What You Need To Know About Selling to Large Companies
Pulling into the headquarters of a large corporation can be an anxiety-ridden event for the most seasoned sales professional. It can be an overwhelming experience when you know that there is a lot riding on the pitch.
There is also the added pressure of knowing that you are not the only one pitching your ideas. Instead of letting your nerves get the best of you, there are a few things you should keep in mind when you are selling to large companies.
Selling to large companies is a completely different ball-game than what most sales professionals are used to, but the challenge is deeply rewarding for your company if you can close the deal. Selling to large companies means understanding the rules and pace that they operate in. More importantly, sales professionals must understand how to properly communicate with large companies and learn how to effectively negotiate without getting taken advantage of.
To close the big deal, remember these 5 truths about selling to large companies:
Related Reading : 4 Key Principles of Negotiation in Sales
Large Companies Move Slow
It’s a fact that large corporations have procedures, processes, meetings, and committees and they all have to sign off on the deal before anything can happen. Therefore, you shouldn’t expect the deal or depend on it until everything is finalized and you’ve signed the contract. The worst thing you can do here is to rush them because it shows that you need them, which gives them leverage.
Large Companies Are Weary of Risk
The problem with companies is that they dislike risk at all. Employees at big companies don’t want to get fired, so no one is likely to stick their neck out for you. Decision-makers who smell risk are likely to cancel everything or ignore you until you get the hint. Present a tight proposal, but don’t show weakness.
Large Companies Want Turnkey Solutions
CEOs of large companies don’t think like regular entrepreneurs. They don’t care about discounts and would rather see proven solutions. They’ll pay you top dollar just to avoid glitches and mistakes, so don’t cut corners or go the cheap route when building something. Make sure your resources make their life easier. Ensures a flawless execution and you’re likely to win the deal over the competition.
Large Companies Need Approval From Key Decision-Makers
The goal here is to remember that you’re selling something to a person, not the company at large. They may have to talk to other decision-makers before giving you the contract, but to successfully sell to large companies, you have to focus on a few key individuals that have a great influence on the decision-makers.
Large Companies Must Trust That You Can Handle the Challenge
Large companies must trust that your business can handle the task. Large companies will seldom work with contractors or businesses who don’t have the capacity to deliver what they need. In order to overcome this objection, show examples of large contracts that your company has handled or references from decision-makers at other large companies.
Related Reading: Handling Customer Objections – Key Sales Lessons from Tommy Boy
Selling to large companies can be the big opportunity your business needs to grow. However, selling to large companies means developing a clear understanding of how they operate and paying close attention to their specific problems. You want to ensure large companies that your business can handle and fulfill their demands. Securing a large contract can be a huge turning point for your sales professionals and can motivate your entire team to take bigger risks.