Wednesday, November 7, 2007

Buying Influencers

Buying Influencers

The premise is that there are no “Decision Makers” but 4 types of Buying Influencers

1. Economic Buying Influencer
• The Economic Buying Influencer is the person who has authority to release the funds
• This person has “Veto” power with the final approval to buy
• They are often hidden and may not be included in discussions. They may not even know about vendors that are being evaluated

Do you know who this person is? Make sure they know you!

2. User Buying Influencers
• This person or people, make judgements about the impact of your solution on their job performance
• This is a personal decision since as a user, they will live daily with your solution as well as any perceived pain or upside
• They may represent a department or specific group such as Finance, Call Centre, Sales, Marketing etc
• Depending on the organization, they may have Veto power

Do you know who all the User Buying Influencers are? What are their objections?

3. Technical Buying Influence
• These are the Gate Keepers
• They have the ability to say “No” based on specs and/or Technicalities
• They can Veto the buying process based on interoperability, work load, or other factors.

It is important to include the IT folks. Excluding them may cause a significant risk to closing the deal. Match their specifications to their area of expertise. Find the personal upside for them

4. Coach(es)
• To act as a guide through the sales process
• They may be internal or external to the Prospect and/or opportunity
• They provide and interpret data

Develop at least one coach in every opportunity