How to land and expand an enterprise account

Friday, December 08, 2023

Jay Abraham who has been a mentor to me on marketing has said that there are only 3 ways you can grow a business.

You can increase the number of customers you have. You can increase the transaction value or you can increase the frequency of repeat purchase. Now when it comes to enterprise or B2B sales I’ve found really only 2 out of the three apply.

The first one I like is Up-selling and creating tiered pricing to incentivize them to give you more business.

When you have a B2B service or SAAS company you can consider up-selling your existing customers to give you more business and the way I did this in this my last business Order Solutions was creating tiered pricing meaning you lower the price for the more business they give. So for me my company was taking calls for restaurant locations. If I was handling calls for 100 locations and my client wanted to get a discount I would say we can lower the price to x if you give us 1,000 locations. You see what I mean you are generating more revenue from an existing customer.

So for example lets say you run a marketing agency and you’re model is you charge 10% of the ad spend. You could create tiers where if they spend over certain dollar amount you can lower the percentage that you change down so they will want to give you more money.

There is a bunch of ways you can do this. Another strategy I like and you see a lot of the worlds largest consulting or services or software companies do this like Mkinsey, Bain, UI Path, SAP.

Is you cross-sell another service to an existing client. So for example in my world if I was offering streamlining to- go phone orders for restaurants I might try and cross-sell them a catering hot line for businesses to call in and place bulk orders, or I might try to cross-sell them guest relations support or a voice ai service to help streamline the simple calls.

Software companies a lot of the time get people in the door by selling them one product and then their customer success or sales team will then try to expand the account by cross-selling them another service. Consumer companies will sell a customer the next product they might need to add on to their cart. These are just a few examples. If you don’t have anything to offer them as a cross-sell yet but you want to come up with some ideas. Here are some tips that you can use to get ideas.

Number one, think about the problem you’re solving for your client and think about what’s the next thing they need to be successful. What would that product or service look like? Also go spend time and talk to your customers and listen to them. Ask your customers and get and understanding of goals, challenges, problems.

If you have clients that oversee a certain department .Try to get an understanding of their department's goals and the CEO’s overall what are they looking for. Ask questions to your point of contact and try to understand what they really want or what solutions they are looking into. Then what you can do is actually get intros from existing customers to other departments and who those decision makers are there to help you explore new services or products to cross-sell.

Now here is another thing that you can do. Let’s say you don’t have the resources or the time to build out another product or service. Go find another company that offers that add-on service or product and white label it. Do a joint venture with them and you bring in the clients and they do the delivery.

The biggest consulting firms and IT services companies do this all of the time.

If you found this helpful please like it and share it so I’ll share other tips on how to get traction and scale your business.

I also have made a cheatsheet I put together on this that I’m happy to send over to you totally free.

Just click on the link in my bio or below this page and I’ll shoot over a cheat sheet that breaks this process down step by step.

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