Email marketing is still relatively new compared to other forms of marketing. This wonder child in the world of online marketing has gone from a novelty into a headache seemingly overnight.
Federal legislators have passed new legislation due to the influx of spam and messages flooding inboxes. Legitimate marketers are attempting, with the CAN-SPAM Act recently signed into law, to comply. To prove their legitimacy, would-be brokers are scrambling for email-friendly relationships to build with customers and prospects.
Many companies ignore building their lists despite marginal response rates when using third-party list brokers. List brokers will become obsolete if CAN-SPAM makes in-house lists mandatory to remain in compliance. This issue’s dilemma is: Should legitimate marketers continue to use third-party list brokers or build in-house lists?
Do you prefer to opt out of this dilemma instead? Please tell us what keeps you awake at night. What quando do you bring with you to work? They would be happy to assist. Send us an email, and we’ll ask our SWOT team about your problem. Take advantage of the collective wisdom, experience, and strength of this group. You could win a copy of our book, The Marketer’s Guide to eNewsletter Publishing.
What is your advice on selling to SMB CEOs
Years of experience in selling complex and large technology solutions to Fortune 500 executives. Recently, I switched to a company that sells only to companies with sales of less than $15 million.
I thought that my experience and background would be transferable and that I could sell more in this area. But to be honest, I feel like I am a fish without a net. I’m getting in the door by focusing on prospects’ ROI, but that’s not enough to close the deal. Are small- and medium-sized business executives really different from those in large corporations? SWOT team, what is your best practice for selling to CEOs?
Summary of Advice Received
We understand that it can be difficult to apply your hard-earned Fortune 500 experience in a different market. All is not lost. With a small shift in perspective, some time spent honing your skills, and a change of mind, it appears you can get back on track.
Companies of all sizes face a similar challenge when it comes to selling to CEOs in small and medium-sized businesses. As with any relationship-based sales, your peers’ advice shared a common theme: it is important to understand your customer and their industry.
David O’Malley is the vice president for sales at Treev.
I try to guide my salespeople in their messages and help them better understand the nuances of each client. Know thy customers!
Establish domain expertise to know your customers.
Even more than large corporations, it is important to immerse yourself in the specifics of the industry and business of your customers. Once you have a foot in the door, these efforts will help you establish common ground with the buyer and know how to position your offering.
David O’Malley continues with his comment:
I’ve warned my sales reps not to rely on ROI alone to close a deal. Why? In small and mid-sized firms, executives are often responsible for making poor decisions that can cost them money (lost bonuses) or even threaten their lives. In large firms, executives are often protected by layers of management. They may have executive IT steering panels, rules of engagement, and legions of consultants.
Our company takes the time to develop a niche and become an expert in that area. We do this until we are able to understand the industry. In our case, we sell to banks and financial service firms. Regulatory issues and mandates constantly hamper banks. These professionals are concerned with accuracy and efficiency, as well as adhering to the current “law of the day.”
We make it very clear that ROI matters and can guide them to a good investment. But above all, we know their business. Our value proposition is to be a trusted partner with a vendor who knows what they are doing. This is crucial for the executive of a small or midsize company. We provide them with comfort knowing that their mission-critical legacy data is in the hands of a provider who knows the world well and would react just like they would.
Concentrate on the short-term solutions to pain/problems.
CEOs in smaller companies tend to focus more on the short-term and immediate challenges they face every day. It can be challenging to help an executive understand the benefits of implementing a solution that will last a long time (and have future results). It may be more effective to focus on a short-term solution, particularly if you can demonstrate how it aligns directly with the executive’s pain/problem.
Colly Graham is a SalesXcellence strategist who suggests that you begin by identifying your pain.
You’ve found yourself in a situation with CEOs who are more involved. Smaller companies tend to place more emphasis on the short term than larger corporations. The CEOs of small companies are more concerned with this quarter, month, week, or today. ROI is useless if you don’t understand the pain of your customers.
What problems/pains can you solve within the time frame specified for your client? You must first identify the problem before you can find a solution. You must first identify the problem and then determine how the solution will best solve it. What are the issues you can solve for the CEO in recognition that their top priority is results achieved through efficiency and effectiveness? You must rethink your strategy for sales and create a methodology to help you uncover the pain your product solves.
Aaron Bare, CEO of Complete Strategy, who achieved a similar increase in sales, shares his formula for success when selling to CEOs’ emotions and showing them how they can alleviate their current pain.