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The Big Fish Battle Tested Strategies for Winning the Deal that Changes Everything

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Page 1: The big fish   - founder.org

The Big Fish

Battle Tested Strategies for Winning the Deal that Changes Everything

Page 2: The big fish   - founder.org

The Art of the Deal

There are many books on product market fit, agile development, marketing for start ups, etc. that give you blueprints for success.

But sales and esp. winning big deals is still a black art….

The Big Fish process is about creating a science where previously there was only art; it is a repeatable, process driven way of landing game changing deals.

Page 3: The big fish   - founder.org

What is a Big Fish?

• A major, name brand endorsement of your company/product in the form of:

– a large purchase order– a distribution deal– a validation of your technology– a celebrity endorsement– any other form of major validation

A Big Fish provides credibility(and credibility is everything)

Page 4: The big fish   - founder.org
Page 5: The big fish   - founder.org

The Big Fish Principles

1. People make decisions, not corporations

2. Your job/role determines your motivations

3. Motivations are the key to getting deals done

4. Pro bigfishermen use a systematic, repeatable process

for understanding motivations and getting deals done

Page 6: The big fish   - founder.org

The Big Fish Principles

1. People make decisions, not corporations

Page 7: The big fish   - founder.org

Corporate Strategy

Page 8: The big fish   - founder.org

Corporate Strategy

Page 9: The big fish   - founder.org

Corporate Strategy

Page 10: The big fish   - founder.org

The Big Fish Principles

1. People make decisions, not corporations

2. Your job/role determines your motivations

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Psychology of Large Orgs

Start Up vs. Large Org.

– Start ups are all about risk (since they have nothing to lose)

– Big companies are all about risk avoidance (no matter what they say)

The key is using an understanding of personal motivations to help overcome institutional risk.

Page 12: The big fish   - founder.org

Psychology of Large Orgs

Motivations depend on where you sit!

– Like sibling birth order, your position in the

large org. defines your thinking. It’s human

nature…

– What motivates employee #23,345 is not

the stock price!

– If you were them you’d think exactly the

same way….

Page 13: The big fish   - founder.org

Psychology of Large Orgs

2 Key Big Fish Motivations

– I want to be important– I am afraid of looking dumb

Keep these mind and many things will become clear

Page 14: The big fish   - founder.org

The Big Fish Principles

1. People make decisions, not corporations

2. Your job/role determines your motivations

3. Motivations are the key to getting deals done

Page 15: The big fish   - founder.org

The Big Fish, Key Players• Start-ups need to be concerned with

3 types: – Champions: your advocate, guide and

all around domain expert who’s mission it is to help you get a deal done

– Decision Makers: those with the power to sign a contract and your ultimate target

– Blockers: those that don’t have the power to say yes, but do have the power to say no

Page 16: The big fish   - founder.org

Champions

• Champions can come from anywhere, but typically they have the have these essential characteristics:– are well respected in their domain– rarely have any real power– have deep knowledge about their organization– want to/motivated and able to help you

* Champions want to be/feel important*

Page 17: The big fish   - founder.org

Blockers• Those who present roadblocks to be overcome. They can’t

say yes, but they can say no. Very similar in character to Champions they are usually:– are well respected in their domain– have deep knowledge about their organization– have little to lose by saying no– have contrary goals to your own

* Blockers want to feel/be important, but they accomplish this by saying no as opposed to yes*

Page 18: The big fish   - founder.org

Decision Makers

• Those with the power, typically they have these essential characteristics:– They don’t have a detailed understanding of your

product/company– Rely on others for recommendations– Are risk adverse and need to have a solid underlying

foundation that reduces their exposure in case they make the wrong decision (i.e. the deal goes bad).

