Strategies for Pursuing Larger Business Deals - Unlocking the Potential of Bigger DealsLESSON #5: Unlocking the Potential of Bigger Deals
In our previous discussion, we delved into the four essential aspects of enhancing your sales pipeline management: generating more deals, securing larger deals, achieving higher conversion rates, and reducing the time invested. Now, let's delve deeper into a particularly exciting concept – the pursuit of bigger deals!
MORE DEALS + BIGGER DEALS + HIGHER CONVERSION + LESS TIME = AMPLIFIED REVENUE & PROFITS
The journey to securing larger deals doesn't require any magical formula. You don't need to be a corporate giant to win substantial and profitable contracts. Instead, it's about astute sales pipeline management, unwavering focus, and fostering the right mindset.
Begin by envisioning yourself successfully closing significant deals. Self-belief is a fundamental driver of sales success. To manifest it, you must first visualize it. By picturing yourself closing larger deals, you'll instill the confidence that you can achieve it and discover innovative approaches to transform your vision into reality.
1. Learn How Big Companies Operate
Understanding the purchasing habits of larger companies is paramount. Each client is unique, making it challenging to predict their preferences. A valuable strategy is to engage key employees from sizable organizations in meaningful conversations, perhaps over lunch, to gain insights into their business operations. This endeavor often proves invaluable in identifying key decision-makers and distinguishing them from mere gatekeepers.
2. Target Enterprises with Substantial Budgets
It's crucial to focus your efforts on companies with substantial budgets. Larger clients are inundated with inquiries, and they value their time. While this might seem daunting, it's a necessary step if you aspire to secure significant deals. To capture their attention, you'll need to employ inventive strategies.
3. Leverage the Power of Upselling
Presenting logical add-ons and bundling multiple products and services into a single deal can be highly effective. Upselling not only augments the size of your sale but also enhances customer satisfaction. A classic example is the simple query, “Would you like fries with that?” This question transformed the fortunes of a McDonald's franchise owner in the 1970s, increasing annual revenue by over $200,000. Over the years, it has generated hundreds of millions in profits for the company.
What's Your $200,000 Question?
Your homework assignment is to kickstart your journey toward securing bigger deals:
- Begin by visualizing yourself closing the most substantial deal you can conceive of. What specific actions can you envision to transform this aspiration into reality?
- Based on your envisioned approach, set measurable activity goals. These goals might involve targeting companies with larger budgets or proposing add-ons with each proposal – or even a combination of both strategies.
By implementing these strategies and fostering a mindset geared toward achieving larger deals, you'll be on your way to unlocking substantial growth opportunities for your business. We are waiting for you in the next lesson!