Whale Hunting Wisdom

Welcome to the Whale Hunters Wisdom blog with Founder, Dr. Barbara Weaver Smith. Join us for frequent ideas on business development, success stories, comprehensive sales articles, and regular links to all of our new resources. You will find a lively discussion of small business growth, RFP strategies, sales development, sales resources, and business deals. It is all about growing your business.

Who Decides It’s a Big Deal?

Today’s post is a reprise from the archives–How do you know it’s a big deal and who gets to decide? Important agreements among senior management and the sames team.

 

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Small Door, Little Room

Many companies get caught in the “Earn-it Trap” when they hunt whales, selling a small piece of work to a whale in the belief that it will lead to much bigger things. In our experience, this is a very low-yield strategy for agencies. Most of the time, if you go in through the small door, you get stuck in the little room. Why?

Here’s one angle. Suppose your resume, background, and education clearly qualify you for a senior position at a large company. You go to the Human Resources room, where no VP positions are available, but you can interview for an open job in the mailroom because that is the problem HR needs to solve today.

You don’t want to be a mailroom clerk! Sigh. But you do want to work at the big company. The HR person hints that this company promotes from within and you would have an advantage when the big job comes open.

So you take the little mailroom job hoping to get noticed and promoted when the timing is right. Time passes. Big jobs open and other people are hired or promoted. Often the person hired is both less qualified and from the outside.

You complain: “Hey, I am more qualified, I am a current employee, and I should be getting a shot at that job.”

Your boss tells you:

  • You’re doing a great job and we really need you where you are.
  • She didn’t know you had experience that qualifies you for that job.
  • The company policy is that you will have to compete with outside candidates.
  • All of the above.

In like manner, agencies fall for the Earn-it Trap all the time. They take a little deal with a lot of hope, and then they watch the big deals go to competitors.  Or they subscribe to a market “test” of some sort, with fuzzy metrics and vague promises.  And the first test is followed by a second test, and so on.  The lure of bigger opportunities to come almost always falls short, in part because the people who buy small projects are not the same people who buy big projects.

How can you avoid getting locked into the little room?

Knock on the right door. Anyone who has landed a top job with a large company will tell you that the last door to knock on is Human Resources. Likewise, if you are at the Procurement, Diversity, or Purchasing doors, you are starting at the wrong place. If you are calling on a local or regional presence of a national or international corporation, understand that it isn’t a door to the top.  The odds of moving up from local to national are extremely low because national buyers rarely choose to do business with the “lower-level” companies that serve their franchisees or regional affiliates.

Leave the wrong room fast. Sometimes through good intentions from a friendly referral source, you end up at the wrong place.  You know you are in the wrong place if you look around and there isn’t an end-user in the room. Trying to get directions from the wrong place to the right place rarely works. Better to stop, back up, and knock on a different door than to try to find the right door from the wrong room.

Beware of little nibbles with big promises. If a whale-sized opportunity is real, there should be an adoption schedule with volume commitments based upon performance standards for your firm to meet.

If you hear, “We’ll see how it goes,” just say no. If they have no plan, you have no path. No path means no commitment. Remember this: within a whale, any individual can make a promise, but only the Buyers’ Table can make a commitment. You don’t have a real sale unless you have an agreement from the buying group about how and when the rollout or ramp-up will occur.

If you are already stuck with your whale in a little room, understand that for now you have been pigeonholed and forgotten. Growing business with this whale will require a very different approach from your normal sales efforts.

Posted in Business Development Strategy, Sales Tips, Small Business Advice | Tagged , , , ,

Five Steps to Great Sales Materials

A version of this post was published at agencyside in January 2011.

Let’s face it—most of your sales materials are all about you.

The sales rainmakers say, “I need a brochure about Product X.”  Or “When can you get me a case study on Project Y?”  Or, “I need a think piece on Topic A.”

Or the marketing team gets together, and decides that you need a new intro video, or a redesign of your website, or a clever new marketing piece on this clever new program you’re offering.

In each case, something about YOU is your company’s motivation for the new piece.

How can you turn that around and develop sales materials that are all about them–your clients and prospects? Continue reading

Posted in business development tactics, content strategy, Sales Tips, Women in Business | Tagged , ,

The Hunt is Never Over

Brooke Green
Brooke Green

Today’s Guest Blogger is my great friend Brooke Green, principal at Caskey Achievement Strategies.  Brooke is passionate about her work coaching sales teams and beloved by her clients. Thanks for joining us, Brooke!

I always find this time of year interesting. If you have any responsibility for revenue growth within your company, I’m sure you’ve been asked to create a sales plan for how you will make that happen. My experience is that most are searching for new revenue, inside new businesses. Why would you not concentrate on what’s already there? Your key accounts. Continue reading

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Key Accounts: A Great Source for New Revenues

For 2012, we’re planning a “theme of the month” approach on the blog.  January’s theme is new business with your best current accounts.  I’ve lined up a great list of guest bloggers to help explore this topic, starting today.

Please welcome Dave Cooke (@SalesCooke), CEO of Strategic Resource Group and an expert on how to grow key accounts.  Thanks for kicking off 2012 for us Dave!

The definition of business success is growth.  Increasing revenue drives most sales organizations.  However, there are two aspects of the growth formula that are often underlooked; or, at least, underemphasized– client retention and business development in existing accounts.

The most efficient channel for increases or improvements to profitable revenues is maintaining the business relationships you have and leveraging those relationships to offer and deliver more.

Your best customers are your most efficient channel for new business opportunities.  Yet, many organizations struggle to create and discover these opportunities.  For the most part it is because they have become so proficient at being satisfied with the existing relationship that they fail to understand or recognize how to
expand and build on it.  Continue reading

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Reprise: Most Popular Post of 2011

This was our all-time biggest blog traffic post, originally from June 2011.

Here are five key points to consider in preparation to make your initial call on a prospective customer.   No, they’re not about putting brochures in a folder or loading up the power point!

  1. 1.Know the customer.  Some sales people call on prospective customers with little more than a “lead”—maybe only an address and a name scribbled on a post-it note.  But whale hunters do not call on a large prospect until they have a complete dossier prepared by a Scout, someone in sales support, marketing or administrative assistance who has been trained to conduct the essential research. Your dossier should include a complete description of the company and its history.  You need to know its major customers and competitors, key products and services, and its market position.  Record three years of data on revenue, gross margin, and operating margin.  Total assets and total debt help you create a snapshot of the company’s current position.What is the company’s current market strategy?  Are they gaining or losing market share?  Are they poised to introduce new products or services?  Are they B-to-B or B-to-C?  What kind of  budget have they had historically?  Who is or has been their incumbent provider? Continue reading
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