There is, of course, a lot of truth in the old adage of “slow and steady wins the race”. But although slow and steady progress towards a goal is better than madly rushing in, there is no doubt that there’s a real buzz to be had from a big win.
So how is that done? There are two main ways of “winning the lottery” in business. One way is to sell lots of things to lots of people. The second way is to do one big deal with one big customer.
Selling lots of things to lots of people
Offering a great deal combined with a sense of scarcity is the way in which to sell lots of things to lots of people. In effect, this approach is about creating a no-brainer offer.
It works well because people can’t resist a great deal plus time-limited offers give people a reason to act now. Your great deal can include bundling together existing products, offering an enhanced version of one of your current products or offering new products from other suppliers.
Doing one big deal with one big customer
This approach inevitably means selling to a larger customer and all that comes with that. They have larger budgets, but selling to corporates and large organisations can be a slow and complicated process.
You’ll come up against all manner of roadblocks and you will face intense competition. It requires patience but doesn’t necessarily mean doing a lot more work than doing a small sale, though. Oftentimes the real effort is only a little bit more. The challenge is that you need to be more creative, more flexible and more patient. Bear in mind that sometimes the path to a large deal with a company is a series of small sales along the way. Here are some tips on doing a big deal.
- Do your research. In all big deals with large companies there will be numerous stakeholders and each will have their own agenda and their own interests which they’ll want to protect. If they feel threatened they will create barriers. Thoroughly know the company you are selling to and the various stakeholders within the company. Be ready and willing to answer any questions they throw you.
- Be patient and flexible. Remember it may take months or even years to do the big deal but it will be worth it in the end.
- Be willing and skilled in closing the deal. Trust your gut as to when to ask for the sale.