5 Keys to Closing Far Bigger Deals at Massive Companies
Identify the decision maker, and start there.
There’s only one thing that separates the top 1 percent of salespeople from the rest of the pack -- and it’s not the number of sales they close. In fact, many mediocre salespeople are closing more deals than the top performers in their industry. So what sets those successful salespeople apart?
The answer is average sale size. In many cases, the top 1 percent of salespeople are closing sales 10x the size of their competitors’ average sales.
The key to closing those massive deals lies in selling to much, much bigger companies. Read on to learn five keys to closing huge deals at large companies, then implement them to crush your competition and rise to the top of your industry.
1. Face your fear.
Most salespeople are nervous or uncomfortable trying to sell to really large companies, and they let that fear hold them back. Successful salespeople, on the other hand, understand that those large corporations can actually be easier to close.
First, they often have the same problems as the “smaller fish” you’re currently selling to -- just on a bigger scale. Second, they actually have the budget to really invest in a premium solution. The only way to benefit from this reality is by facing your fear and realizing that big companies don’t bite.
2. Only sell to decision makers.
When you first start looking at bigger corporations, you may be overwhelmed by all of the fancy titles. Should you sell to the CMO? CSO? Chief Happiness Officer? Brand Director? What do those titles even mean? Cut to the chase by going straight to the top of the chain.
When looking at a big organization, identify the highest-ranking person relevant to the problem you solve, and start there. The worst thing they can do is refer you back down the chain of command, but if they do, you’ll not only be connected to the right decision maker, you’ll also be introduced by their boss.
3. Use an organized prospecting campaign.
If you’ve been relying on haphazard calls and email to reach your prospects, it’s time to upgrade your approach. Before going after a high-level prospect, sit down and plan out an organized prospecting campaign, complete with unique, value-adding packages that you send via FedEx. Why FedEx? Well, even C-suite prospects open their own FedEx packages -- the curiosity is just too much to resist.
Each time you send a letter or package, follow up with a call or email. Be prepared to repeat this strategy over and over until you finally get through. After all, this will be a massive sale, so you can afford to put a little more time and money towards getting their attention and establishing a connection.
4. Clarify the decision-making process.
While small mom-and-pop operations often rely on one decision maker to choose a solution, the decision-making process is often more layered and complicated with a bigger company. By failing to understand that process on the front end, you’re setting yourself up for a much more difficult close.
Try asking your prospect, “What is your typical decision-making process for a solution like this?” By asking this question, you’ll be much more equipped to present a great sales proposal without being blindsided by a dozen more people you’ve never heard of who need to sign off on the decision.
5. Leverage each sale into more sales.
Once you sell to one department in an organization, it’s much easier to close additional sales in other areas of the company. When you close a big sale with a large company, don’t simply celebrate your success and go home. Instead, ask your new customer for introductions to others in the company -- or outside of the company -- that they think could benefit from your product or service.
Don’t wimp out on this last step. I’ve never met a salesperson who’s missed out on sales by asking for introductions, but I’ve met tons of salespeople who missed out by failing to ask. There’s no risk and a wealth of opportunity, so this should be a no-brainer next step after any sale.
Have you ever closed a huge deal with a massive organization? If not, how will you use these keys to close your first one? Check out this free 1-Minute Sales Strengths-Finder Quiz to learn more about how to improve your sales approach.
Entrepreneur Editors' Picks
Kale Was a Garnish Before This Creative Genius Made It Famous. Here's How She Did It — and What She's Planning Next.
Telling Your Brand Story Is Crucial. 4 Steps to Ensure That It Resonates.
This Baker Was Told Not to Speak Spanish With Colleagues, So She Started Her Own Cake Company That Values Employees Just as Much as Customers
Improving Yourself Takes 9.6 Minutes of Work Each Day
Meet the Women Behind Some of McDonald's Most Iconic (and Essential) Ingredients — and How They're Setting New Standards
Remote Work Shouldn't Be Up for Debate
Employees Are Over Foosball Tables and Free Snacks. Your Company Culture Needs This Instead.