und Verkaufsstrategien effektiv zu optimieren. Diese Episode ist ein Muss für jeden Vertriebsprofi, der seinen Ansatz verbessern und seine Verkaufsergebnisse maximieren möchte. Wichtigste Inhalte: * Was genau ist das MEDDIC-Modell und wie revolutioniert es den B2B-Vertrieb? * Die Bedeutung von "Metrics" im Verkaufsprozess und wie sie die Kundeninteraktion beeinflussen. * Der "Economic Buyer": Identifizierung und Einbindung des Schlüsselentscheiders. * Wie "Decision Criteria" und "Decision Process" dazu beitragen, die Kundenbedürfnisse besser zu verstehen und die Verkaufsstrategie anzupassen. * Die Rolle von "Pain Points" und "Champion" im MEDDIC-Modell und ihre Bedeutung für den Verkaufserfolg. * Praktische Tipps zur Implementierung von MEDDIC in Ihrem Vertriebsteam. Möchten Sie mehr darüber erfahren, wie Sie das MEDDIC-Modell in Ihrem Vertriebsteam erfolgreich umsetzen können? Lesen Sie unseren detaillierten Blog-Artikel, um praktische Einblicke und Tipps zu erhalten, die Ihnen helfen, Ihre Verkaufsstrategie zu revolutionieren und den wahren Bedarf Ihrer Kunden zu entdecken. Klicken Sie hier, um den Artikel zu lesen und Ihr Vertriebsteam auf den nächsten Level zu bringen: https://stephanheinrich.com/verkaufsgespraech/meddic/
Dan Barrett is the Senior Vice President of Customer Success at MongoDB. With a background in sales, Dan has held various leadership roles in the technology industry. He started his career at IBM before moving on to Q Associates, Symantec, and ServiceNow. Dan joined MongoDB as a Regional Director for the UK and Ireland and has since been promoted to Vice President of Northern Europe and then to his current role as Senior Vice President of Customer Success.In this episode, Dan discusses his transition from sales to customer success and the importance of aligning sales and customer success teams. Dan shares insights on reducing churn, proactive customer success strategies, and the changing expectations of customers in a consumption-driven world. He emphasizes the need for measuring and demonstrating the impact of customer success and the role of customer success in driving business outcomes. Dan also highlights the significance of cultivating advocates and engaging economic buyers throughout the customer journey.Tune in to this conversation with John McMahon and John Kaplan on the Revenue Builders podcast.HERE ARE SOME KEY SECTIONS TO CHECK OUT[00:02:40] Dan's initial thoughts on transitioning from sales to customer success[00:06:41] Organization structure: customer success, product-led sales, account management, and renewal[00:09:19] Challenges of silos and lack of alignment between teams[00:12:18] Building skills, trust, and impact in customer success[00:15:14] Reviewing and addressing risks on a weekly basis[00:17:48] Promoting internal talent and maintaining company culture[00:19:59] Challenges in selecting and developing customer success leaders[00:22:10] Understanding the complex root causes of churn[00:26:00] Moving to a consumption-based model is the ultimate test of value[00:29:47] Customer success is often the first to be cut due to lack of impact measurement[00:32:00] A good customer success team should be able to pay for itself[00:36:24] The importance of a positive customer experience and the potential impact on future projects[00:39:00] Economic buyer engagement and the changing dynamics of the sales process[00:47:09] The importance of aligning the customer journey with the software development lifecycle[00:51:53] Being data-driven and analyticalADDITIONAL RESOURCESLearn more about aligning customer-facing teams to improve execution: https://forc.mx/48o1jyPLearn more about Dan Barrett and about their company.https://www.linkedin.com/in/newbusinesssales/https://www.linkedin.com/company/mongodbinc/HIGHLIGHT QUOTES[00:54:26] "If I can't self-identify on how that makes me feel, I call it the indignity of the close. If I'm not understanding what that means, that the sale really begins with probably an objection or a no or somewhere, and I'm not comfortable with that, then I'm probably not gonna do so well in that sales career."[00:55:41] "I wanna understand someone's character more so than anything. So I think those, As part of our structured interview framework, we're trying to focus more in the early stages of that process of identifying what are the aspects of someone's character and capability that we're looking for."[01:01:41] "I think if the sales reps need to remember where they came from and help invest in that SDR 'cause it's gonna lead to success for them if they make those investments."
