If I asked you to name a credit card company that rhymes with latex…”
Could you guess who I’m talking about?
Yes? Got it?
Good, so now you’ll understand the size of the company I was trying to sell to.
The challenge with big companies is that they have all the time, resources and money in the world, so wasting your company’s time isn’t a big deal.
For a small company, this imbalance of resources can mean death.
So to even the playing field, I developed a technique I call the Commitment Fee™.
It’s simple, if you’re working on a big deal, have the potential client put some money up front in case the deal goes south and doesn’t produce the value (press, new customers, etc) that you expected.
In this case, I negotiated and got them to agree to invest $50K.
I knew I went too low when they instantly replied and agreed.
I should’ve asked for 4x that!
All good, lesson learned.
But over the years I’ve developed many other strategies like this to sell to large companies, and cut the time required to close by half.
Watch this week’s video to learn these strategies, and pay extra close attention to my Virtual Close™ strategy.
It’s a simple way to paint the path to cash… while shortening it at the same time ;-)
Selling to big companies requires a different approach than most B2B sales…
… the 3 strategies I use involve a mix of the following:
What would it mean if you could quickly gauge the actual interest level of the company you’re dealing with so you don’t end up wasting your time on something that’s essentially dead on arrival…
… or what if you could reduce your time to close by more than half so you can get paid faster and reinvest in growth?
Yep. Pretty critical stuff.
Leave a comment below letting me know if you’ve ever had your time wasted by a bigger company, and what you plan to do to make sure it never happens again.
Bonus points if you test out the strategy on your next call and report back the results.
Can’t wait to read your responses.
Dan Martell has advised more startups than his hometown has people and teaches startup founders like you how to scale. (Get the free 3 videos to grow your business here.) He previously created, raised venture funding for and successfully exited two tech startups: Flowtown and Clarity.fm. You should follow him on twitter@danmartell for tweets that are actually awesome.
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