How to Close Enterprise Sales: Learn How to Effectively Navigate Group Buying
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- čas přidán 24. 02. 2024
- How do you get great at Enterprise Sales? The largest Enterprise Deal we ever closed was $1.2M. One customer. One deal. For software.
It was wild to me that ONE deal can bring in that much. It opened my eyes to the power of Enterprise deals. On this Unstoppable Sunday, I’m going to give you the three principles you absolutely need to know on how to close Enterprise Sales in SaaS.
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I work in Enterprise SaaS, ‘pilot’ is also known as a ‘PoC’ or Proof of Concept. The perfect PoC is that there is no PoC meaning the product and marketing are so informative that PoC is not even needed.
However, if your prospect requires you to go through a PoC, you need to come up with a requirements document that fleshes out what success or failure looks like, before you embark on this journey. These requirements can be both, technical and business related.
This ensures you and your team have clear objectives on what the deliverables are during this phase.
Very informative, thanks for all the info TK!
Hi, how can a startup able to score a deal with the enterprise if the startup is under radar? Would the enterprise consider this type of startup is a huge risk?
@@ACCA2016 Excellent question. Enterprises have a whole 'Procurement' department who are often chartered with keeping expenses and number of vendors/software in check and secure the best possible terms when deals do happen. If you go through the traditional route, they will have you fill questionnaires with hundreds of questions around the resiliency and security of your product and your company. When Account Executives (AEs) do not have leads, this is what they are doing. However, it's very rare (in my personal experience) these materialize. It's akin to doing it for the sake of checking boxes and hoping something comes along...
Don't be demoralized with these questionnaires and procurement departments, their purpose of existence is to be very strong in vetting new vendors.
So, how do you then go about selling to Enterprise customers. I will go by what worked for our founding team. The notes I have from the early days of our company, we were speaking directly to the decision makers in these Enterprises and not to sell our product, but to understand their pain. We were not directly selling, we were taking these Execs into confidence that we are listening and trying to build something that will help with their pain points.
So, indirectly, we first established a rapport with the Enterprise customers and eventually demonstrated what we had built. Some of these Execs came through with a check in hopes that they not only will solve their needs but, will be able to influence the founding team that listens and shapes the product around them. A product which eventually solves problems of many customers.
It's a long sales cycle with Enterprises and the product should be priced as TK mentions several times, on the value it brings. If you are going with the $9/$99/$999/month, model, it can be difficult. You can still sell it to an individual team but, it will not be a truly Enterprise level deal. I love how TK educates not to fall in the feature trap and building the product, it's all about getting out there, networking and marketing the product.
thanks for sharing mate!
Another great video TK! Love the upload commitment to Sundays 11am CT.
SO glad to hear you’re getting value from the channel!
YES!
🙏🏼
My question is why implementing those principles instead of hiring an exe like you mentioned on the video who knows those processes?
It’s up to you. A great VP of Sales or VP of Marketing costs $300K/yr so they can come in and build everything out. If you can afford that and recruit that person then that should be your priority. Otherwise, typically in the early stage, it’s Founders that own this.
This video is amazing. You really know what your talking about! Thank you
Glad it was helpful!
Amazing, thank you so much!
Glad it helped!
Yes!
🙏🏼
Very powerful episode, thank you @TKKader! Question: Is this Enterprise sales approach feasible as a solopreneur aiming to kick of a pilot... say in the next three months? or will you likely need a well established team to execute it?
It really depends on your target market and ideal customer.
So Customer Acquisition Costs and the risk on investing in it is skyrocketing
In the 12-18mo of one of these deals, does a pilot usually kick off early on that window, eg in the first 3 months, or later on in the process?
You really want to get a pilot kicked off as early as possible. It accelerates everything else.
@@TKKaderawesome, that makes sense. So asap after the demos