SHOW SUMMARYIn this curated episode of the Revenue Builders Podcast, John McMahon and John Kaplan in a deep dive with industry expert Anne Gary as they explore the essential steps in preparing for the Economic Buyer meeting. Ann shares valuable insights on how salespeople can differentiate themselves, become true business partners, and align their solutions with both corporate and individual objectives.KEY TAKEAWAYS[00:00:49] Research is Key: 8 out of 10 executives feel sales meetings are wasted time. Research company objectives, risks, and competition beforehand.[00:01:46] Be a Partner: Differentiate by helping run their business. Provide insights into unconsidered business issues.[00:02:56] Align for Success: Link solutions to corporate and individual performance, focusing on revenue growth, cost reduction, and risk mitigation.[00:04:55] Articulate the Pain: Quantify the current situation, showcasing the full ramifications of the customer's process and connecting it to positive business outcomes.[00:08:14] Differentiate Effectively: Identify required capabilities, differentiating based on unique strengths addressing specific pain points for winning the Proof of Value (POV).[00:09:00] ROI Confidence: Develop a preliminary Return on Investment (ROI) confidently before entering Proof of Concept (POC) discussions.HIGHLIGHT QUOTES[00:01:25] "Be a business partner, not a salesperson. Help them run their business, inform them about business issues they haven't considered."[00:03:57] "The terms that resonate with your champion may not be the same terms that resonate with the economic buyer. Speak on their business terms."[00:07:54] "Understand how these people are measured. Highlight the business outcome that aligns most with how they're evaluated."Listen to the full episode with Anne Gary through this link:https://revenue-builders.simplecast.com/episodes/getting-to-the-economic-buyer-with-anne-garyCheck out John McMahon's book here:Amazon Link: https://a.co/d/1K7DDC4Check out Force Management's Ascender platform here: https://my.ascender.co/Ascender/
JP Bolen is the VP of Global Sales at Rubrik. He has a wealth of experience in sales and sales leadership, having worked at various companies such as Wallace Computer, PTC, Primo, Blade Logic, BMC Software, Dynamic Ops, VMware, ClearSlide, MongoDB, and ThoughtSpot.In this episode, JP emphasizes the importance of sales enablement and the three types of training: onboarding, ongoing, and field training. He shares his experience in implementing a comprehensive onboarding program at Rubrik, which includes interactive classes and real-life scenarios to help new hires become conversationally fluent in the problems Rubrik solves. JP also explains the concept of "winning the stage" in the sales process and how Rubrik measures conversion rates between different stages to identify areas for improvement. The conversation also touches on the significance of having a compelling point of view (POV) when engaging with customers and the role of continuous learning in sales success.Tune in to this conversation with John McMahon and John Kaplan on the Revenue Builders podcast.HERE ARE SOME KEY SECTIONS TO CHECK OUT[00:08:43] JP's initial perception of enablement and his transition into the role[00:09:50] Introduction to Rubrik's onboarding training challenges[00:13:00] A deconstructed approach to onboarding was implemented for better learning.[00:15:59] Onboarding is structured into three tracks for scalability and continuous learning.[00:18:04] The first track focuses on value-based conversations and messaging.[00:19:41] Importance of leaders following up and providing support[00:25:12] Empathy, listening, questioning, and curiosity in discovery[00:28:30] "Change the Game" initiative to drive mindset shift[00:37:39] Stage 1: Identifying pain, stakeholders, quantifying pain, developing champions[00:39:18] Stage 2: Creating a plan, technical validation, financial conversation[00:40:23] Importance of stage 1 and finding the real champion[00:43:12] Focus on understanding how deals got to their current stage[00:44:08] Importance of quantifying pain and understanding why they have to buy[00:45:17] Difficulty in conversion between stage 1 and 2[00:46:15] Implementing friction and champion go/no-go in stage 1 and 2[00:48:00] The importance of answering the 4 essential questions for success[00:49:17] Example of adding information to the framework[00:51:11] Initial challenges faced and the need for a common framework[00:53:55] Training reps to go into accounts with a compelling point of viewADDITIONAL RESOURCESLearn more about JP Bolen:https://www.linkedin.com/in/jpbolen/Download our Sales Transformation Guide for Leaders: https://forc.mx/3sdtEZJHIGHLIGHT QUOTES[00:05:11] “The single most important metric inside a company is sales productivity. You have quota, a product, and how well you perform against the quota. The variables and leverage points are obviously who you hire because that's going to dictate a lot. But once you get them in, it's how quickly they can actually understand the customer's problems, the things that customers are going through, the pains they have, and how well you differently address those problems and become productive with the skills and execution.”[00:57:10] “I remember you and I spoke a lot before I took this role. I talked to Grant Wilson a lot. At one point, I was talking to Grant about the things that we were doing. I was explaining to save the data. I was explaining these different pieces. And he said, ‘You're not enabling, like you're not just enabling, you're transforming, you're doing sales transformation inside of the company.'”
Join host Jeff Bajorek in an enlightening conversation with David Weiss, CRO and Founder of DealDoc, on the popular MEDDPICC sales qualification methodology. MEDDPICC, an acronym for Metrics, Economic Buyer, Decision Criteria, Decision Process, Paper Process, Identify Pain, Champions, and Competition, is a cornerstone in enterprise sales. In this episode, David delves into the nuances of each element and shares his extensive experience and insights. Whether you're a seasoned sales professional or new to the field, this discussion offers valuable perspectives on how to effectively navigate complex sales processes and drive success. Download my latest ebook https://jeffbajorek.com/8reasons Listen and follow my podcast, Rethink the Way You Sell for weekly episodes! https://linktr.ee/rethinkpod Music and Editing by Doug Branson Additional Music by Blue Dot Sessions
In this episode of Masters of MEDDIC, MEDDICC CEO Andy Whyte is joined by Adam Quartermaine to dive into numerous ways MEDDPICC acts as a compass to success, both in your career and in your deals. Being too wary of the word ‘no' can be a salesperson's downfall. Adam talks to Andy about how getting an early ‘no' can be the key to a final ‘yes'. Development is crucial for sales people, and part of that development comes with failure. As Adam says, “You'll learn a lot more when it's hard than you'll learn when it's easy.”Adaptability is an essential quality of a salesperson. More and more often, the Economic Buyer is the CFO, so you need to earn their time. Together, Andy and Adam discuss the importance of explaining not what you do and how, but why the Economic Buyer should care. Tune into this episode to hear Adam's quick tips for selling to the C-suite (and what not to wear). Adam is GVP Europe at Sprinklr. Prior to Sprinklr, Adam held leadership and AE roles at BMC, BladeLogic, Salesforce and EMC. Adam is passionate about scaling, sales excellence, the recruitment and development of top talent, continuous improvement, diversity & inclusion. Adam is a father of 4, loves sport and is an avid supporter of the Childrens Hospice, Shooting Star.
