When closing enterprise opportunities, you need: 

1. More discovery calls and product demos

2. Identifying and working with champions and detractors

3. Proposals and pilots

4. Competition and objection handling

5. Security review

6. Negotiations and contracts

7. Utilizing the mutual action plan

1. More discovery calls and product demos.

In enterprise sales, discovery is not a one-and-done task but an ongoing process. The complexity of enterprise organizations requires multiple discovery calls and product demos to fully understand customer’s needs. This approach helps identify new stakeholders throughout the sales cycle and solve all the customer’s problems.

Key Areas to Explore in Discovery Calls

1. Stakeholders’ needs:

   1. Work with decision-makers and end users.

   2. Who will champion our product?

   3. Who will detract from our product?

2. Business problems: 

   1. Dive deeper into identified issues.

   2. Uncover new challenges or priorities you weren't initially aware of.

   3. Understand how these problems impact different departments and roles.

3. Timing: 

   1. Assess the priorities of solving each problem.

   2. Establish clear timelines for implementing solutions.

   3. Understand external factors driving urgency (e.g., regulatory changes, market pressures).

4. Decision-making process:

   1. Map the steps in making a purchase decision.

   2. Identify key milestones and potential roadblocks in the decision process.

   3. Understand the roles of stakeholders in decision-making. 

5. Budgeting and Purchasing:

   1. Determine the budget for addressing the identified issues.

   2. Understand budget allocation and fiscal year considerations.

   3. Identify pre-approved vendors or preferred purchasing methods.

6. Adoption and Onboarding:

   1. Explore customer's implementation and onboarding expectations.

   2. Identify challenges in user adoption and how to overcome them.

   3. Discuss success metrics and ensuring quick time-to-value.

It’s also a good idea to utilize sales discovery frameworks like BANT and MEDDIC to identify the required information to close deals.

2. Identifying and working with champions and detractors

In B2B enterprise sales, a champion is an invaluable internal advocate for your product within the customer's organization. They understand the problem your solution addresses, recognize its value, and comprehend the organization's decision-making processes. Champions are crucial in identifying the needs and priorities of stakeholders. 

In enterprise sales with long deal cycles, champions are essential. They act as your inside proxy, navigating internal processes and advancing the buying process. Closing an enterprise deal without a champion is like expecting customers to solve problems alone.

Supporting your champions

1. Arm them with data: Provide product information, competitive analyses, and success stories.

2. Offer strategic guidance: Help navigate internal politics and objections.

3. Be responsive: Address their questions and concerns to maintain momentum.

4. Collaborate on strategy: Involve them in planning the approach to win over stakeholders.

Handling Detractors

Champions support your solution, but detractors can pose challenges. Here are strategies for handling detractors. 

1. Identify detractors early: Recognize potential detractors through stakeholder analysis.

2. Understand their concerns: Uncover the reasons behind their objections.

3. Address objections: Provide fact-based responses to their concerns.

4. Leverage champions: Use your champions to influence or neutralize detractors.

5. Minimize exposure: Limit detractors' involvement in key decision-making stages.

Create champions quickly and support them in the buying process.

3. Proposals and pilots

When crafting a proposal, follow this order:

1. Convince the customer that they have an urgent, important problem to solve. If they don't see the problem as critical or immediate, they're unlikely to invest in your solution.

2. Show that your product and team offer the best solution. Address competing products and alternatives. Focus on the cost of inaction (COI) instead of return on investment (ROI), especially if the alternative is maintaining the status quo.

Consider running a pilot if customers want to test your product. Here are some things to consider.

• Define validation goals and the pilot's purpose.

• Outline action items before, during, and after the pilot.

• Determine the right duration to show value without prolonging the sales cycle.

The main risk for pilots is extending the deal cycle without realizing product value due to improper use. To mitigate this,start with clear objectives and action items.

Q: Should pilots be free or paid?

Generally, paid pilots are preferable as they signal commitment and encourage serious engagement. However, flexibility may be necessary. When considering a free pilot, evaluate:

• Any significant costs to cover.

• The ease of product installation and implementation.

