How Much Money Do You Need For Next Year?

In the third installation of my 5-part series we will be discussing how to grow sales and build lasting relationships with Enterprise Accounts and Fortune 500 companies. I’ve found that many large companies have technology needs end users are aware of, but leadership either doesn’t know about the need or lacks the business case to allocate the funds. Have you ever been in a position where you needed new technology for your company but couldn’t get the budget? I know salespeople experience this very often when working on new opportunities. It is important to have a process and follow it closely to avoid the many pitfalls that pop up throughout the engagement.

The first step is identifying “the list”. This is a targeted list of companies that meet the size, geographic proximity, industry and overall profile for your ideal client. From there do extensive research on the company. If they are publicly traded you can find information on their website, in their annual report, CEO presentations, etc. If you use Salesforce there is often an add-on like Inside View which is invaluable when trying to learn more about a company, its leadership team, competitors, and so on. The point is you need to become an expert on that target company and what makes them tick. Why are they unique? How are they positioned in the market? Are sales growing, steady, or in decline? All of these things will help you secure a meeting and more importantly establish credibility with leadership.

The best starting point for any campaign is clean, accurate data so you know who to target, when to engage, and how best to capture their attention. Here are the 5 areas to focus on as you begin your journey to build out a strong pipeline with high value targets that need your product or service

1. Account-Based Marketing - Precisely aim messages, and quickly connect with the right contacts.
2. Lead Enrichment - Clean and supplement inbound leads with robust contact and account data.
3. Total Addressable Market (TAM) - Bring more ideal prospects into campaigns and create a larger pool of opportunities.
4. Campaign Planning - Build hyper-targeted lists to execute highly relevant, personalized campaigns.
5. Predictive Intelligence - See and react to purchasing signals from ideal accounts before competitors.

 The next step is securing a meeting. Through your research opportunities will present themselves. I once found an article which indicated my target company had allocated $50 million to fix a problem that my product could solve. Find 4 – 5 contacts who have decision making authority and utilize your network, LinkedIn, or a referral to secure a meeting. If you aren’t successful at first don’t give up! I employ a few “old school” tactics that actually still work! The first is to snail mail a well-crafted handwritten letter to your contact and summarize your research in a concise manner while quantifying the impact your solution can have and ask for a meeting. The second is the dreaded cold call. Again, if you are prepared and develop a compelling value proposition supported by research you will be surprised how often this tactic works. Lastly, you need to be networking and out in the community. This will help you build relationships, name recognition and brand awareness.....your brand! Before too long the town you live in seems a lot smaller and you learn first hand about the "Six Degrees of Kevin Bacon" concept.

The third pillar to engaging large companies is tying your solution to their metrics and an initiative of importance at the company. In 2016 I was able to work my way into a Fortune 100 company and establish rapport with a key decision maker. He served as my champion for years to come. But, I didn’t hit pay dirt at first. We started with one order for $15,000 and tied this to an initiative in one of their smaller divisions. After a few months though, this project turned a lot of heads and showed a significant return. Over the next three years I grew this account from $15,000 to $1,000,000 by:

·      Continuing to find progressively larger initiatives

·      Always supporting them with ROI summaries

·      Making executive presentations in other regions

·      Attending QBR’s (quarterly business meetings)

·      Participating in their innovation days; often attended by company leaders from all over

This is a process that takes discipline and patience. If it were easy then everyone would do it. It is imperative to start with a great target that meets your ideal company profile. From there engage decision makers and establish trust while building a relationship. Always use their corporate initiatives, internal language, and the financial metrics they use to make decisions. Once you get a sale, your job is not done! As I mentioned above that is just the beginning. You need to be vigilant about growing the relationship, meeting additional leaders in the organization, and reinforcing the decision to work with you by providing value. When you have done this many times it becomes second nature. I remember walking into a meeting with an account I had worked with for years. My contact had a big smile on his face. When I asked him what it was for, he said, “Our last investment with you had a 22X return. Budget meetings just happened, and my boss said, “How much money do you need for next year?” 

That is a great feeling! It’s times like that when you know you have done your job. Happy hunting and go find your next elephant today!