Keno Helmi is a five-time CRO with a wealth of experience in the technology industry. He has held leadership positions at companies such as PTC, HP, Digby, Duetto, Platform 9, and Pegasus. Currently, he serves as the CRO at Espressive.Keno discusses the importance of proof of value (POV) in the sales process. He explains that a POV is not just about validating the technology, but also about validating the business case. By setting clear success criteria and involving the economic buyer (EB) in the process, sales reps can increase the predictability of the outcome and improve their forecasting. Keno emphasizes the need for a champion to take the rep to the EB and highlights the importance of thorough qualification before engaging in a POV. He also shares best practices for running a successful POV, including defining objectives, setting clear success metrics, and involving the sales rep throughout the process. Keno concludes by discussing the importance of debriefing with the champion and presenting a comprehensive report or presentation to the EB after the POV.HERE ARE SOME KEY SECTIONS TO CHECK OUT[00:00:00] POC vs. POV: POC validates technology; POV validates both tech and business value.[00:05:19] Meeting the Economic Buyer is critical for authority and budget.[00:11:50] Don't do POCs too early; understand the customer's use case.[00:14:11] Champions expedite sales by taking you to the Economic Buyer.[00:18:17] POC should lead to a natural close, not put the customer in the market.[00:25:11] The go, no-go meeting with the Economic Buyer is decisive.[00:38:33] Share a comprehensive RFP or scoring template to guide the evaluation.[00:41:45] Leverage serendipitous visits from stakeholders to build additional champions.[00:43:29] Proactively bring in potential champions who may not be aware of the POV.[00:46:13] Actively engage during the POV, troubleshoot discreetly, and showcase successes.[00:48:16] Create a comprehensive report or presentation (Champion's Deck) summarizing technical and financial results.HIGHLIGHT QUOTES[00:10:28] "You want to do a P.O.V. to increase the predictability of the outcome, improve your forecasting, and potentially grow the business value of the deal."[00:13:25] "That person has earned the right to be called a champion and not a prospective champion. You do not have the right to call that person a champion until that person takes you to the economic buyer."[00:15:11] "You want to ensure that your test plan is going to be the scoring mechanism by which all vendors are evaluated."ADDITIONAL RESOURCESConnect with Keno: https://www.linkedin.com/in/keno-helmi-74779329/More on Espressive: https://www.espressive.com/ Engineer Your Strongest SKO Yet: https://forc.mx/46BipZB
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! Med Men 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.
Welcome to Hunters and Unicorns: The Playbook Universe. We're here to showcase leaders within the Playbook Community and explore their formulas for success. We aim to uncover: Why the ICE formula is imperative. The criticality of the Economic Buyer. How to elevate your Execution whether that be selling consumer side or enterprise software. Today we are joined by Chris Mahoney, SVP for the Worldwide Sales Team at LaunchDarkly. In this Hunters and Unicorns podcast, Chris shares his professional journey with us including examples of his application of the Playbook. He also discusses how he's building the global sales team at LaunchDarkly with rapid scale. You don't want to miss this exciting episode with one the industry's titans! Chris has consistently operated within the elite playbook space, with experiences at prestigious companies including ServiceNow, BMC Software and Phase 1. Amongst his plethora of achievements, he was the most successful Solution Sales leader at ServiceNow, he lead the first product line from under $50M to more than $1B, scaled teams from less than 10 to over 650 and helped grow the market capital from £12B to a staggering $125B. Whilst at BMC, Chris built the number one performing sales team globally and at Phase 1, he went through 27 mergers and acquisitions in consumer software. Prior to enterprise software, Chris spent 10 years in consumer software working in operations and sales. Under strong leadership and immersing himself in absorbing as much knowledge as possible, Chris navigated the enterprise software space with cadence and agility. He thrived in learning not just the solutions but also the processes. Chris discusses with us the role of the Beginner's Mindset and how maintaining a strong degree of curiosity throughout your career will directly contribute to success. Chris also discusses times in his career where the focus was not on performance and numbers, but in fact on character and drive. Hunters and Unicorns loved hearing about Chris' formidable career, accented with pivotal conversations with the likes of A-players such as Tom Schmidt, John Donahoe, Frank Slootman, Andy Byron, Keith Butler and Bill McDermott. Make sure you tune in!
digital kompakt | Business & Digitalisierung von Startup bis Corporate
EXPERTENGESPRÄCH | Heute wird's abgefahren! Wir gehen durch, ob man B2B-Salesvorgehen auch auf den eigenen Firmenexit anwenden kann. Spezifisch versuchen wir MEDDPICC diesmal auf Firmenverkäufe anzuwenden und sehen, ob die Methode auch hier Sinn macht und wo die Unterschiede zu Produktverkäufen liegen. Du erfährst... ...die MEDDPICC-Methode an den Firmenverkauf angewandt ...Vorbereitung zum Verkauf einer Firma ...wie biete ich meine Firma zum Verkauf an ...wie lange dauert der Prozess eines Firmenverkaufs ...wann es Sinn macht über einen Verkauf nachzudenken ...wer ist daran beteiligt und muss das freigeben ...Insights zu Geros Firmenverkauf an SAP ...Tipps von Gero für den Firmenverkauf Diese Episode dreht sich schwerpunktmäßig um Sales: Ka-Ching! Hier kommt dein Pflichtprogramm, wenn du verstehen möchtest, wie (B2B-)Sales funktioniert. Gemeinsam heben Joel und Signavio-Gründer und Sales-Experte Gero Decker deine Fähigkeiten im Vertrieb anhand vieler Beispiele und konkreter Tipps auf ein neues Level. __________________________ ||||| PERSONEN |||||
