Enterprise sales can generate large profits. That’s why most new companies work toward this goal.
What Is Enterprise Sales?
Enterprise sales are large complex deals with Fortune 500 companies. Enterprise, or complex sales, differs from transactional or SMB (small-medium sized businesses) sales in that they are more complex, involve inherent risk for the client, have multiple decision-makers, and take a lot longer to complete. However, the investment of time is well worth it for a potentially huge payoff.
With the help of the right enterprise sales team, a business can be propelled toward a highly profitable future. Below are eight steps that will help you build enterprise sales revenue for your company.
1. Create the right team
Achieving success in enterprise sales means having a sales team that values relationships. Your team must know how to connect with clients so that they will not only get excited about your product or solution but will also look forward to interfacing with your company. An excellent way to start building your team is to recruit enterprise-experienced sales representatives. High-quality sales representatives have spent years developing relationships and can bring those connections to your company.
Relationships are a great starting point for reaching out to potential clients. Your team knows a lot of people in your industry who could use your product(s). Connect with these people to solve their problems and build a solid working relationship right out of the gate.
2. Develop a strategy
Build a specific enterprise sales strategy to target prospective clients. Ask some of the following questions when outlining your strategy:
- What company size has the most need for your product?
- What type of industry can your product be useful for?
- What does your ideal client look like?
Answering these questions will help you narrow your focus when marketing your enterprise solution, and it will also help you pinpoint problem areas for your ideal client.
3. Do research
Figure out the pain points for the clients you are trying to reach. Take the time to identify inefficiencies and problems within a company then consider how your solution is different and can be integrated into their current infrastructure. The goal of your product should be to solve the problems they are facing and make their work more efficient and productive.
4. Use outbound marketing
Ideal prospects are not necessarily actively looking for a solution to their problems. Outbound marketing allows you to reach top-level executives with relevant materials that address an issue they have been experiencing in their business. You should be creating educational content for prospective clients to read such as white papers, eBooks, and case studies.
Each of these materials gives you an opportunity to offer your clients an in-depth look into your solution. They also provide a way to set yourself up as an expert on the client’s problems and needs. Showcase what you have to offer and create a vision of a simpler future for your prospects.
5. Target decision-makers
When planning to make complex sales, you must target executive-level decision-makers. In most businesses, you will be trying to connect with someone in the C-Suite: CEO, CFO, or CIO. These top-level executives hold a lot of power within their organizations and can help champion your business solutions to both subordinates and board members to push through a deal. Understanding how decisions are made within an organization will help you target the right people and avoid delays in a sale.
6. Get your first customer
In many ways, your first client is the most important one. This one client has the potential to become an advocate for your product and provide a testimonial for your business. Your first client is a launch point into enterprise sales, so make sure the experience goes well and that you do all you can to make them happy.
7. Identify gaps
Throughout the enterprise sale cycle, you should be monitoring the process and identifying gaps. Complex sales require a lot of time and resources, so it is important to make note of areas in the cycle that can be improved. By assigning additional resources to parts of the sales cycle in need, you can make future deals more efficient and ensure the lead pipeline stays active.
8. Become a resource
You should aim to do more than just make enterprise sales. If you really focus on your customers and work to solve their problems, you can quickly become known as a resource in your industry. When this happens, you will be contacted anytime a client has an issue related to your area of expertise. This will create even more opportunities for your business and build stronger relationships, which will keep your company at the forefront of competitors.
Do you need to build an enterprise sales team with proven salespeople? Contact the 5-Star Sales Executive Recruiters at Cowen Partners.