Partnering with companies can take a long time, which can be a decisive factor for a startup that does not have many resources.
We present some tips for startups looking to partner with large companies.
YVK presents some tips for startups looking to partner with large companies.
Know the partner’s deadlines
Identify the major events, internal projects and schedules of the organization. When does the budget year begin and end?
When are big decisions made? Understanding the organization’s deadlines will help you make sure you have prepared deliverables for important events and key moments.
Make sure you are talking to the right people
Understand who is who in the organization and adjust your tone according to the person in front of you.
An IT manager will care about very different things than a finance director, a general manager or a human resources manager.
Giving the same presentation for everyone is not going to be enough. Use specific approaches to capture the attention of different managers.
Offer analgesics, not vitamins
Understand the weak points of each decision maker and how far they are willing to go to alleviate them.
Remember that “vitamins” or performance enhancers are less urgent and will involve a longer sale process.
In many large corporations, employees focus on their own objectives and are not empowered to make an extra effort for institutional objectives.
Show impact on the bottom line
Make sure you have a solid business model to demonstrate the positive on the bottom line. Does your startup offer help reduce operational or overhead costs?
Does it increase opportunities for cross-selling and additional selling? Does the value and retention of the client’s life increase? Does it reduce the risks?
Show, do not say
Startups are often at the weak end of the bargaining table, so strengthen your hand by demonstrating past experiences.
Show evidence of your ability to deliver and show that you understand the processes and regulations of the market. Identify the risks for your partner and show how robust your solution is.
Speak your language and offer an integration experience
Startups need to adjust their products for each client or get to build a totally customized solution.
Show that you understand the implications of a technical integration. Provide as much detail as possible about the implementation roadmap, IT requirements, integration time and any technical changes that the partner needs to benefit from your product or service.
Show that you are flexible and how you plan to solve the friction points in the process.
Help predict internal changes
Show how your solution will affect the internal processes, the administration and the personnel of the company.
It is important that leaders know the implications of adopting your solution for all parts of the company.
Get ready for the long term
Partnering with companies can take a long time, which can be a decisive factor for startups that do not have enough resources.
A large corporation will probably have to work in the chain of approval and obtain the approval of several people before being able to embrace innovation.