Dream of having customers like General Electric, Target, or IBM on your client list? When it comes to breaking into a large corporation, you know it can be a challenge.
In addition, it’s downright scary. You don’t even know where to begin with these companies.
The idea of doing business with a small, no-name company seems strange to you at first.
Enough! Shrewd entrepreneurs can find gold in large corporations. Those who like your product or service will be eager to continue their relationship with you in the near future. However, from the outside, this may appear to be impossible.
8 strategies for setting up meetings with corporate decision-makers and securing large contracts are provided.
1. Break down big companies into smaller entities
A small subset of an organization is more likely to give you your first contract unless you’re selling enterprise solutions. If you’re intimidated by the prospect of selling to GE, consider establishing a relationship with the marketing department of GE Capital Solutions Fleet Services division instead.
In this way, you can learn the names of potential decision-makers, conduct due diligence without feeling overwhelmed, and create a customized getting-in campaign.
2. Employ a foot-in-the-door sales approach
They want their prospects to know the full range of products and services their company offers. An objection immediately arises when this is presented to a corporate decision-maker: “We’re happy with our current suppliers.”
Instead, focus on solving a small problem or unmet need that your prospect is experiencing. Your entry into the account will be hidden from long-standing incumbents who are aware of your presence. Once you’ve landed your first contract, you’ll be able to prove your worth and expand your business by targeting related divisions.
3. Speak the language of business
In most cases, the first thing you say when you’re trying to set up a meeting with a corporate prospect is: “Hi, Pat. Terry from XYZ Systems is calling. [Fill in the blank] is where we specialise in providing a full range of services. You can count on us to provide you with high-quality products or services that meet your needs.”
Wrong! There will be an objection if you talk about yourself in that way. Stating your company’s achievements is a much better way to go. They want to know that you can:
- New product launches can be brought to market faster.
- Sales growth in new market segments.
- Reduce the cost of the supply chain
- The language they use is that of the natives of the area. Speaking it aloud will also help to capture their attention.
4. Pay the admission price
The decision-makers in corporations are overburdened. Their to-do list is far too long and they don’t have enough time to complete it. Time is precious to them, and they will do anything to keep it from being wasted. As a result, they value time as a precious commodity. Get on their calendar by earning it.
What is the cost of admission to the event? The company, industry, and marketplace should be thoroughly researched. Discover their business challenges, goals and objectives by learning about their business issues, challenges and goals and objectives. Acquire expertise in their processes, methodologies, or critical success factors by conducting research.
Decision-makers who are too busy to update you on their business will not do so. They won’t even bother to learn about your offering unless they’re confident that it’s valuable. Before you make a call, do your research.
5. Launch an account entry campaign
Most likely, after four or five attempts to reach the decision-maker, you’ve come to the conclusion that he or she isn’t interested in your product or service in the least. That’s a false assumption that could cost you a lot of money.
At least eight to ten contacts with corporate decision-makers are to be expected in today’s business environment. Expect to make 12 to 14 contacts before giving up on reaching C-level executives.
6. Plan your campaign from the onset
In your various contacts, decide what business results you want to emphasize in your communications with them all. Consider sending out multiple voicemails or emails with your value proposition. Send short personal notes along with articles you find interesting. Invite prospects to attend a talk by a prominent industry figure. You can also host your own events. Leaving a professional message after one to two contacts per week is acceptable.
7. Focus on trigger events
To gain access to corporate accounts, take advantage of trigger events, which cause a sudden change in corporate priorities. Examples of internal changes include mergers and spinoffs; venture capital funding; new leadership; and a shift in corporate direction. Industry trends, economic issues, competitive moves, and government legislation are examples of external triggers.
In order to stay abreast of what is happening in their target accounts, savvy sellers are constantly monitoring the media. What does this mean for the company? Using this information, what new opportunities can be created?
Be specific in your communications with your various contacts about the business results you want to emphasize to them all. Think about leaving a number of voicemails or emails outlining your value proposition for customers. Send short personal notes along with articles that you find interesting to your friends and family members. Attend a talk by a prominent industry figure and invite your prospects to attend. Your own events are also possible. It is acceptable to leave a professional message after one or two contacts per week.
This is followed by an urgent account entry campaign that emphasizes the importance of taking action quickly. As a result, they shorten the sales cycle and face less competition.
8. Pursue multiple relationships
A single person shouldn’t control your entire future when you’re selling to large corporations. It’s possible that this person will change jobs, leave the company, or prevent you from meeting other decision-makers within the organization.
Contact several people at once. Your coworkers will appreciate knowing that you’re talking to others in the company. Assist in identifying the account’s key players by asking your contacts. There are usually multiple people involved in corporate decisions, so it makes sense for you to have relationships with several people.
The names of decision-makers can be found by using sales productivity tools. Find out whether or not you have any networking relationships on LinkedIn. When you’ve identified the people you want to contact, check their online profiles to see if they’ve created one. Google their names to find out as much as you can about each of the participants. To be notified of changes in your targeted accounts, set up Google alerts.
The pursuit of large corporate clients isn’t a numbers game. Calling and smiling are the traditional sales gurus’ advice to their clients.
When you’re trying to break into a big company, that approach doesn’t work. Planning, creative thinking, research, and perseverance are all required to complete this project. Undoubtedly, a solid business case is necessary. Preparedness is expected from corporate decision-makers, who expect you to have useful insights, ideas, and data to help them improve their businesses and reduce expenses or increase revenue.
You can make your entrepreneurial dreams a reality by following these strategies. You’ll first land a corporate client, and then another one will come along. It won’t be long before you’ve built up a large customer base with plenty of upside potential.