Know Your Big Clients: Purchasing Habits & Red Tape"

Continuing from our previous post on instilling a big-company mindset, this post discusses who your 'big fish' client is and how to navigate through potential bureaucratic hurdles, often referred to as 'red tape'.

Before formulating your strategy, it's crucial to understand your big client's purchasing habits and procedures. Here are four critical aspects you need to focus on for success:

Responsibilities: Recognize who holds influence over purchasing decisions, who do the actual buying, and who can potentially veto a deal.

Get on Their List: Figure out how to become a preferred vendor. Your goal is not just to be on their vendor list but to secure a spot at the top and across multiple categories for increased interaction. Inquire about their procurement program and understand the application process.

Understand Their Lingo: Familiarize yourself with the company's specific language and communication methods. This could range from report names and buzzwords to nicknames used within their teams.

Fiscal Budgets: Knowing your client's fiscal budget cycle is essential so you can anticipate when they plan their yearly expenses.

Now that we've covered what you need to know about your 'big fish', let's address the 'red tape'.

Bureaucracy, often synonymous with frustration, is an unavoidable aspect of dealing with large corporations. However, you can turn this to your advantage by:

Analyzing their activity: Understand their bureaucratic processes.

Reviewing their correspondence: This can give you an insight into how decisions are made.

Being an outsider gives you a fresh perspective. If you find dealing with 'red tape' frustrating, their employees probably do too. If they need help, offer it. Whether it's crunching numbers or presenting information in a user-friendly way, your willingness to assist can help build your relationship.

Preparing for the 'big fish' approach involves understanding these key aspects. If you need help, consider scheduling a free 45-minute consultation with our expert coaches. Our suite of tools and resources can support you in untangling the 'red tape' and better understanding your client's purchasing habits, contributing to your business growth strategy. Stay tuned for more insights on attracting and landing big clients.