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You've reached the big time: big projects, big challenges, big
money. Your business is ready to begin soliciting work among the
largest corporations in the world - the Fortune 500's.
Providing professional services to the corporate world can be
both extremely profitable and very rewarding, but the endeavor is
not for the impatient or timid. It requires a completely
different style of prospecting than in selling to small business,
as well as an appreciation for the sometimes insane nuances that
define big business in today's world.
But you've looked at your business, and you are determined to
give it a shot. Great: just remember the following guidelines
and you should be fine.
Sell yourself long before you sell your services.
The typical corporate decision-making process - which can take
weeks, months, or even years - usually begins with a long series
of meetings, discussions and responsibility shifting as the
proposal requirements are hammered out and everyone decides on
their own roles. (In an ideal world, this process is supposed to
happen invisibly to outside vendors.) When the decision to move
forward is finally made, the task is then handed to someone else
to implement, usually on a timetable. The long deliberation is
then followed by a quick implementation, starting with calls to
authorized service vendors for bid proposals (a process known as
issuing Requests For Proposals, or RFP's).
If your corporate prospecting consists mainly of answering RFP's,
then you are losing a lot of potential business to competitors.
We don't live in an ideal world. While most corporate
procurement guidelines require that multiple vendor proposals be
considered for all new projects (in the interests of fair
competition), in many instances there is already a preferred
vendor on the inside track; the decision maker then solicits
alternative proposals only to be compliant with the rules.
Businesses receiving those RFP's unknowingly find themselves in a
position of bidding on a project that has already been won by
someone else.
As Sun Tzu once pointed out, the battle is won or lost before the
first shot is fired, the victory going to the general best
prepared to win. Always work to win preferred vendor status
before the implementation decision is made. Establish your
influence early with decision makers; if possible, influence the
project requirements in your favor before the implementation step
even begins.
Pick your targets carefully - rather than chasing money, look for
firms that you can respect.
Large corporations, by virtue of their size, wield significant
social power. Study how your prospect uses their influence.
Does it matter to you that your client runs sweat shops in third
world countries? Or that it contributes heavily every year to
the "other" political party? Or that it is known for abusing a
monopoly position in its industry? Or that it has a reputation
for treating its employees poorly?
A fruitful professional relationship with a large corporate
client takes a lot of hard work and plenty of patience. If your
values don't fit with the culture of your client, that job
becomes much, much harder. Don't be blinded by big money: know
what you stand for and seek out corporate clients that you can
respect. It's better for you, better for them, and better
ultimately for everyone.
Research, research, research.
And then research some more.
Every major corporation produces a virtual ocean of paper for
public consumption: financial information for stockholders, press
releases for the media, public relations material for everyone.
Use this material to learn absolutely everything you can about
the company you are targeting.
Start by carefully examining their website. Read their press
releases and whitepapers. Brochures and marketing material,
trade magazine coverage, financial and consumer newspaper
articles, annual reports, filings with the Securities and
Exchange Commission and stock analyses are all excellent sources
of employee contact information and general intelligence. If
possible, request informational interviews with company decision
makers. (Don't use these interviews to sell yourself under the
pretense of collecting information. No one likes being deceived,
and that's a great way to ruin your reputation.)
Most importantly, learn everything you can about the problems
faced by this corporation. Don't focus simply on the ones that
you can directly solve for them; you never know when an obscure
fact will come in handy in conversation. Be the expert - not
only on your own field, but on your future client as well.
Don't pretend that a corporation is a single prospect - it isn't.
A great deal of redundancy exists in even the most well-managed
corporation, often by design. Often the right hand not only
doesn't know what the left hand is doing, it doesn't know that
the left hand even exists. Don't make the mistake of regarding a
large corporation as a single decision-making entity.
Corporations contradict themselves, clash with themselves,
override themselves: the monolithic front is purely an illusion.
Every individual with decision-making power is a potential
prospect. Meet everyone; disrespect no one. You never know who
has the influence to get you hired or fired.
Deliver only your most professionally designed promotional
materials - targeted to the problem, not the prospect.
Never deliver less than your best: in cases where promotional
literature (brochures, letters, etc.) is helpful, ensure that
your materials reflect the highest level of quality and
professionalism that you can manage. Consult with a professional copywriter on your writing and a graphic designer on your layout
and presentation. Amateur work gets remembered, for all the
wrong reasons.
Also, when possible, target your materials to the problem being
solved rather than your prospect or its industry; rather than
presenting them with a brochure for your services, offer a
presentation package defining the specific problem your services
will solve for this prospect. Done well, your presentation
package may become the basis for a future RFP - one, of course,
that your business is perfectly suited to manage.
Be flexible, adaptable and very, very patient.
Very seldomly does anything happen quickly in a big corporation.
Simple decisions can take months (or years) to deliberate over
before action is taken. Budgets mysteriously happen and then vanish.
Management shakeups can happen without warning, ruining months
of hard work - or delivering bizarre opportunities that you never
saw coming.
The trick to successfully serving large corporate clients is to
understand that the appearance of chaos is a normal part of the
process. Don't take it personally, always be a professional, and
patiently work for your moment.
Doing business with the big boys is a long-term proposition; keep
your eyes on the big picture and enjoy the ride.
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