Landing big deals, or "whale hunting," is crucial for small and mid-sized businesses aiming to grow. In a recent episode of "Sales Talk for CEOs," Barbara Weaver Smith, an expert in whale hunting, shared invaluable insights on how CEOs can successfully target and secure these significant accounts.
Landing big deals, or "whale hunting," is crucial for small and mid-sized businesses aiming to grow. In a recent episode of "Sales Talk for CEOs," Barbara Weaver Smith, an expert in whale hunting, shared invaluable insights on how CEOs can successfully target and secure these significant accounts.
From Strategy to Action: The Essence of Whale Hunting
Whale hunting is a systematic process for scouting, hunting, and harvesting large accounts. Barbara explains, “A whale is a customer that could give you a deal that's ten to twenty times bigger than your current average deal.” This approach requires the involvement of the CEO and senior leaders to succeed. "Selling is a team sport. The salesperson is an orchestrator,” says Barbara.
Why Whale Hunting Matters
Securing large accounts is one of the safest and least expensive ways to grow your business. Barbara highlights, "If you get one big company and understand strategically how to move in that company, you can do a lifetime of business with that one customer."
Key Strategies for Whale Hunting
From Insights to Implementation: Key Action Steps for CEOs
To transform these strategies into successful outcomes, CEOs need to take deliberate actions. Here are the crucial steps to effectively pursue and land whales:
Barbara Weaver Smith’s insights provide a roadmap for CEOs looking to elevate their sales game by targeting and securing large accounts. For more detailed strategies and expert advice, watch the full episode below.
00:00 Introducing Barbara Weaver Smith - Host Alice welcomes Barbara Weaver Smith. She is an expert in "whale hunting" — landing major accounts.
01:33 The Excitement of Sales Talk - Barbara expresses her anticipation for discussing her area of expertise.
01:53 Defining Whale Hunting - Barbara explains whale hunting as a business strategy. She emphasizes CEO involvement for successful large deals.
03:07 The Importance of Teams in Sales - Emphasizing sales as a team sport. Lone wolves are a thing of the past.
05:50 Scouting and Engaging Targets - The process of identifying ideal clients. The role of scouts and engaging teams in whale hunting.
07:44 The Value of Large Accounts - Barbara discusses strategic growth through large client accounts. She explains their impact on businesses.
08:03 Repeat Success - Addressing the challenge of replicating the success of landing a first-time whale. This requires a deliberate and structured approach.
10:35 Overcoming "Whale Fears" - Introducing the notion of mitigating big companies' fears. This includes dealing with smaller vendors and financial risks.
14:11 Building Effective Sales Teams - The need for sales teams to be business-savvy. They must also be capable of leading a buyer's journey.
17:31 Crafting a Precise Customer Approach - Using customer dossiers for targeted engagement. Proper introductions are key.
21:54 Establishing the Buying Journey - Sales teams lead the buying journey. They identify key stakeholders in a large deal.
25:04 CEO Involvement - Discussing the strategic role of a CEO in sales meetings. This is crucial during complex negotiations.
28:01 After the Whale Hunt - Post-sale strategies are vital. The importance of onboarding new large accounts for long-term success.
31:21 Introducing The Whale Hunters Institute - Barbara reveals her new project. It offers resources and a digital coach to help companies in whale hunting.
I am Barbara Weaver Smith, the founder of The Whale Hunters Institute. At The Whale Hunters, we are passionate about pioneering innovative sales strategies. With the introduction of Barbara AI, we are revolutionizing sales coaching, making it accessible 24/7. Our mission is to empower businesses of all sizes with practical tips for success. Let's navigate the sales world together!
Barbara Weaver Smith LinkedIn: https://www.linkedin.com/in/barbaraweaversmith/
Whale Hunters LinkedIn: https://www.linkedin.com/company/the-whale-hunters/
Barbara Weaver Smith Twitter: https://twitter.com/thewhalehunters
Check out Alice’s website: https://aliceheiman.com/
Connect with Alice on LinkedIn: https://www.linkedin.com/in/aliceheiman/