On this episode of Tech Sales Insights, Steve Hershkowitz, the CRO of Virtana Corp., discuss various aspects of sales and operations. Steve reflects on his younger self and advises on the importance of patience and thorough research before closing deals. They also touch upon the value of one-call closes and the need to ask for the order. The conversation shifts to the evolution of sales ops and the growing significance of RevenueOps, using AI and predictive analytics for business insights. Steve mentions their recent investment in a RevOps platform and how it helps identify gaps in deals, enabling coaching and improving closing opportunities. The guest highlights the role of Gong, a tool relied upon by the sales operations team. They also talk about enabling sellers with the OpsCruise offering, which provides insights and alerts on complex data types. Steve explains their lead generation strategies, which include outbound cold calling, strategic partnerships, LinkedIn campaigns, business intelligence tools, and participation in industry events. They discuss the importance of expanding the company's footprint within existing accounts and their partnership with CloudGenera for analytics and workload placement recommendations. The conversation concludes with a focus on sales methodology, particularly MedPIC (Metrics, Economic Buyer, Decision Criteria, Paper Process, Implicate Pain, Competitors). Steve shares their adoption of MedPIC and its benefits in deal qualification, understanding customer decision-making, and creating a sense of urgency. INSIGHTS OF THE DAY Navigating Time Constraints Without Losing Business - Steve: "I've learned over the years that you got to sit back and while we all have to want to close business and operate under our company's time constraints, you can't do that at the expense of losing business that you might otherwise have won."Leveraging MedPIC to Drive Customer Action and Success - Steve: “I think the most important part about MedPIC that I like, in addition to understanding the competitors, is being able to implicate the pain. On a customer, right? So being able to help the customer understand that if they, if it's business as usual and they don't take action, there is a compelling event or a compelling pain that they're going to experience that won't go away unless they take action with us or someone else.” Find out more about Steve Hershkowitz in the link below:LinkedIn: https://www.linkedin.com/in/steve-hersh/ This episode of Tech Sales Insights is brought to you by: Sales Community: https://www.salescommunity.com/Sandler: https://www.sandler.com/
In today's episode of Revenue Builders, we have another conversation with Force Management Director Anne Gary. Anne is a skilled sales consultant and trainer with more than 20 years of experience in direct and indirect and channel sales, sales management, sales development, and sales operations. This time, we talk about misconceptions around who the economic buyer actually is, how their role has shifted with recent economic challenges, and strategies for gaining access to the economic buyer effectively by training and educating the champion.Here are some key sections to check out: 01:58 Who is the economic buyer?08:24 The key to a successful EB meeting15:11 Critical things to do prior to the meeting20:33 Salespeople need to understand the pains of the customer process28:13 What questions should you expect from the economic buyer? Additional Resources:Connect with Anne Gary on LinkedIn: https://www.linkedin.com/in/anne-gary-a054aa96/Selling to the CFO - 5 Questions to Answer: https://forc.mx/3qs24qC Listen to our first conversation with Anne: https://podcasts.apple.com/us/podcast/finding-your-champion-with-anne-gary/id1610203369?i=1000567466279QUOTESWe should recognize that we should convert KPIs: “This is why, as salespeople, we need to have done all the correct work prior to the EB meeting. So we can ensure that the proposal that we're providing is strong enough for the EB to want to allocate budget, and reallocate budget dollars to our project instead of other projects. And the other thing that salespeople need to think about here is you're not just competing against your competition in the sale, a lot of times you're competing against all the other things that people are fighting for to steal budget dollars also.”
Get Fresh Sales Plays From The Trenches In Your Inbox
Get Fresh Sales Plays From The Trenches In Your Inbox
Get Fresh Sales Plays From The Trenches In Your Inbox
Get Fresh Sales Plays From The Trenches In Your Inbox
Get Fresh Sales Plays From The Trenches In Your Inbox
Get Fresh Sales Plays From The Trenches In Your Inbox
Today's guest is Andy Whyte, CEO of MEDDICC and author of the book on MEDDICC. He has been a sales leader for 20 years. His discussion with Paddle's own Andrew Davies illuminated a lot about how one can effectively use MEDDICC. Andy can help you understand how to better identify customer pain points, demonstrate value, engage with stakeholders, and manage the sales process effectively to close deals and drive revenue growth for your SaaS business.High Level Overview:Understanding MEDDICC: a method of reverse engineering how customers buy or don't buy.The three pillars of professional buyers: selling value, stakeholders, and processDon't just focus on getting the signature on the paper, focus on getting the customer to “go live”.Build a common vocabulary between sales and marketing to enable both teams to cooperate effectively.Building trust and credibility with potential customers involves understanding their business, pain points, and connecting through proof points of other existing customers.A Crash Course on MEDDICC:MEDDICC is a sales methodology that stands for Metrics, Economic Buyer, Decision Criteria, Decision Process, Identify Pain, Champion, and Competition. It focuses on creating a structured and strategic approach to qualify and close complex deals, helping sales teams navigate through the sales process while ensuring alignment with the buyer's needs and priorities:Metrics: Quantify the potential value of the solution for the customer, using specific KPIs or metrics to demonstrate the positive impact it will have on their business.Economic Buyer: Identify the person who has the authority to make the final purchasing decision, and engage with them to understand their needs, pain points, and criteria for a successful solution.Decision Criteria: Understand the factors that influence the customer's decision-making process, including technical, functional, and financial requirements, as well as any unique considerations for their specific situation.Decision Process: Gain insight into the customer's internal decision-making process, including the steps they will take, the key stakeholders involved, and any potential obstacles or roadblocks to be aware of.Identify Pain: Discover the primary pain points or challenges that the customer is experiencing, and determine how your solution can effectively address and solve those issues.Champion: Find an internal advocate within the customer's organization who understands the value of your solution, is willing to support it, and can help influence the decision-making process in your favor.Competition: Be aware of competitors in the marketplace and be prepared to differentiate your solution by emphasizing its unique strengths, features, and benefits.By implementing MEDDICC, sales teams can effectively navigate complex deals while ensuring they address the needs and priorities of potential customers. This methodology enables a structured and strategic approach to the sales process, ultimately leading to a higher likelihood of success in closing deals and fostering strong, lasting customer relationships.Further LearningsAndy Wrote the book on MEDDICC. Check it out here.Follow Andy on LinkedIn and Twitter.
