5 Growth Tips for Closing Bigger Deals with Massive Companies
Ram Tumuluri “Plenty of sales strategies exist to help small businesses improve their selling skills, but many companies are looking for that one approach to completely revolutionize the selling process and generate countless deals. There’s no magic formula that allows you to close massive deals with big companies. Luckily, though, there are few strategies to keep in mind that will help you move faster through the cycle and close bigger deals. It’s about being more analytical and disciplined when companies decide which deals to pursue and which to let go of. And, most importantly, it’s about CEOs getting more involved in megadeals and looking at them through the eyes of shareholders to guarantee that they create value. Here are five steps you can take to increase your chances of winning more value-creating megadeals.”
Know Your Strengths and Weaknesses When It Comes to Closing Bigger Deals
When it comes to closing big business deals, each firm has its own strengths and weaknesses. Going back to your previous data and seeing what kind of sales you’ve closed in the past is an excellent method to identify them. This will assist you in differentiating between the kind of negotiations in which you thrive and those in which you struggle. If you have someone on your team who excels at a deal type you’re having trouble with, don’t be afraid to ask them for help.
Don’t Put All Your Eggs in One Basket to Secure Bigger Deals
Closing bigger deals is filled with unpredictability. It’s one of those things where some months are really good, and other months are really bad. This is why it’s critical not to put all your eggs into one deal, no matter how fantastic a deal may be. You should keep feeding your pipeline and attempting to generate fresh leads on a regular basis. Existing opportunities are just as important as new ones. Your win rate is an excellent indicator of how well you’re handling your pipeline. If you know your win rate is 33%, for example, you also know that 66% of your opportunities will be closed-lost. This indicates that in order to effectively balance your ratio, you must continue to bring in more opportunities.
Standardize Your Processes to Close Bigger Deals
If you’ve been counting on haphazard calls and emails to contact your prospects, it’s time to change your approach. Sit down and plan out a systematic prospecting campaign, complete with unique, value-adding packages, before going after a high-level prospect. Follow up with a phone or an email every time you deliver a service or a product. Be prepared to keep repeating this method until you get through. After all, this is going to be a huge business deal, so you can afford to spend a little more time and money to get their attention and build a connection.
Only Sell to Decision-makers to Win Value-creating Megadeals
When you initially start looking at larger companies, all of the fancy titles may overwhelm you. When looking at a large organization, start by identifying the highest-ranking person who is relevant to the problem you are solving. The worst thing they can do is send you back up the chain of command, but if they do, you’ll not only be connected to the correct decision-maker, you’ll also be introduced by their boss.
Know That Not All Companies Are Created Equal
Not all businesses are created equal, just as not all opportunities aren’t either. When dealing with prospects, make sure to consider their company structure as well as their buyer persona. A sales cycle will be shorter for a smaller company with one to two people involved in the decision-making process than for a larger firm with seven to eight individuals involved in the decision-making process. This is something to keep in mind when you work on deals and estimate closing dates.