How to successfully work with Big Corporates: 10 Tips every Startup should know

Medium and large companies have many people, departments and hierarchy together with intricate processes and policies. If you thought getting through the door to pitch your snazzy innovation was difficult, think again. Navigating these corporate waters can be tricky! Luckily, I’ve got 10 tips to share which will hopefully help you avoid some mishaps.

Let’s get started ??

1. Know your potential client

Okay, so this might seem obvious, but is it really? Before you even dare to pitch, make sure you have conducted in-depth research of your potential client. Research everything from their vision, mission and past campaigns to the key people you expect to be in the room. Details matter so don’t leave a stone ?? unturned.

2. Riding the buzzword wave

Yes, buzz words are exciting and fun to say but are you using them again and again without actually understanding what they mean? Let me share a secret with you ?? investors or media love these words, the more the better! But, here’s the thing, big corporates don’t actually care unless you can demonstrate how you can add value. Big corporates want to understand the bigger picture, the business impact, and the time and cost implications of implementation. Make sure your pitch focuses on what’s really important to your client. Sales, profits, customer satisfaction, and increased share price — these are the words they want to hear.

3. Be the best

Steve’s Mom: Do you think she’s the one? ??

Steve: Definitely

Steve’s Mom: But, how do you know?

Steve: She’s just so average…

…..said no one ever! ?? No one chooses average, especially corporates. Your solution must have unique and superior benefits that will significantly enhance your client’s business. Stay humble, but make sure your offering is the best solution.

4. Begin with the end in mind

Great, so you got the job, now what? To start the relationship off on the right foot and create a fruitful partnership ?? you need to begin with the end in mind. This means taking a deep dive into your client’s goals, objectives and expectations of your solutions. Make sure you explicitly set expectations upfront and agree on suitable and realistic goals, requirements, expectations and timelines. If you don’t, you might be swimming in the wrong pool altogether only to reach the finish line with no one cheering you on but the lifeguard ??

5. Avoid the trap of overpromising

Everyone wants the sun, the moon, the stars and everything in-between ?? it’s your job to understand what your client wants and decide what you can and can’t do. Don’t take on more than you can handle, accept unrealistic timelines and agree to every request. Although you may think promising the world is the way to win, it’s in actual fact the quickest way to defeat. Be strong, be honest, and be clear on what you can and cannot do ?? at the end of the day, your client will respect you more for this. Rather than letting them down, you will have taken them on a journey of success.

6. Relationships are everything

Make sure you know who the key people are to bring the solution to shore and develop a good relationship with them ?? the IT team who will integrate your solution, the decision-makers who will back you, the account manager and anyone else you may deal with through the process from start to finish. Develop meaningful relationships that will stand the test of time.

7. Free Proof of Concepts (POCs) = High Risk ?

When it comes to corporates investing in a new solution, it’s perfectly understandable that they would want a POC. Offering free POCs however is a no no. And I mean don’t do it! You can easily undervalue your USP by giving it away for free. You may also put yourself at risk if a client uses your ideas and prototype without you seeing a dime.

A good option is to offer your POC as a phase one version of the solution at a lower billable rate. What you have to offer is worth paying for and your clients should know this.

8. Get your pricing model right ??

Building an appropriate pricing model can be a tough. If your price is too low, you risk positioning your solution incorrectly or worse, angering your client with unexpected expenses appearing out of the blue during the project. If your price is too high, you risk losing your client altogether to other solution options or competitors.

• Do some research — How other players have structured their pricing? What is the average deal size you can expect? Make yourself familiar with a pricing model that suits your offering and your team.
• Take care of your people — make sure they are adequately compensated. This helps your team remain invested in the vision of your company and ensures they give their best to each project as a result.
• Be patient — Growth and value will come in time, then you can turn up the volume. Always negotiate with the future in mind.

9. Stay creative

Having been with their organisation for years, clients know the ins and outs of the business and have been through the tough times. Enough to have set up limitations of what may and may not be possible. Sometimes these limitations are realistic but often there are game-changing solutions knocking behind these tall walls, clients just need to see it to believe it ??

The best advice for you as a startup is to stay creative ?? listen to and understand these limitations, but don’t just accept it. Go back to your creative space with your team and brainstorm how you can help your clients take down the walls and let fresh thinking flow. Creative solutions are what your clients truly need. Creativity will keep you thriving and ahead of the curve.

10. Don’t forget the coffee and croissants! ?? ? = ??

Surprising clients and your team with good coffee and croissants might seem silly, but it’s not. Believe me, I’m French! It’s a great way to soften the blow when you’re slightly behind on deploying a demo #TrueStory

It’s obviously too expensive and predictable to do it all the time, but the unexpected surprise of a thoughtful coffee and croissant for your client and team goes along way ?? be thoughtful and kind because we are all just humans at the end of the day.

Thanks for reading my article, please ?? if you enjoyed this.

My name is Antoine and I’m the co-founder and CEO of a startup called FinChatBot. We develop AI-Powered chatbots for the South African financial industry. We are based in Johannesburg. You can follow us @finchatbot on LinkedIn and Twitter or on our website www.finchatbot.com.

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