digital kompakt | Business & Digitalisierung von Startup bis Corporate
EXPERTENGESPRÄCH | Eine Opportunity ist eine Verkaufschance. Doch diese sind nicht alle gleichwertig. Um Opportunities rational qualifizieren zu können, bedarf es daher Tools. MEDDPICC hilft genau dort - eine Verkaufschance zu qualifizieren und für das Unternehmen den Deal messbar zu beurteilen. Gero Decker erklärt was eine MEDDPICC Qualification beinhaltet und welche Prozesse die einzelnen Buchstaben beschreiben. Du erfährst... …was MEDDPICC ist …wofür die Buchstaben stehen …wie so eine Qualifikation aussieht …wozu Opportunities qualifiziert werden …wie MEDDPICC ins CRM-System integriert wird …welche Abteilungen im Unternehmen davon profitieren …wie ein Salesprozess chronologisch abläuft …ob es MEDDPICC Meetings gibt Diese Episode dreht sich schwerpunktmäßig um Sales: Ka-Ching! Hier kommt dein Pflichtprogramm, wenn du verstehen möchtest, wie (B2B-)Sales funktioniert. Gemeinsam heben Joel und Signavio-Gründer und Sales-Experte Gero Decker deine Fähigkeiten im Vertrieb anhand vieler Beispiele und konkreter Tipps auf ein neues Level. __________________________ ||||| PERSONEN |||||
In complex, enterprise selling, we need to branch out beyond the people that we're already influencing and gain buy-in from all decision-makers. Specifically the Economic Buyer! How does this show up within our opportunities? Contact won't introduce you to anyone higher Contact won't work with you to sell internally What can I do to prevent this from happening? You clearly understand the decision-making process and who is involved Gain access to true economic decision makers Time Stamps: * 1:04 - Why is this a Challenge? * 3:03 - 3 Wide 3 Deep Decision landscape * 10:00 Understanding the Decision Making Process & Earning the Right * 17:30 - CIGAR Recap - Strip line + Intro Ask
Force Management has launched our new product: Ascender. It is a platform solely for salespeople who own a quota. If you enjoy the Audible-Ready Sales Podcast, Ascender is perfect for you! We put out content of a similar nature every day with insights that will help you to level up in your sales career. Check out the platform here: https://my.ascender.co/Ascender/ As a seller, you need to communicate effectively with people throughout an organization - both on the economic and technical levels. That means adjusting your sales conversation to what's relevant to the individual in front of you. In this episode, John Kaplan shares insights that will allow you to swiftly adapt to any type of sales conversation. He gives advice to help you: Prepare for conversations at the executive table. Manage meetings wherein both technical and business buyers are present. Overcome Seller Deficit Disorder. Use the Mantra framework to narrate a story that every decision-maker involved in your deal can get behind. Here are some additional resources: Subscribe to Ascender: https://my.ascender.co/Ascender/PlanComparison Ascender Sales Topics - Positioning Yourself against the Competitionhttps://youtu.be/YayJtT22TEg Ascender Course: Getting to the Economic Buyer https://bit.ly/3U6dObH Check out this and other episodes of The Audible-Ready Podcast at Apple Podcasts, Spotify, or our website.
In this story session we cover: • Game changing examples of saving deals by aligning with Economic Buyers • How to view technology from the Economic Buyer's perspective to win deals • How to connect problems to technology to avoid champion train wrecks Today we are joined by Keith Butler, Chief Revenue Officer at Observe Inc, for a Hunters and Unicorns exclusive. “People will follow you if they believe that you can take them somewhere they can't get by themselves - that is champion building. The customer will see that this person can help them solve a problem and they can't do it without them.” Whether you're at the top of your game or just starting out, listen discover how to apply Keith's methodologies to real life business scenarios and learn preparation tactics, research tips, and best practices to prepare for your next meeting with an Economic Buyer. “Are you on the mission?”
Hunters and Unicorns - 202020 Mastery Mission - Keith Butler Welcome to Hunters and Unicorns, 20/20/20 Mastery Mission. 20 topics, 20 guests for 20 minutes. We're here to unlock tribal wisdom from tech sales legends to help you get one step closer to mastery. Today we are joined by Keith Butler, Chief Revenue Officer at Sutter Hill Venture's next rocket ship enterprise, Observe Inc. In episode 2, Keith shares his wisdom with us on the subject of Economic Buyers and why, despite the rise in product-led sales, it is still mission-critical to meet with the ultimate decision maker early on in your sales process. “Consider yourself a problem solver versus a flogger of technology. Your job is to help your customer and your champion win and solve problems. If you're going to solve a problem effectively, you've got to get to the person that owns the problem. So, if you want to be efficient with your time, if you want to understand where you can win and where you're going to lose, get to the economic buyer as fast as possible.” In recent years, there has been a radical shift in the way people use and buy software and there is no doubt that product-led growth is here to stay. However, when it comes to SaaS companies, Keith believes that ignoring more traditional acquisition tactics could lead to disaster. His experience has shown him that to differentiate and get deals over the line, the best sellers in the world are still the ones that connect real business pain to technology and focus on aligning with the Economic Buyer's criteria through “hard dollar savings”. Helping you navigate this pivotal aspect of the sales cycle, Keith uncovers his “4 essential questions” to structure your Economic Buyer meeting around and reveals the strategies used by his sales teams to validate deals, improve efficiency, and increase close rates. Listen to our story session to discover more on how to apply Keith's methodologies to real life scenarios and learn preparation tactics, research tips, and best practices to prepare for your next Economic Buyer meeting.
