The enterprise sales process is a chance for your company to generate more revenue with large corporations. Well-known companies like Microsoft or Disney as enterprise customers will increase a company’s reputation more than working with medium-sized businesses with shorter sales cycles.
Enterprise salespeople want more than just a handful of enterprise buyers. A startup’s focus should be on building customer relationships between sales representatives and multiple decision-makers. These business operations ensure revenue growth and broaden a company’s total addressable market.
While important to sales, traditional sales don’t offer high price points or high investment. There’s a higher customer acquisition cost with enterprise sales because enterprise selling involves a longer sales cycle. We’ve crafted a strategic level of tips and takeaways for companies looking to grow their enterprise sales team with industry research.
What Is The Enterprise Sales Cycle?
The pros and cons of enterprise sales cycles balance out as the high investment complexity aligns with multiple stakeholders working with the sales representative through the enterprise sale. An enterprise sales model involves higher risk and a longer sales cycle than SMB sales.
The SaaS industry is booming with opportunities in recurring revenue and enterprise deals. These longer sales cycles include a complex sale for a client’s business. Customer relationship management between decision-makers and the sales rep can take weeks or months to smooth out as enterprise sales strategies are planned out to solve pain points.
Automated tools like our Cloud Kennect make it easier to improve customer success and lead generation for anyone looking to grow their network. The days of manually prospecting and growing your professional network for hours are long gone.
Low-cost products do not easily solve these pain points, although businesses create deals within the complex sale. A higher price point means tailored solutions and straying from the sales models. The enterprise market involves a custom solution from enterprise sales reps at the end of the sales process. Previous sales like the transactional sales model don’t require long sales cycles.
An enterprise deal involves decision-makers, including enterprise clients, an enterprise sales rep, and human resources, although they’re left out of much of the long sales cycle. Enterprise sales reps that succeed in transactional sales and enterprise sales can greatly help reputation and relationship building with enterprise clients.
How Your Sales Team Can Succeed In Complex Sales
Startups focus on achieving enterprise sales and other sales as an overall goal. All sales teams should have sales reps working toward an achievable goal to increase annual contract value. Earnings calls should discuss achievements and annual reports to set up sales teams for success in complex sales.
The enterprise sales process takes time to achieve, so a sales team should familiarize themselves with the sales cycle long before reaching out to decision-makers or vice versa.
Customers want a reason to enter enterprise sales. If your company is relatively new or a startup, one way to stand out is to provide compelling reasoning to get behind an enterprise sales team. Enterprise sales, because of their unique sales process, require some persuading from the sales rep. Whereas transactional sales have more “cushioning” for lack of a better term, complex sales don’t.
Before entering the sales process, you want to do extensive research on the client’s business. You’ll likely identify a company’s problem or issue before they do. An enterprise sale typically doesn’t start when sales reps reach out to clients. Other businesses discover your product or service and reach out for enterprise sales.
Enterprise sales are one of the most divisive types of sales because of their unpredictability. Transactional sales can transform into enterprise sales if a need is there for a product or service. Remember to be flexible and adaptable to whatever comes your way during enterprise sales. Transactional sales are mainly straightforward, and you know what’s coming, but enterprise sales can spin last minute.
Enterprise-level abilities come from experience on the sales floor. Relationship building and enterprise sales work when sales and networking go hand in hand. Put the sales customer before your own needs every time but don’t forget you’re representing a brand. You have a say in what happens too.
We’ve found computer software to be a beneficial seller when making enterprise sales vs. transactional sales. Enterprise-level sales involve selling to multiple customers or entire companies which software tools come in handy.