4 steps my startup took to get a Fortune 100 client in 3 years

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When starting a business, it is natural to go after small clientele– Generates revenue, improves your offering, and allows you to make mistakes on a smaller scale. But it is not the only way to grow.

My company was three years old when we landed our first multi-million dollar contract with a US telecommunications company, at that time we had fewer than 10 employees. landing a fortune 100 The client might seem like a long reach when you’re a startup, but it can be done.

Total market capitalization of Fortune 100 companies hit an all-time high of $33.2 billion in 2023, a 48% increase in just one year, with a combined profit of $1.8 trillion. Earning even a small percentage of that business can bring big rewards to any new venture; however, doing so requires strategic planning and determination.

Here are four key lessons I’ve learned from doing business with some of the bigger companies on earth.

Related: 6 Ways Small Businesses Can Win Against Big Corporations

1. Create an irresistible value proposition

In the wireless industry, companies compete solely on product and price. Landing a big contract meant taking on the global tech giants, who largely subsidize their products or merge costs into other service models. We were never going to win with just those outlets.

Even to be considered, we knew we had to create an irresistible value proposal, one that would solve the pain points that our competitors were not attuned to. To do this, we go to the origin: the client. At every major company we target, we asked their support team what their customers’ most common paint spots were.

It turned out that, at that point, your service provider would cut off a customer if they hadn’t used a certain number of minutes within a specified time period. Another common problem related to battery installation: back then it was illegal to ship devices with pre-installed batteries. They would then arrive separately, causing confusion for the end user.

Once we knew what our prospects’ top issues were, we were able to customize a solution that fixed the whole problem: a quick start guide that addressed setup issues, and automatic reminders to use minutes before the deadline.

We were no longer competing against the incumbents on product and price, we were offering a solution that no one else had, one that not only met the stipulated requirements, but also reduced call center costs and customer churn.

When you’re a startup, finding creative ways to compete on value can not only give you the confidence you need to attract great customers; can differentiate yourself from the competition with lasting relationships.

Related: 3 tips for making deals with large companies

2. Identify your inner champion

Selling to big companies takes a lot of time. Outdated policies and bloated organizational charts perpetuate inefficiencies and change happens slowlyparticularly when it comes to onboarding new partners.

Not only is it difficult to get all the necessary decision-makers in one room, but it is also necessary to align them: domestic policy become an important factor in this process. I’ve seen multi-billion dollar projects fail because an executive didn’t want to be outshone, at the company’s expense.

For this reason, it is critical that you build strategic relationships with people inside the company who have the power to champion your proposition and guide you through it. office politics.

Look for people who ask logical questions in the first meeting; this indicates that they are committed, understand the strategy and may be willing to support it. If you can convince these people that your company can provide significant value, they can become strategic partners and help you close the deal. Even if the first one is lost, maintaining these internal relationships can lead to a flow of business in the future.

3. Offer a special service

Large companies usually have bad customer service and that’s where startups have an advantage.

In a large corporation, it can take days to identify the specific person responsible for fixing a customer problem, and once found, they may not have the power or incentive to act on it. When you’re a team of 10 people, this is a challenge you don’t have to face.

If an issue arises for one of our clients, we address it quickly while maintaining exceptional communication with the strategic partners we’ve built within. If a request is out of scope, we let you know, but we’ll often help fix it if it means maintaining the longevity of the relationship.

As a startup, it’s in our DNA to rush and exceed customer expectations. Offering a level of service The fact that our larger industry peers cannot compete has allowed us to achieve a 100% retention rate, an almost impossible feat when serving smaller businesses.

Related: 6 tips on how to work with high-profile clients

4. Solidify the terms of the agreement in advance

I often say that I’ve learned more from the 1000 things I’ve done wrong in business than from the 100 things I’ve done right. One of these key lessons is the importance of having deal terms clearly laid out in an ironclad contract, up-front.

When working with SMEs, the terms of the agreement are generally well understood among key decision makers. The paperwork is important, but there is less risk of a deal falling through because a Standard Operating Procedure it was not approved by an anonymous stakeholder.

Multinational corporations can have dozens of stakeholders involved in closing any deal and if not every one signs on to it, all the time you spent building relationships and negotiating the contract may have been wasted.

C-level executives leave companies and projects are canceled when leadership changes hands. That is why it is essential that you do not engage in any speculative work. The good news is that once you sign a big deal, the slow-turn culture of a big corporation works in your favor, resulting in less turnover and higher revenue.

There’s no perfect litmus test to gauge whether or not you’re ready to pursue a great deal, but if you don’t take the risk, you’ll never reap the rewards. If you see every mistake as a learning opportunity and don’t give up on the prospect, you can compete for world-class customers, and your business will come out stronger for it.