When it comes to startups, if you’re not growing…you’re moving backwards. No matter how good of a product or idea it might have , a business will not succeed without sales. While investing in Facebook ads, capitalizing on SEO trends and writing great content can help bring in sales, your revenue comes from closing big deals.
Closing large deals requires much more than a few cold calls and sales tactics. The deals are bigger, and therefore the requirements and scrutiny are also higher process.
So how does a startup position itself to close deals with the biggest companies in their space? Here is a list of factors that will help you quickly improve your business development efforts and close B2B deals with big companies.
Closing large deals requires much more than a few cold calls and sales tactics. The deals are bigger, and therefore the requirements and scrutiny are also higher process.
So how does a startup position itself to close deals with the biggest companies in their space? Here is a list of factors that will help you quickly improve your business development efforts and close B2B deals with big companies.
1. Reach out by every means possible.
A warm introduction is the best way to reach a contact but we don’t always have that luxury. Luckily, social media searches can help you get in front of your contact.
Use LinkedIn to search the name of the company and the words that describe the title, role or division of the person you need to meet. Include words like “venture”, “innovations” and “new technologies,” as those teams can be responsible for onboarding new technology. Send a personalized invitation.
Another successful trick is to search for alumni from your university who work at the same company. Ask them for an introduction to the right person or department.
A warm introduction is the best way to reach a contact but we don’t always have that luxury. Luckily, social media searches can help you get in front of your contact.
Use LinkedIn to search the name of the company and the words that describe the title, role or division of the person you need to meet. Include words like “venture”, “innovations” and “new technologies,” as those teams can be responsible for onboarding new technology. Send a personalized invitation.
Another successful trick is to search for alumni from your university who work at the same company. Ask them for an introduction to the right person or department.
2. Build a product they can trust with their brand.
The best companies cannot afford to tarnish their brand. They avoid taking chances on a product that they don’t trust. You need to pass the “trust” test.
To do this, start with a product of superior quality and value. There’s no way around this. Do not compromise on any part of the production quality or user experience while developing your product.
My friend Andrew Thomas, co-founder of SkyBell and one of the top entrepreneurs in the Internet of Things industry, has closed deals with the biggest brands in their space, including Honeywell, Amazon, Nest and Alarm.com. While positioning their video doorbell product, Thomas found success by over-sharing a commitment to their brand.
“We explicitly stated how serious we regarded their brand and worked with their quality control teams to affirm our product quality.” His advice, “prove to them them that they can trust you with their brand.”
3. Ask questions and listen.
Sales boils down to our ability to quickly gain information about the prospective partner and their needs. The best way to do this is by asking good questions and letting your prospect do most of the talking. Asking questions leads your prospect to tell you what they want, how they want it and when they need it. Then you can frame your responses to accurately address their needs. It’s far better than trying to “pitch” them on your product.
It sounds simple, yet produces results. The key is to truly listen to them. Resist the urge to always focus on what you’ll say next. Also, don’t interrupt or speak for them. This helps you build strong rapport based on trust and respect – and helps you be more likable.
Sales boils down to our ability to quickly gain information about the prospective partner and their needs. The best way to do this is by asking good questions and letting your prospect do most of the talking. Asking questions leads your prospect to tell you what they want, how they want it and when they need it. Then you can frame your responses to accurately address their needs. It’s far better than trying to “pitch” them on your product.
It sounds simple, yet produces results. The key is to truly listen to them. Resist the urge to always focus on what you’ll say next. Also, don’t interrupt or speak for them. This helps you build strong rapport based on trust and respect – and helps you be more likable.
Read Entire Article Here: 6 Business Development Tips to Land Multi-Million Dollar Deals
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