Are you a sales representative for a small business that sells in the B2B environment, but doesn’t have the luxury of a strong brand, huge marketing budgets or a 100+ year history of success to label your company a “least-risk” vendor? If you are, you’re not alone, but I have good news for you.
Perhaps you even said something like “XYZ Company, one of the largest organizations we compete with, has locked that enormous account up so it’s not worth my time to chase it.” I know I have – but I was all wrong and let me tell you why it’s definitely worth going after large accounts within your target markets (as well as government entities, if appropriate):
- Larger, longer-term contracts make your cash flow and revenue more predictable.
- Fewer, but more valuable, contracts enable you to construct a stable business built on true core competencies.
- Your overhead is often lower when you are strategic about the accounts you pursue. A new contract will benefit from the systems and personnel dedicated to an existing agreement. Depending on your margin structure, supporting a large account may cost as much as supporting a smaller one.
- Enterprise-wide growth can be tremendous. A piece of business with one unit or division of a large company can lead to opportunities in other areas of the organization you may not even target initially.
- There’s huge potential for referral-based business. A recommendation from an executive at a giant corporation is worth its weight in gold!
Now, based on these 5 points, I urge you to take a careful look at your 2010 sales strategy and commit yourself and your sales team to developing a plan to open at least one large account for every seven smaller ones. Find out how you can win those larger accounts by reading my latest book, Playing Bigger Than You Are; it outlines strategies you can use to sell to corporate giants. To learn more and find out where you can order your book, visit: www.PlayingBiggerThanYouAre.com.