![\"Have](\"https://mercurylabsmarketing.com/wp-content/uploads/2022/11/Have-business-conversations-634x1030.webp\")
There are three things to consider when you\u2019re about to SaaS out an Enterprise. One, the sales cycle is a long process of negotiations and bureaucracy. Two, you\u2019ll be facing off with a committee of decision-makers with ambiguous authority and various motivations. Three, staring straight into the sun without flinching is easier than prospecting without an inside contact.
\n\n\n\nSo, ready to wade into deep Fortune-500-infested waters? I say that but, in reality, enterprise-sized companies are not just made up of F500 accounts (although they are right there at the top). Generally, organizations with more than 250 employees and $50 million in annual revenue are considered enterprises. This means that while the deal sizes may vary, the contracts are all larger and longer in duration than those you would get from Small And Midsize Business (SMB) deals.
\n\n\n\nOkay, ready to dive in?
\n\n\n\nLet\u2019s start with\u2026. Prospecting!
\n\n\n\nI bet you\u2019re thinking, \u201cOh boy, here we go.\u201d
\n\n\n\nI\u2019ve discovered that it\u2019s not just me. In fact, a lot of people don\u2019t enjoy prospecting. The few who do are savvy sellers who enjoy the thrill of a whale hunt. Emails are a little easier but there is always that feeling of dread before you pick up the phone to make those cold calls. You know more than anyone that they won\u2019t start spinning without that initial momentum. So, really\u2026 What is holding you back?
\n\n\n\nI get you. That’s why I\u2019m giving you the real talk here. There is no such thing as a perfect sales model or a sales hack for enterprise selling. Your prospect knows the game, possibly better than you. I find that, even years later, I\u2019m still trying to shake off the feeling that I am intruding, and that I am going to be rejected.
\n\n\n\nThe simplest solution is: just do it. A smart manager once said, \u201cIt\u2019s prospecting not alchemy.\u201d You\u2019re there to create conversations that look for opportunities, we can\u2019t turn everything into gold.
\n\n\n\n\n\n\n\n\nIt’s prospecting not alchemy
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Although, it does pay to have a great knowledge base. Nothing is more mortifying than to have a prospect turn a question around you and your mind suddenly blanks.
\n\n\n\nHaving a bad time generating quality enterprise leads? See how our Enterprise Lead Generation.
\n\n\n\nThe sales process is about breaking the ICE. We begin with Initial contact, then create the Conversation, and finally the Explanation. I didn\u2019t come up with it! I did think that it would be really awesome to share Mike Halper\u2019s ideas with you. There are for key points for each part of the sales process: format, goals, structure, and questions. The elements listed on each key point are pretty self-explanatory as you can see below.
\n\n\n\n| Format | Goals | Structure | Questions |
| – Cold calls – Cold emails – Networking – Inbound calls – Inbound emails – Website chat | – Pre-qualify – Build interest in talking – Close for conversation | – 2-5 minutes – 80% on prospect – 20% on you | – Pain point – Current state |
| Format | Goals | Structure | Questions |
| – Appointment – Online meeting – Face-to-face meeting – Extended cold call – Meet at an event | – Qualify – Gather prospect info – Build interest – Close for explanation | – 10 to 60 minutes – 50% on prospect – 50% on you | – Pain point – Current state – Desired state – Organization – Qualifying |
| Format | Goals | Structure | Questions |
| – Presentation – Demonstration – Proposal – Quotation – List of options | – Qualify – Build interest in a product – Close for purchase | – 30 minutes to 2 hours – 20% on prospect – 80% on you | – Pain point – Current state – Desired state – Organization – Qualifying – Closing |
This is the most important question, and most likely why you\u2019re still reading up to this point. Fundamentally, once you identify the customer\u2019s pain point, it\u2019s a matter of delivering the solution and the benefits. That\u2019s the easiest and most logical conclusion.
\n\n\n\nWhat about after? Will your solution create value realization? Don\u2019t worry, we\u2019ll start with the basics and go from there.
\n\n\n\nThere are three layers of pain and the effect cascades down to the other layers. What started as a technical pain will affect the business, when the business suffers, the individuals suffer. By providing value to counteract each pain point from the top, successful outcomes will flow quite easily.
