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Change Sales Strategy to Win Anchor Clients

Whether you are trying to enter a new market or open a new channel, winning that first anchor client is crucial to establishing a credible presence.  Like any well run sales campaign, pursuing and winning the anchor client has a strategy and process that unique.

Following is the typical, although not optimal, sales strategy companies follow to win an anchor client:

• Research targeted markets/channels to determine viability and issues
• Target 5-7 of the biggest, most well known companies in the space
• Build and implement the go-to-market strategy
• Develop a unique value proposition, differentiators, capability proof points
• Conduct prospect analytics to determine entry points and relationship map
• Engage prospect via solicited (or unsolicited) proposals
• Proceed to down select
• Introduce your CEO and executive team to show commitment to client
• Negotiate terms
• Close and implement business

The reality is most complex and large dollar sales have lengthy sales cycles so the above approach has several areas for potential snags.  Anchor clients by definition may well be your hardest sale.  You may be experts in an existing core capability or market, but to those anchor prospects you are an unknown.

For many companies, particularly those without a strong reputation in the market they are targeting, there is a better approach.  First, apply a prospect analytics model on a larger universe of companies before narrowing down on the 5-7 best targets to pursue.  Pursuing ‘tier two targets’ often produces better results than trying to penetrate the most well known companies the first time you approach a new market.

Second, waiting to introduce your CEO and executive team until the closing stage of the sales cycle may limit the amount of assistance they can bring to you, both internally and externally.  If introduced early in the cycle it shows the prospect that commitment comes from the highest level in your organization. Their involvement also gives you additional internal visibility which is always needed from a resource perspective on long pursuits.

Lastly, most companies need a unique sales strategy to winning anchor clients that is different from how they sell to prospects in a familiar space.   This strategy may require a unique value proposition, a different pricing model or enhancements to the portfolio.  As well, assume you will encounter unfamiliar competition when trying to break into a new market.   That also calls for a shift in positioning strategy to create differentiation and allow your company to stand out.

These three keys: better targeting, early involvement from senior executives and a unique anchor client sales strategy, can be the difference between a win and a loss when trying to break into new relationships.

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