September 8, 2017
In a previous post I recently covered the importance of targeting large-scale enterprise deals. Now we’ll touch on the steps SaaS companies need to take to land these contracts.
The go-to-market approach for these deals is much more complex than a self-service or SMB model and knowing these differences is imperative to SaaS success.
In early growth stages, your sales and marketing team is likely operating under a “spray and pray” approach, hoping to get any level of employee at companies of all sizes to take a look at your product. However, when you’re going after enterprise deals you need to take a more targeted approach.
Since selling to the enterprise means focusing on a relatively small handful of target companies, you must be hyper precise in identifying your targets. This holds true not just for the companies but for the people as well.
Your team needs to be identifying the decision makers at each company you’re targeting and finding ways to get in front of them. Marketing and sales must be in sync in order for this to be executed successfully.
An effective way to do this is utilizing LinkedIn. Create a detailed map of the accounts you want to target. Who is the financial or economic buyer? Who is the champion? Who is the line-of-business sponsor? How will IT be involved?
You have to create a list of these personas and then create a list of the buyers with corresponding, relevant messages. Account-based marketing tools like Terminus can help accelerate and focus this process.
When out-bounding and marketing, remember that large enterprises don’t want a tool—they want a solution to their most pressing problems. This means that you must position yourself as a leading solution that can handle the complexities of large enterprises.
These companies are potentially about to part ways with hundreds of thousands of dollars for a solution, so you must position your company as one that can handle their requirements and unique needs. Further, you must position yourself as a stable company that will be around for the long haul.
The last vital component to going after large-scale enterprise deals is a highly-enabled sales team. Reps can no longer operate as order-takers when you are selling to the enterprise. They must be thought leaders with a strong opinion. They must have access to and be able to coach your buyers about informational content that can bring them to the buying stage.
Your sales reps that are selling $100K+ deals need more than simple training. They must be able to recognize the drivers of your customer’s business and how your solution can transform their ability to do their job well. They must understand the intricacies of the problem and provide a seamless solution which your product can solve.
This means it’s up to you to invest heavily in training and equip your reps with thought leadership pieces, including relevant case studies and ROI analyses. An investment in technical salespeople or sales engineers will ensure your team has all the resources they need to run a large deal.
Graduating from SMB deals to enterprise-level contracts isn’t rocket science. It is, however, a very technical and demanding process that will take more time and money than your team is used to. But the size of one deal eclipses that of so many small ones that it’s well worth it in the end.
Read more about sales strategies at TechCo
This article is courtesy of Techstars, the best global ecosystem for entrepreneurs to bring new technologies to market. From inspiration to IPO, Techstars empowers the world’s most promising entrepreneurs throughout their lifelong journey by providing a global ecosystem made up of tens of thousands of community leaders, founders, mentors, investors, and corporate partners.
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