\n\n\n\n| Technical | Pain Point | Value Point |
| – Processes – Platforms and Systems – People | – Tasks are manual and time-consuming – Things are not working well – It takes too much time and effort to do something – Current processes are difficult – It\u2019s difficult to see what\u2019s going on and access information – Connectivity or communication is difficult – Performance of systems, processes, or people is not what it needs to be – Reliability of systems, processes, or people is not what it needs to be | – Automate manual tasks – Make something work better – Decrease the amount of time or effort required to do something – Make something easier – Increase visibility or access to information – Improve communications or connectivity – Improve the performance of systems, processes, or people – Improve the reliability of systems, processes, or people |
| Business | Pain Point | Value Point |
| – Revenue – Costs – Delivery of Services | – Difficult to find ways to increase revenue, market share, profitability, etc. – Difficult to close sales and leads – Conversion rates are not what they need to be – Decision-making process is slow and not as good as it needs to be – Difficult to decrease the cost of goods sold, inventory costs, labor costs, etc. – Long product delivery time – Poor product or service quality – Customer satisfaction is not what it needs to be – Customer retention is not what it needs to be | – Improve revenue, market share, close rate, conversion rate, profitability, etc. – Decrease the cost of goods sold, inventory costs, labor costs, etc. – Decrease risk – Improve decision-making – Decrease product delivery time – Improve the delivery of services – Improve product quality – Improve customer satisfaction – Increase customer retention |
| Personal | Pain Point | Value Point |
| – Income – Career – Work – Environment | – Not making enough income, bonuses, commissions, etc. – Lack of financial strength – Need to get promoted or advance career – Not getting enough recognition – Working too much or too much of a workload – Job is extremely stressful and chaotic – Not a good work/life balance – Not happy | – Increase personal income, bonuses, commissions, etc. – Decrease personal expenses – Create opportunities for career advancement – Increase recognition for performance – Decrease workload – Decrease stress level – Increase level of happiness – Improve work/life balance – Improve personal relationships |
Learn how to generate ideal leads through software sales outsourcing.
\n\n\n\nBy using the key points in the tables above, you will be able to create a conversation with your prospects and customers. This will also serve as a basis to ask your pain questions and identify the current state of their business.
\n\n\n\n![\"Brainstorming](\"https://mercurylabsmarketing.com/wp-content/uploads/2022/11/brainstorming-current-state-questions-1-634x1030.webp\")
When it comes to enterprise accounts, the sales process just doesn\u2019t end after you close the deal. In fact, customer success plays a crucial role in the sales cycle which I will expound on later. It\u2019s important to work with your partners on how goals can be met and demonstrate development commitment by way of the Partner Planning Process.
\n\n\n\n![\"Partner](\"https://mercurylabsmarketing.com/wp-content/uploads/2022/11/Choose-the-best-metrics-for-your-partner-planning-process.webp\")
Keep in mind that enterprise partners may not have time for frequent meetings and you are just one of the many vendors touching base with. Using the planning process plan, you should be able to create a simple and achievable roadmap on how to meet your goals together.
\n\n\n\nCheck out the difference between enterprise sales and SMB sales.
\n\n\n\nPeople are resilient. Business-driven ones, even more. After each disruption, we have seen how the business world adapts, overcomes, and evolves faster than ever before. In fact, Harvard Business Review surveyed that 63% of the F500 CEOs stated they would accelerate their technological investment despite financial pressures.
\n\n\n\nThis is why the rapid rate of digital transformations for the past few years has created a radical shift in customers\u2019 technology needs and expectations. As someone from B2B sales, there are two demands an enterprise customer will ask of you; Expertise and Simplicity.
\n\n\n\nEnterprise Sales Reps and Account Executives (AE) are expected to be more tech-savvy, have deeper industry knowledge, and be expected to provide constant and continuous value throughout the sales process.
\n\n\n\n![\"Expert](\"https://mercurylabsmarketing.com/wp-content/uploads/2022/11/Expert-Guidance.webp\")
Related: How to Generate ERP Leads Effectively
\n\n\n\nAs we are now shifting towards Industry 5.0, customer culture has begun to favor self-service. That is why they crave simpler and personalized user experiences. Straightforward cloud-based solutions have become the ideal buying model for B2B customers.
\n\n\n\nRelated: Top ERP Software Companies
\n\n\n\nThe buying committee is generally at the C-suite or executive level. But you may often find yourself assigned a main point of contact with no buying power. Instead, they have the power to influence decision-makers. They could be your ally or they could be your blocker. Before we can identify the persons we should win over, let\u2019s first review the decision-making structure of a typical enterprise business.