4. Competition and objection handling

Dealing with competition and objections is an inevitable part of enterprise sales. To effectively handle these challenges:

1. Know your product cold: A complete understanding of your product is crucial, especially in early-stage startups. If you can't answer confidently, customers won't buy. This is why founders excel at selling in the early stages.

2. Know your competition well: Even if you don't know competitor’s products as well as yours, understand their strengths, weaknesses, and advantages. Regularly test their products to stay informed.

3. Use battle cards: Battle cards compare your product's features, pricing, and value proposition against competitors. They help present your product favorably and persuade customers.

4. Identify the root of objections: When customers oppose your product, understand why. Don't rush to counter objections. Probe deeper to uncover the real concerns, then explain how your solution addresses them.

5. Leverage content: Use case studies, blogs, webinars, and other materials to address objections, often more effective than verbal persuasion. Maintain a repository of common questions and challenging objections.

As your sales organization grows, you'll naturally have a Sales Enablement team to organize and train your sales team on the content.

5. Security review

A security review assesses an organization's handling and protection of sensitive data. The process involves:

1. Initial assessment: Identifying security risks and vulnerabilities.

2. Information gathering: Collecting documentation on security policies and data protection measures.

3. Technical assessment: Conducting penetration testing and vulnerability assessments.

4. Compliance verification: Ensuring adherence to industry regulations (e.g., SOC 2, GDPR, HIPAA).

5. Risk mitigation planning: Developing strategies to address issues.

6. Documentation and reporting: Summarizing findings and recommendations.

7. Ongoing monitoring: Periodic reassessments for security maintenance.

Sales teams should prepare for security reviews to build trust with potential enterprise customers. The process may vary based on industry, company size, and product nature.

As a strategic approach, sales teams should aim to delay IT/security team review as much as possible. This tactic allows the champion department to build momentum and enthusiasm for adopting the product. IT/Security reviews often focus on worst-case scenarios, which can be challenging for startups without comprehensive security measures initially. 

To generate ROI or minimize COI (Cost of Inaction), sales teams should streamline the IT/Security review process. The goal is to balance necessary security with swift implementation, enabling the customer's team to realize value quickly.However, it's crucial to ensure essential security measures are in place to protect sensitive data and maintain customer trust.

6. Negotiations and contracts

After convincing stakeholders, the final phase involves finalizing pricing, onboarding details, and terms. Consider this during negotiations and contracts:

1. Understand the buying process:

   • Recognize each customer's unique procurement procedures.

   • Expect long timelines from authorization to signing.

   • Establish clear contract deadlines.

   • Gather crucial information early to prevent delays.

2. Negotiate:

   • Focus on total value, not just price; include support and training.

   • Consider competitor offerings and justify any price premiums.

   • Use your champion to understand unspoken priorities.

   • Aim for mutually beneficial terms for long-term partnerships.

   • Consider tiered pricing to accommodate different budgets.

3. Closing: 

   1. Draft contracts based on industry standards, customizing as needed.

   2. Be prepared to discuss and modify terms.

   3. Involve legal counsel for complex deals.

   4. Engage executive sponsors for high-value opportunities.

Enterprise sales negotiations require a strategic approach, balancing firmness on key points with flexibility. It's crucial to find terms satisfactory to both parties and remain adaptable to different customer situations.

For startups, be cautious about accepting unsustainable terms to close a big deal. Consider long-term implications on your business growth.

Closing the deal is just the beginning. A smooth transition to Customer Success is critical for a long-lasting relationship. Keep supporting customers in solving their business problems post-sale.

7. Utilize a mutual action plan

A mutual action plan is a collaborative and structured plan developed jointly by the sales team and the customer. It typically includes:

1. Clear objectives: This defines the ultimate goal of the sales engagement, ensuring both parties work towards a common aim.

2. Defined steps and milestones: This outlines the specific actions and checkpoints to track progress.

3. Timelines and deadlines: Timelines keep both parties on track and ensure timely progress.

4. Roles and responsibilities: R&Rs clearly define accountability, eliminating confusion.

5. Resources required: Identifies what each party needs to contribute for successful execution.

6. Communication plan: Communication plan establishes how and when communication will occur to maintain alignment.

7. Success criteria: Sets measurable outcomes to evaluate engagement success.