When selling to corporate clients, keep in mind that:
- The process can be time-consuming
- Corporations are accountable to shareholders
- Corporations have very specific guidelines to follow when accepting bids and proposals from outside businesses
- Decision-making is often done by committee
- Movement and turnover make it hard to build long-lasting client relationships
Action Steps
The best contacts and resources to help you get it done
Find the right contact
Finding the decision-maker or someone who holds influence with the decision-maker within a corporation can be extremely difficult. On any given project, there are usually a number of individuals involved, all with varying degrees of influence and differing agendas. Figuring out which one to target with your pitch is crucial to your success.I recommend: Discover how to identify the decision makers at Evolt.org. Learn the "seven strategies to get into big companies" by downloading an hour-long Web seminar on the subject at Webex.com. Pay services like InfoUSA and Hoovers supply lists of names of executives up and down corporate chains of command.
Master the RFP
When corporations have a project they want to outsource, they often post an RFP (request for proposal). The RFP is an invitation for outside firms, like yours, to send in a proposal. Answering an RFP is a time-consuming process, and your proposal must meet very strict guidelines to be considered. However, if you win the contract, the rewards can make the whole process worthwhile.I recommend: The response to an RFP, the proposal itself, can be difficult to understand. Learn how to understand an RFP at TechRepublic.com. If you anticipate a company is going to make you answer an RFP, start collecting information during each contact with the company. To streamline the RFP process, consider buying proposal and RFP software.
Understand your buyer
Do some prep work before you start calling on corporations. Learn about their industry and hot-button issues. Think of solutions that your small business can provide to their current needs. And by all means, educate yourself about key players and breaking news. Not knowing the CEO's name or being unaware of a recent merger can kill a deal.I recommend: Find out how to tune in to corporate buyers at HowToAdvice.com.
Maximize your meeting time
Once you finally land a face-to-face meeting, make the most of it. Busy corporate buyers will size you up quickly to determine if they want to move ahead with you or if they want to show you the door. Your first impression can make or break your chances of getting a second meeting, so be prepared and look and act professional.I recommend: Download audio programs, e-books and e-manuals from SellingtoBigCompanies.com for step-by-step guidance through the corporate sales process, including tips on impressing corporate buyers in meetings.
Stand your ground
Big corporations will sometimes take advantage of their clout and demand major discounts on your products and services or insist on unfavorable contract terms. Know your limits and what you need to make a deal that will build your business, not bury it.I recommend: Use negotiation skills, such as those detailed in Growing Business's guide to Negotiating with Big Business, to ensure that you land a win-win situation.
Tips & Tactics
Helpful advice for making the most of this Guide
- Meeting decision makers for corporations in your community is often as easy as meeting small business owners. Play in a golf tournament or go to a benefit and you'll be surprised at how many casual introductions you'll get to corporate business people.
- Make sure your business is represented as solid and reliable, no matter how small. Your Web site, business cards and proposal need to show that your business is small yet stable.
- Before answering an RFP, make sure you have the manpower, capital and ability to deliver the products or services, otherwise you won't win repeat business.
Sales Leads: Dun & Bradstreet®
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