This is the most important conversation of the lot, and the hardest to master. I certainly struggle with it.
The aim of this conversation is to ascertain the value of the project to the buyer.
In order to do this, you can follow Alan Weiss' classic framework:
Objectives - what are the aims of the project?
Metrics - how do we measure how close we are to completion for each objective?
Value - what is the value to the business, and to the buyer, for each objective?
The value is what is important, but the objectives and metrics become invaluable during the proposal and delivery phases.
Take action: How do you discover what a project is worth to your buyer?
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