Bag the elephant
How to Win and Keep Big Customers
Description
To sell to big companies, it's crucial to do your homework and thoroughly understand their structure and needs. Begin by targeting a specific division or department within the company. As you engage with them, focus on building relationships across multiple levels while gradually working your way up the hierarchy.
Be prepared for a long sales cycle with numerous meetings along the way. Patience is key as you navigate through the complexities of selling to large corporations. Stay flexible to handle any delays or changes that may arise during the process.
Highlight how your product or service can quickly deliver value despite the bureaucracy that often exists in big companies. Emphasize the efficiency and effectiveness of your solution in addressing their specific needs.
Once you've successfully closed a deal with a big client, leverage that relationship for referrals to land more clients within the same industry or sector. Word-of-mouth recommendations from satisfied customers can be invaluable in expanding your business.
Avoid common mistakes such as not adequately preparing for meetings or lacking persistence in following up with prospects. Selling to large corporations requires diligence and perseverance, but the rewards can be substantial in terms of business growth and opportunities.
Table of contents
01Cultivate the accurate outsized outlook
Value the benefits of elephant engagement
Selling to large corporations can significantly benefit small or midsize businesses, enabling growth and expansion. Securing contracts with enterprise-level clients allows smaller companies to increase their operations and capabilities. This requires enhancing infrastructure, staffing, quality control, and other operational components to meet higher demand and performance expectations. The predictable revenue stream from long-term corporate relationships aids financial planning and investment in growth. A solid base of established enterprise customers adds value to potential buyers, demonstrating operational excellence and guaranteeing continued revenue after acquisition. The process of selling to and serving big business clients also instills strategic thinking, organizational skills, and other capabilities that enable the leadership of the small or midsize firm to operate their company more effectively at an enterprise level.
Realize the reciprocal need
Securing large corporations as clients can significantly boost small businesses, as big companies often require the specialized products and services smaller firms offer. For example, a sole proprietor CPA firm landed a 5-year contract to prepare tax returns for a large corporation, enabling the owner to hire additional staff and expand its corporate client base. Similarly, a real estate agent specializing in corporate relocations doubled her income by becoming the authorized agent for a multinational's division. As business guru Steve Kaplan notes, small businesses can become indispensable to their larger clients by offering critical niche solutions, leading to substantial growth in revenue, personnel, and operations through perseverance and leveraging their specialized offerings.
02Construct an apposite sales approach
First, do your homework on the company. Research the decision makers, organization structure, trigger events, and news related to the target companies. Become an expert on their business. Second, break down big companies into smaller business units that are more manageable to approach. Identify the specific division or department you want to sell to. Third, employ a foot-in-the-door sales approach rather than immediately pitching the full range of your products/services. Get a small initial contract to prove your value. Fourth, understand that selling to enterprise clients takes 12-24 months on average. Run small and large deals concurrently and stay focused. Fifth, look the part of an enterprise vendor in your marketing materials and interactions. Customize pitches using business terminology. Finally, leverage your network for warm referrals to bypass formal purchasing processes. Ask contacts who work at your targets for introductions.
Recognize ideal corporate prospects
To form a mutually beneficial alliance with a large corporation, start by creating a list of potential partners, including both established and emerging companies. Then, narrow down your options by considering factors such as their financial capacity, business approach, customer perception of your product or service, their need for your offerings, and their operational locations. Reflect on how your venture could be beneficial to them and whether you need to adjust your offerings to better suit their needs. This process will help you identify a few companies that are the best fit for your business, based on their investment capacity, similar business approach, and potential rewards for their staff using your products or services.
Make a compelling initial contact
To establish a business relationship with a large corporation, start by compiling a database of potential contacts. Send them an introductory letter and a one-page overview of your offerings. Follow up with phone calls to gauge interest and request referrals. Be ready to provide detailed information on offerings and pricing. Try to arrange an in-person meeting to elaborate on your capabilities. If unsuccessful, send a creative, memorable mailing to capture attention and try again for a meeting. If still unsuccessful, continue mailings every few months to stay memorable. This approach requires organized information, persistent follow-ups, creative visibility, and understanding that building such relationships often requires an extended period.
03Harness your titanic allies
Satisfy your internal supporters
Maintaining strong relationships with internal champions requires ongoing effort. Publicly acknowledging their help and supporting their career growth is crucial. Keep them informed about your business developments to sustain their interest, but avoid overburdening them. As you engage with long-standing allies, also seek to connect with new ones at higher levels. Small tokens of appreciation can go a long way, especially when corporate gift policies are restrictive. Personal connections matter, so ask for their input and implement their advice to deepen their emotional stake in your success. Broaden your offerings to make it easier for them to support you. Even if it doesn't immediately generate revenue, establishing your credibility can lead to consulting roles that provide valuable insights. Cultivating a wide network of champions is key, as their informal influence can navigate through organizational challenges.
04Sidestep the five critical missteps
Expectation mismanagement
Avoid overpromising to clients by being realistic in your commitments. Evaluate your team's capabilities before setting timelines or outcomes. Align with the client on success metrics and stay involved throughout the project. Refine processes to meet expectations and aim to overdeliver on at least three components. Regularly send status reports showing your follow-through. With planning, collaboration, and communication, you can meet client expectations effectively.
Crisis bungling
When a crisis occurs with a client, your response can shape the future of your relationship. It's crucial to take ownership of the situation, act decisively, and communicate transparently. Apologize sincerely, allow the client to express their frustrations, and avoid assigning blame. Stay calm, provide regular updates, and document changes to prevent future issues. This approach demonstrates resilience and builds trust, showing clients that you can effectively handle adversity.
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