* Decision Makers are afraid of looking dumb*

Page 19: The big fish   - founder.org

The Big Fish Principles

1. People make decisions, not corporations

2. Your job/role determines your motivations

3. Motivations are the key to getting deals done

4. Pro bigfishermen use a systematic, repeatable process

for understanding motivations and getting deals done

Page 20: The big fish   - founder.org

The Process

Here’s how the process works:

1. Find champion and refine your pitch

2. Identify the Decision Maker(s) & Blockers

3. Work with Champion to reduce risk for Decision makers and convert or neutralize Blockers

4. Sign deal, repeat

Page 21: The big fish   - founder.org

Finding Champions

Leads from free product, traditional marketing, PR/Buzz, direct outreach, etc

Buying next 90 days? No? Ignore. But wait…, look again!

Look for brand names, interesting titles, email addresses, etc. and mark for further qualification

Page 22: The big fish   - founder.org

Champion Archetypes

• The Dreamer – usually someone with deep domain expertise who’s vision of the future matches yours. “wouldn’t it be cool if….”

• The Schemer – wants to use you to solidify his/her position gain advantage over a rival person/division

• The Climber – looking to use the attention you bring to rise above the pack

• The Old-Timer - wants someone to pay attention to him, value his input

Page 23: The big fish   - founder.org

Qualifying Champions

• How can he/she help?

– Who are the decision makers? – Can your champion access them?– Are they well respected or can they connect you with

someone who is?– Do you connect with them personally? Professionally?– Is the timeline reasonable? Be realistic….

Caution: be aware of time wasters!

Page 24: The big fish   - founder.org

Refine the Pitch

What you have to offer

Market pressur

es

What they care

about

Champions will help you refine your pitch based on internal priorities. Listen! The answer is not always obvious…..

Examples include:• competitive pressure• product differentiation• blocking function• option on the future• pressing need• personal interest

Page 25: The big fish   - founder.org

Blocker Archetypes

• The Realist – Has looked at the data or the numbers and just doesn’t believe. Saying no is a matter of logic.

• The Traditionalist – Has always done something a particular way and sees no reason to change.

• The Expert – Knows all the minute details and is focused on the trees, not the forest.

• The Enemy – The Champion of a competing solution.

• The Doubter – Doesn’t say no, but points out everything that could go wrong to everyone else

Page 26: The big fish   - founder.org

Getting Around Roadblocks

• Two ways of dealing with Blockers– Turn them into Champions• Bring them in on the benefit• Make them important• Spend the time so they know they are being heard

– Isolate and/or Neutralize Them• Win over their boss• Isolate their opinion• Make their objection seem personal

Page 27: The big fish   - founder.org

Decision Maker Archetypes• Top Dogs (CEO, President,

COO) – Big picture thinkers.

• Practice Leaders - (IT, CSO, CIO, CFO, Ops) Typically run cost centers as opposed to generating revenue.

• Business Leaders (Sales, Marketing, GMs, Product) - Directly involved with generating revenue and usually judged on their numbers.

Page 28: The big fish   - founder.org

Getting the Green Light

• Remember its about reducing the appearance of risk, not actual risk. How do you defend the decision if it goes bad….

• Build a Credibility Platform– Press/media attention– Other customers– Support from thought leaders– Competitive pressures– Internal support

Page 29: The big fish   - founder.org

There’s much more…

• So much more:– Negotiating the deal– Dealing with lawyers/accountants and others– Competitive situations– Multiple company alliances– Strategic Investments– Products that cross departmental/business boundaries– Big Fish support structure– And, and, and….

Page 30: The big fish   - founder.org

Be Careful What you Wish for

• Cautionary note: can you handle a big fish?– Potential heavy demands on R&D– Product integration– Product roadmap drift– Milestones, deliverables, accountability, yikes!– Reliance on a small number of customers– Skewed view of the market (what’s good for the

Big Fish isn’t necessarily good for you.)

Page 31: The big fish   - founder.org

The Big Fish Principles

1. People make decisions, not corporations

2. Your job/role determines your motivations

3. Motivations are the key to getting deals done

4. Pro bigfishermen use a systematic, repeatable process

for understanding motivations and getting deals done

Page 32: The big fish   - founder.org

Thank You

Paul [email protected]