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
"It is okay to get kicked down, but when you get kicked down, make a deal with your economic buyer." - David Weiss in today's Tip 643 How do you make a deal with your economic buyer? Join the conversation at DailySales.Tips/643 and share your thoughts! Have feedback? Want to share a sales tip? Call or text the Sales Success Hotline: 512-777-1442 or Email: scott@top1.fm
I recently posted, that one of my long-standing coaching clients recently made the observation that just trying to close on anything at the moment “feels like nailing jelly to the wall”. In the second part of this post see practical advice on how to adapt and maintain rather than lose momentum. Here’s how to connect with multiple Economic buyers: 1. Invest in time with multiple influential people including Champions and Economic Buyers; show them how your technology is going to make them look like a star. 2. Keep visualising success for all - creating situations in which there are multiple winners. 3. Maintain an adaptive mindset and dialogue that says ‘this is different’ and the opportunity is still well qualified. 4. Park any frustration and move forward by asking: how do I adapt? Switch to an adaptive, multi-winner strategy Adaptive dialogue is key in driving partnership value, deal value and in cultivating success for all sides. Let go of win-lose thinking. Set aside any fear that the deal is actually gone because this person has lost their role - it’s still yours for the taking if you adapt your mindset. But how can you make the difference with Economic Buyers? One of the key things to do is to have multiple routes into an organisation. Develop relationships with multiple Champions, ensure multiple engagements with significant layered levels of influence including the Economic Buyer. This enables you to de-risk any deal as much as possible. Reciprocal winning and reciprocal networking are always the key way forward. If you missed my article on how to create multiple winners in Enterprise sales, click here to read it now. Enterprise Sales Club is now live and I’d love to receive your feedback. The platform serves the Enterprise Sales community and provides a safe space for members to voice opinions, explore new ideas and collaborate. We are here to facilitate bringing your inner hero out of its shell, and to empower you to manage and grow your career. We care about people and build relationships that last decades. Please head over and take a look We've launched in Beta and we're taking feedback over the next couple of months. Please get in touch to let us know what works for you and what you would tweak - all feedback is valuable. Just like MasterCard, we believe that when we do well by doing good, every part of the partnership wins. If you’re looking to take your career seriously as we round off 2020 and enter 2021, get in touch with me: adrian@adrianevans.co.uk
We all know that closing deals in the current climate is a tough uphill climb. One of my long standing coaching clients recently made the observation that just trying to close on anything at the moment “feels like nailing jelly to the wall”. Recognise that feeling? Here’s what my client meant: 1. You have been working on a deal for the best part of 2020; 2. You are aligned with what the client organisation wants; 3. You have been chosen as the preferred vendor; 4. Everything's starting to fall into place and closing the deal now rests on successful negotiation; BUT... 5. The Economic Buyer (the person with the power to actually close out the deal, as opposed to your personal Champion) has lost their job; NOW... 6. You’re faced with a new Economic Buyer with whom your Champion doesn't have an established relationship; SO… 7. The Champion is worried about his position; AND… 8. As a result, the deal is on hold. I’m seeing this happening a lot right now. Where previously the Champion would have been looking to close the deal, to enhance their career and make them look like a star and shine, they are now in retraction mode. Your Champion has disappeared within themselves and is sitting tight. There is nothing worse than a deal that is just sat there… waiting... What do you do next? See this friction as an opportunity for you to: ● Engage; ● Actively get more curious; ● Focus on how you can collaborate with your Champion more effectively; ● De-risk the situation. You started by thinking big in the first place; by visualising success for all, so now look to find a way to win and to confidently disrupt. This is the time to ask yourself these questions: ● How do I adapt? ● How do I move forward? ● How do I move this deal to the next level? When you know the answers to these questions, you can build your strategy to confidently disrupt the customer’s restrictive thinking. If you missed my article on how to create multiple winners in Enterprise sales, click here to read it now. Enterprise Sales Club is now live and I’d love to receive your feedback. The platform serves the Enterprise Sales community and provides a safe space for members to voice opinions, explore new ideas and collaborate. We are here to facilitate bringing your inner hero out of its shell, and to empower you to manage and grow your career. We care about people and build relationships that last decades. Please head over and take a look We've launched in Beta and we're taking feedback over the next couple of months. Please get in touch to let us know what works for you and what you would tweak - all feedback is valuable. Just like MasterCard, we believe that when we do well by doing good, every part of the partnership wins. If you’re looking to take your career seriously as we round off 2020 and enter 2021, get in touch with me: adrian@adrianevans.co.uk
The greatest challenge I have observed from sales achievers is - connecting with the C suite. How to have relevant dialogue, gain trust and ultimately their sponsorship, - whilst outflanking your competitors. We know the pain caused by not having senior level buy-in: • Deals slip • Revenue targets missed • Loss of face with your senior management • Stress. The most accomplished person I have seen, first-hand at being able to align with the C suite, is Dave Parfect. Dave is an over-achieving CRO, with 15 years industry experience. He was an early stage employee at Facebook. He is always in the top 2% of sales performers in each company he has operated at. He is a stellar relationship builder and thoroughly decent human being. Thank you, Dave, for taking time out, can we start with: 1. Can you tell us a bit about your career and some of the choices you have made? 2. I know you are very detailed with preparation, when selling to major accounts, can you tell us a little more about that? 3. As a CRO how do you navigate a complex organisation, find the Economic Buyer and ‘influence effectively’? 4. How do you manage your internal stakeholders? 5. If I was to work for you what would I notice about your approach? 6. How do you overcome barriers and resistance to your value proposition? 7. What if your key competitor already has significant political sponsorship? 8. What do these deals give you in terms of personal satisfaction, beyond the obvious increase in your income? 9. What do you wish you knew early on in your career, that you know today?
