When you”™re a small company, most high-end clients want to use a larger company ”“ at least that”™s what I”™ve found. Do you have any suggestions on how to get around that concern?
Thoughts of the day: Check to see if you”™re marketing to the right kinds of clients for your business. Build an identity that matches what your clients want to buy and make sure your company can live up to that. Look for marketing tools that appeal to your target customers. Make sure you”™re calling on and reaching the right people within your clients”™ organizations.
There are many reasons why a company might want to buy from a large company. Those reasons might include a perception of financial depth, R&D ability, continuity as staff turns over, board and other shared relationships, reciprocity purchasing (I”™ll buy from you, you buy from me) and ability to buy multiple products from one source. The list goes on, these are just a few of the reasons I”™ve heard cited.
Reality is most of these can be overcome by a small company. Build up reserves so that your company can afford the kind of float a large corporate or government buyer might demand. Know how much R&D your company can afford to invest in. Consider aligning with larger organizations that can supplement R&D and provide other forms of intelligence without being a competitor. As a small business owner you have the ultimate in continuity. You are much more accessible than the CEO of a major competitor, the buck still stops on your desk and you aren”™t likely to take off or get fired since you”™re the owner.
When it comes to board and other relationships, think about whether you want to invest the time and energy on this one. If you decide it”™s worth pursuing, lay out a plan to get there, identifying the players you need to know. Social media platforms and annual reports can give you insight on who to know and how to get to them.
As for reciprocity, you”™ll not be able to compete with most large volume buyers. Instead, pitch your company as knowledgeable about its clients. Provide added value by helping customers solve problems. Make that added value worth more than any discount a client might get for bundling purchases with another vendor.
Find out what your large corporate buyers are trying to accomplish and to move their companies forward. What would be most valuable to help them reach their goals. Then work backwards. How can you put your company”™s assets to bear to help your clients? Figure out what can be done to leverage your company”™s knowledge, connections, ability to gather information, etc. on behalf of your clients. Make your company indispensable to your clients and no one will care what size it is.
Don”™t forget about nimble. No matter how powerful a major competitor may be, they are big, have more bureaucracy, and take longer to make and act on decisions. Use that to your advantage. Your company can commit faster, escalate things to the top and get decisions made at a pace no large competitor can match.
When it comes to building organizational relationships, think about who you call upon. What”™s their motivation for meeting with someone from your company? How do you get your message through to the people you want to meet with? Maybe you need to send out information packages ahead of meetings to inform participants of what your company brings to the table that will help them.
Follow up professionally. Courteous notes and emails, spell checked, grammar checked, to the point, summarizing each encounter, can go a long way to enhancing the perception of your company”™s ability to perform.
Spend money to get a presentation in top-notch shape. You may invest a year or more getting just the right meeting. Don”™t blow it by looking like you”™re playing in the bush leagues. Learn how to use presentation tools on a laptop or tablet. Have four-color handouts. Save on printing costs by putting six slides on a page.
Practice your presentation until you know it cold. Think through every possible answer. Have someone drill you until you can look cool under pressure.
People still do business with people they know and like. Profile your clients and prospects. Use your CRM (Customer Relationship Management) system to document all the people you want to connect with, and to keep track of progress.
And get known throughout your clients”™ organization and industries. Join industry associations and panels where you”™ll gain access to otherwise hard-to-reach individuals.
Andi Gray is president of Strategy Leaders Inc., strategyleaders.com, a business-consulting firm that specializes in helping entrepreneurial firms grow. She can be reached by phone at (877) 238-3535. Do you have a question for Andi? Please send it to her, via email at AskAndi@StrategyLeaders.com or by mail to Andi Gray, Strategy Leaders Inc., 5 Crossways, Chappaqua, NY 10514. Visit AskAndi.com for a library of articles.
