Considering a Facebook strategy for your business? While consumer brands have a very easy time engaging with customers on this social media platform, it can be a bit more challenging to find success if you are marketing B2B. If you're interested in launching a company Facebook page, check out this month's online to-do, http://www.facebook.com/business.
When you’re selling to a customer, you have an advantage because you have established a prior relationship. Customers already trust you and are aware of your expertise. When you’re selling to a prospect, they are more concerned about risks, particularly when the sale qualifies as a big deal.
Don’t get discouraged about selling big deals to prospects simply because you don’t have a prior relationship. Plenty of prospects purchase innovative solutions as long as the salesperson proves the benefits, puts fears to rest and offers value at a fair and reasonable price.
Unfortunately, there will be times when the deck is stacked against you, so watch for these warning signs:
-The customer requires complex pricing or an elaborate proposal, but refuses to engage in any real discussion about the opportunity, either face-to-face or on the phone.
-Prospects agree to meet, but it quickly becomes obvious that they’re just going through the motions—either so they can say they did their due diligence or to appease their boss—not because they’re honestly interested in a potential partnership with you as a vendor.
-The specifications have an obvious slant and you can tell they were written to benefit one particular vendor.
When you have concerns about the opportunity being a waste of time, you may want to push the matter and have a heart-to-heart talk with the prospect and ask, “Do we have a real opportunity to win this business?”
Michael Jordon, basketball star and fierce competitor, said, “Obstacles don’t have to stop you. If you run into a wall, don’t turn around and give up. Figure out how to climb it, go through it, or work around it.” That’s good advice for any selling situation, but it’s particularly apt when you’re working on elephant-sized deals.
Big opportunities exist for sales professionals who know how to eliminate the customer’s biggest problems—sales professionals like you.
Many years ago, I sold a single-sourcing arrangement to a large consumer optical products company. This big deal was worth more than $2 million in annual sales. At that time, the client had several vendors, but I was the preferred partner.
One of my primary contacts was in purchasing. One day at lunch, she confided her department was going to be restructured, and she was going to lose a staff member. She was worried because that person handled many administrative tasks including routing proofs, issuing PO’s, and bidding projects. Everyone else on the team was very busy, and she saw no easy way to reallocate tasks.
This turn of events opened a door for me. I asked if her company would ever consider a single-sourcing agreement. In return for the larger volume of business, I could provide preferential pricing plus an on-site customer service person to handle administrative tasks.
At that point in time, I was bidding on all the projects and receiving more than 50 percent of the total volume of work. It was well established that my pricing was competitive and fair. My company delivered consistent quality, and we had demonstrated our willingness to go the extra mile many times.
The customer knew she could count on us.
My client was very interested, but she wasn’t the decision-maker. She arranged for me to meet her boss, the vice president of Purchasing. We discussed and negotiated, and they finally agreed to buy.
The timeframe from the first conversation until the contract was signed was about six months. It was a great deal for the customer and a fantastic deal for me. I closed this sale because:
-The customer solved a major problem.
-The benefits I offered were high in value.
-Pricing was perceived to be fair.
-I was able to talk to the decision-maker.
Since my company was a known entity and the preferred vendor, the customer considered the risks of a deeper relationship to be low.
To sell a big deal, you need to find a match between the customer’s problems and your company’s products and services. Generally, bigger problems are solved with a bundled offering providing an end-to-end solution.
Selling an established solution is easier than selling a brand new concept. Prior sales offer proof of your expertise, making it easier to open doors and start conversations with potential customers.
Big deals come about because smart salespeople eliminate big problems related to:
-Inefficient processes
-Low productivity
-Excessive cost
-Missed opportunities for higher revenues or increased profit
When hunting for big deals, remember you’re always selling against the status quo. To structure a big deal, you need big problems, because clients will only make major changes when they can significantly improve their circumstances.
Both Starbucks and McDonald’s sell coffee. Beyond price considerations, there are many reasons why some buyers prefer Starbucks while others prefer McDonald’s. McDonald’s has more lunch choices on its fast-food menu and caters to kids. Starbucks, with its upscale coffee-shop vibe, is more likely to be the destination of choice for business people meeting for coffee.
You know why you prefer Starbucks or McDonald’s. To sell big deals you need to know why customers prefer you. What value do you provide? Starbucks attracts a business clientele because customers can linger over coffee, and that benefit compounds Starbuck’s value with their customers. What substitutes are available? McDonald’s added coffee bars because top management believed a significant percentage of coffee-drinkers would opt for a less expensive cup of coffee if it was easily available. They were right. What competitive advantage gives you an edge? Both Starbucks and McDonald’s offer a variety of coffee drinks, but Starbucks has a competitive edge when it comes to the magnitude of choices.
Big deals are built by bundling products and services into a single high-value solution. To identify winning combinations, hone your expertise on all the products and services your company offers. Sell on your strengths. Understand your weaknesses and be prepared to answer related objections.
To close big deals requires more demonstrated knowledge about the solution you’re selling. Buyers who are willing to take a chance with a new vendor on a $1,500.00 brochure job won’t buy a complex print-on-demand online storefront from sales reps who can’t confidently and competently answer questions.