In this episode of The Freelancers Show, Erik Dietrich explains the term economic buyer and how it can affect freelancers and business owners. An economic buyer is the person within an organization who has the authority to purchase something. Knowing who your economic buyer is will affect how you market your product, for freelancers, this includes labor or services. Starting with the most desirable, Erik lists the main types of buyers’ situations. The first is the autonomous buyer situation. A lone buyer makes the decision about purchasing a product. Erik shares the example of a manager taking the team out for lunch. They didn’t have to consult anyone and decided to do that on their own. The next situation and the second most desirable after the autonomous buyer situation is the buyer and research assistant/influencer. For this situation, Erik uses the example of the CIO or director of engineering choosing the new IDE for a new project. They may not care about the finer details or don’t have the technical know-how or time to do the research, so the pick someone to do the leg work and allow them to advise them on the purchase. The next situation is the buyer committee. In this situation, the committee debates the purchase and will eventually make the purchasing decision. Erik shares an example of an organization overhauling its website and wanting to get a CMS and starting a blog for marketing purposes. This involves IT and Marketing and has multiple paths to choose from. The last and least desirable situation is the system/algorithm. The example Erik shares is the hiring process for a large organization. An interview is held by someone who has little or no authority in hiring, they are there to play their part in the system. The actual buyer would be the CIO or VP of engineering, who would sign your checks. They can’t be involved directly so they delegate to someone who delegates to someone else, leaving standing orders to fill a specific number of positions. The developer hired is as Erik puts it of no valuable than a stapler to an office manager, they are replaceable. Erik explains the more you can talk directly to the buyer the more advantageous the situation is. He goes over examples of different types of economic buyers. The economic buyer you deal with will vary based on the size of the organization, the larger the organization the more vertically distributed the economic buyers get. The highest authority starts at the top and slowly trickles down, the economic buyers you deal with have varying names and degrees of authority. Next, Erik explains what difference this all makes from a sales and marketing perspective. With a system/algorithm it is very difficult as each process differs, so marketing to a system takes a lot of effort and time for each organization. With a buyers committee, it is possible to train yourself to address rooms full of people and maintain more control over the process. Buyers and research assistant/influencer situation is even easier with only two people to convince. The best situation is dealing directly with the buyer, with only one person to get to know and convince. Erik gives advice on how to go from appealing to the whims of a system to working directly with the economic buyers. First, he suggests switching things up and marketing to smaller organizations that don’t have a system. Doing this could help you the credibility needed to work directly with economic buyers higher up in a larger organization. Another way is by looking at the four-step problem-solving solution. This is where you diagnose a problem, prescribe a therapy, apply the therapy and finally, reapply the therapy. Start by looking at your context in the solution, most likely you are applying therapy. Knowing this you can work your way backward and find the diagnoses. The diagnoses made by the economic buyer can help you understand what the buyer cares about. Another suggestion he gives is working your way up the value chain, working through each level of economic buyer, finding what the next level cares about and marketing towards them. Or, he suggests selling smaller offerings that will change up your economic buyers. Finally, he explains the first step to any of this is by thinking about who your economic buyer is, get your wheels turning on how to reach those people. Just doing this will help you market more efficiently which will lead to more work and help you be better in what you do. Panelists Erik Dietrich Sponsors Sentry– use the code “devchat” for two months free on Sentry’s small plan Sustain Our Software My Angular Story CacheFly Links https://twitter.com/daedtech https://www.facebook.com/freelancersshow/ Picks Erik Dietrich: Million Dollar Consulting The Hit Subscribe Side-Hustle Email List
In this episode of The Freelancers Show, Erik Dietrich explains the term economic buyer and how it can affect freelancers and business owners. An economic buyer is the person within an organization who has the authority to purchase something. Knowing who your economic buyer is will affect how you market your product, for freelancers, this includes labor or services. Starting with the most desirable, Erik lists the main types of buyers’ situations. The first is the autonomous buyer situation. A lone buyer makes the decision about purchasing a product. Erik shares the example of a manager taking the team out for lunch. They didn’t have to consult anyone and decided to do that on their own. The next situation and the second most desirable after the autonomous buyer situation is the buyer and research assistant/influencer. For this situation, Erik uses the example of the CIO or director of engineering choosing the new IDE for a new project. They may not care about the finer details or don’t have the technical know-how or time to do the research, so the pick someone to do the leg work and allow them to advise them on the purchase. The next situation is the buyer committee. In this situation, the committee debates the purchase and will eventually make the purchasing decision. Erik shares an example of an organization overhauling its website and wanting to get a CMS and starting a blog for marketing purposes. This involves IT and Marketing and has multiple paths to choose from. The last and least desirable situation is the system/algorithm. The example Erik shares is the hiring process for a large organization. An interview is held by someone who has little or no authority in hiring, they are there to play their part in the system. The actual buyer would be the CIO or VP of engineering, who would sign your checks. They can’t be involved directly so they delegate to someone who delegates to someone else, leaving standing orders to fill a specific number of positions. The developer hired is as Erik puts it of no valuable than a stapler to an office manager, they are replaceable. Erik explains the more you can talk directly to the buyer the more advantageous the situation is. He goes over examples of different types of economic buyers. The economic buyer you deal with will vary based on the size of the organization, the larger the organization the more vertically distributed the economic buyers get. The highest authority starts at the top and slowly trickles down, the economic buyers you deal with have varying names and degrees of authority. Next, Erik explains what difference this all makes from a sales and marketing perspective. With a system/algorithm it is very difficult as each process differs, so marketing to a system takes a lot of effort and time for each organization. With a buyers committee, it is possible to train yourself to address rooms full of people and maintain more control over the process. Buyers and research assistant/influencer situation is even easier with only two people to convince. The best situation is dealing directly with the buyer, with only one person to get to know and convince. Erik gives advice on how to go from appealing to the whims of a system to working directly with the economic buyers. First, he suggests switching things up and marketing to smaller organizations that don’t have a system. Doing this could help you the credibility needed to work directly with economic buyers higher up in a larger organization. Another way is by looking at the four-step problem-solving solution. This is where you diagnose a problem, prescribe a therapy, apply the therapy and finally, reapply the therapy. Start by looking at your context in the solution, most likely you are applying therapy. Knowing this you can work your way backward and find the diagnoses. The diagnoses made by the economic buyer can help you understand what the buyer cares about. Another suggestion he gives is working your way up the value chain, working through each level of economic buyer, finding what the next level cares about and marketing towards them. Or, he suggests selling smaller offerings that will change up your economic buyers. Finally, he explains the first step to any of this is by thinking about who your economic buyer is, get your wheels turning on how to reach those people. Just doing this will help you market more efficiently which will lead to more work and help you be better in what you do. Panelists Erik Dietrich Sponsors Sentry– use the code “devchat” for two months free on Sentry’s small plan Sustain Our Software My Angular Story CacheFly Links https://twitter.com/daedtech https://www.facebook.com/freelancersshow/ Picks Erik Dietrich: Million Dollar Consulting The Hit Subscribe Side-Hustle Email List