\n\n\n\nStruggling to generate more enterprise software leads? Discover how Mercury Labs’s lead generation for enterprise software companies.
\n\n\n\n![\"Decision-making](\"https://mercurylabsmarketing.com/wp-content/uploads/2022/11/How-Decisions-Are-Made.webp\")
Identifying the persons behind the decision process can help you optimize your sales strategies and shrink loooong sales cycles. Depending on the organizational structure (see figure above), the decision-makers can be any of the following:
\n\n\n\n| Sole Decision-maker | Board-approved Decision-maker | The Committee |
| There could only be one\u2026 if you\u2019re lucky. The sole decider is usually the CEO, president, or division president. Sometimes a project director or a department head may be granted discretionary buying power. | Another type of decision-maker is one that needs board approval first. In compliance-heavy organizations, you\u2019ll have to wait through several board meetings before there is final approval. | A decision cannot be made without a group consensus. The final decision is usually made by one person but it is a team effort to help them come to the best decision for their organization. |
Gartner came up with a really cool thing called the Enterprise Personas which should not be mistaken for Buyer Personas. It\u2019s actually somewhat similar to the Ideal Customer Profile except it\u2019s tailored towards an enterprise-sized business where consensus decision-making rules apply. An enterprise persona can provide context for your
\n\n\n\nAlthough this persona includes segmentation elements like firmographics, it is not for any actual segmentation. Instead, segmentation happens when you can identify the key areas to help build your buyer persona.
\n\n\n\n![\"Enterprise](\"https://mercurylabsmarketing.com/wp-content/uploads/2022/11/firmographics.webp\")
Sole decision-makers without influencers are atypical for enterprises, and they rarely happen. What you are typically facing are multiple players in the meeting room, usually more than five, and with very different buying roles. By using the buyer roles as baselines to prepare your answers and materials, you\u2019ll come out of each meeting a winner!
\n\n\n\nThe decider has decided! Heck yes! Does that mean the deal is closed and won? Not yet. You\u2019ve only moved on from the line-of-business employees onto the procurement process. There are going to be people who will scrutinize and question every fine print. They are there to make sure proper procedures are followed and company supplier guidelines are adhered to.
\n\n\n\nProcurement is usually one of the reasons the sales process takes so long. That means you should bring in a business or customer success manager who will continually communicate with the procurement team to ensure that every requirement is met. If done right, procurement can become your biggest champion.
\n\n\n\nIt comes as no surprise that marketing software to enterprise customers has a different take than to a regular B2B customer. Your usual marketing and sales tools? The email marketing, and the social media campaigns? They may not work in context considering the high price point, tailoring your campaigns to several audiences of decision-makers at once, the enterprise level being niche, the purchase process being long and Byzantine, and the software product/service itself being complex.
\n\n\n\nMarketing an enterprise product has to go through several stages of customization and integrations optimized to a self-service user experience because nobody wants to talk to a salesperson until they\u2019re at least 80% sure they want to buy. You should use the right tools and platforms such as LinkedIn and understand how to best approach your target audience by identifying the correct enterprise marketing elements.
\n\n\n\n\n\n\n\n\nDon\u2019t just copy + paste something and call it a day
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Put yourself in your customers\u2019 shoes. Would you buy from a vendor that promises you a customer success manager (CSM) or a vendor who takes that CSM along for the whole sales process? That very same CSM who understands the detailed scope of work and has the experience of professionals who will integrate the system and train your staff along with it?
\n\n\n\nThe answer\u2019s pretty obvious.
\n\n\n\nOf course, it is a given that the CSM will take the reins after the product goes live. However, introducing them along with your team during the sales process and deployment can guarantee continuity in Customer Lifetime Value and Gross Retention. They can ensure that your customers get what they pay for while also helping your business sustainably foster your customer base for upsell opportunities.
\n\n\n\nThe reality is that the more enterprise company logos you collect, the easier it is to acquire new sales. Your social proof is the reason why these huge account holders would be willing to hear you out. Ultimately though, it will depend on whether or not your solution is enterprise-ready or able to support big companies. This is a challenge for startups and why it is critical to build connections and overdeliver on customer promises. Be prepared, be audacious and deliver.
\n\n\n\nGodspeed!
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