Virtually any Software-as-a-Service The company wants to break into the upscale market and sell to both corporate and smaller customers. This can lead to bigger deals, more growth, and the scale it takes to become a household name in technology — think Workday, ServiceNow, Palo Alto Networks, or Snowflake.
Although this path is well-worn, it’s surprisingly difficult to get it right.
In my current role as an Operating Partner at Battery Ventures, I answer questions on a daily basis from companies with bottom-up sales movements—those that focus on smaller customers who often buy software themselves—on how to jump into the business. The first thing I tell you is that getting into the company is a lot more complicated than you might think.
Unfortunately, many founders make the mistake of thinking that hiring a bunch of highly paid account managers (a fancy name for salespeople) is the same as “starting a business.” It is not.
Moving up the ranks requires fundamental changes in every function in the company. It means hiring for new roles that don’t exist and introducing tools that fit the new processes you will be implementing. New roles, tools and processes mean additional effort.
So why? Because when done right, the benefits outweigh the costs and complexity. An enterprise sales model allows you to expand your overall addressable market and reach customers with better net revenue retention and stronger long-term value.
Getting into the business is harder than it seems and many companies aren’t quite ready yet, especially in this market.
If you join the company now, the stakes will increase. Volatile technology markets and recession fears mean that enterprise technology buyers may spend even less money on new, unproven technologies in the coming months or years. So if you’re new to the enterprise market, you need to be fully prepared to do it right.
Key components of growing business include changes to your product, marketing, sales, legal, finance, human resources and customer success. Below I provide an overview of each of these areas and relevant considerations for companies thinking about getting in.
But first, let’s assess your company’s overall business readiness.
Note: This post is an excerpt from Bill Binch’s new e-book, Growing Up Enterprise
What does “Enterprise Readiness” mean for your company?
First, ask yourself if there are any priorities above your move to the company. Are you expanding globally? Are you launching a new product (product, not a feature) in the near future?
I would strongly advise holding off on the company proposal until it can be your company’s top priority – something to be discussed at the weekly CEO staff meeting.
Why is that so important? Because enterprise readiness goes far beyond sales and marketing. No one wants sales and marketing to onboard a large account only to have the deal fall through due to operational roadblocks. Let’s go through some common scenarios to illustrate how this can play out.
7 lessons on doing it right – TechCrunch Source link 7 lessons on doing it right – TechCrunch