Greatest challenge for enterprise sales is - connecting with Executives. Relevant dialogue, gain their trust and sponsorship - whilst outflanking your competitors. We know the pain caused by not having Executive level buy-in: • Deals slip • Revenue targets missed • Loss of face with your senior management To provide greater insight I wanted to connect with the most accomplished person within my network’s network at engaging with executives, that is Jim Christen. Based in San Francisco Jim is a technology sales leader who is currently Area Vice President ERP Cloud at Oracle, previously National VP Customer experience Management at SAP. With 25 years industry experience, Jim has the rare ability to align with Executives and build credible dialogue. He is well recognised for these exceptional skills and typically only shares this refined nuance with a very select audience. Rob Howes had been part of an audience, we were recently able to connect with Jim and discuss his rare and valuable approach to effective executive level interactions. If you would like to receive a full transcription of the notes taken during the interview with Jim then please connect at adrian@adrianevans.co.uk
How do you overcome barriers and resistance to your value proposition? • Profile each Economic Buyer – move them from naysayers to neutral at least. Red to amber to green. Incremental improvement. (Your finance sponsor needs to know it won’t go over budget - and don’t embarrass me by asking for more CAPEX/OPEX. Build the bridge between board approval versus the user group need.) • Who can see productivity gains/competitive advantage, career progression, internal perception being improved? • Balance short and long-term revenue - feed the corporate revenue monster, awareness of the opportunity on the plan and the status as it evolves. • Manage your own workload, gain ‘Aircover’, excite your exec.
How do you navigate a complex organisation, find the Economic Buyer and ‘call high’? • Intense research you must find ‘The hook’ – use the annual report, news feeds to bring you ‘line of sight’. • You need to bridge the gap between your current knowledge and the insight required to gain C level dialogue. • Ask yourself – who is going to gain or lose the most due to your deal? If you would like a transcription of this podcast email adrian@adrianevans.co.uk
You refer to ‘calling high’, can you tell us a more about that? • In the early part of my sales career, I suffered from myopic focus on the user/technical person and not commercial benefits. As did my peer group. • Over time I realised the pains of only having a relationship with technical function – deals slip, deals became smaller in size and some were lost completely. • A new focus became the Economic Buyer. Gaining executive level sponsorship protects the ‘value’ of the deal.
Request For Proposals have become more commonplace as competitive bidding has replaced negotiation for price buyers. It is as if dysfunctional buying practices have arisen to counter dysfunctional selling practices. It is important to judge the seriousness of potential buyers going out to bid, as a lot of the RFPs are, in reality, nothing but hammers used against incumbents to obtain price concessions. That said, many firms have to do a certain amount of RFPs. If you do, you should be well versed with what economists call the winner's curse. In auction markets, economists refer to the dreaded winner's curse, whereby the winning bidder is often a loser, because obviously all of the other bidders believed the engagement had less value. In other words, the only request for proposals (RFPs) that buyers will accept are ones you should not make. Join Ed and Ron for strategies you can deploy to avoid the winner's curse.
Request For Proposals have become more commonplace as competitive bidding has replaced negotiation for price buyers. It is as if dysfunctional buying practices have arisen to counter dysfunctional selling practices. It is important to judge the seriousness of potential buyers going out to bid, as a lot of the RFPs are, in reality, nothing but hammers used against incumbents to obtain price concessions. That said, many firms have to do a certain amount of RFPs. If you do, you should be well versed with what economists call the winner's curse. In auction markets, economists refer to the dreaded winner's curse, whereby the winning bidder is often a loser, because obviously all of the other bidders believed the engagement had less value. In other words, the only request for proposals (RFPs) that buyers will accept are ones you should not make. Join Ed and Ron for strategies you can deploy to avoid the winner's curse.
Request For Proposals have become more commonplace as competitive bidding has replaced negotiation for price buyers. It is as if dysfunctional buying practices have arisen to counter dysfunctional selling practices. It is important to judge the seriousness of potential buyers going out to bid, as a lot of the RFPs are, in reality, nothing but hammers used against incumbents to obtain price concessions. That said, many firms have to do a certain amount of RFPs. If you do, you should be well versed with what economists call the winner's curse. In auction markets, economists refer to the dreaded winner's curse, whereby the winning bidder is often a loser, because obviously all of the other bidders believed the engagement had less value. In other words, the only request for proposals (RFPs) that buyers will accept are ones you should not make. Join Ed and Ron for strategies you can deploy to avoid the winner's curse.
DMU - Drop 3 - Economic Buyer by João Vitor Chaves Silva | Empreenda Junto
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Wes Higbee is a software consultant from New York. He has been interviewed on the AOV Show before about software consulting, agile development, and customer value. Matt Riopelle is a creative consultant from Austin. He was a guest on the AOV Show previously to discuss the importance of pricing. Wes and Matt practice value pricing in their businesses and frequently […] The post Pursuing of the Economic Buyer with Higbee & Riopelle – 065 appeared first on Art Of Value.
In this week's episode of The Advanced Selling Podcast, Bill Caskey and Bryan Neale discuss how to appeal to the economic buyer. In their consulting practice, it never fails that one of the biggest challenges for sales people is "selling to groups." The bottom line is that everyone in the group MUST be on the page. However, the economic buyer (the person in charge of money) is one most likely to have their own style of buying that may or may not match up with yours. Bill and Bryan give you new ways to think about these problems that come up over and over to help the economic buyer get away from the price page, and onto everyone else's page. This is a very crucial part of the selling cycle that can make or break most deals. If you want to call in and have your question answered by Bill and Bryan, call 317.722.6299. Use your first name only.
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