The Big One
4. Diversify
There's no guarantee a large prospect will become a buyer, even if you put in the requisite time and effort. For that reason, it's best not to stake your entire business on large accounts. Target them where opportunities arise, but make sure they're not your only source of revenue. "Large accounts can be very rewarding, but it is wise to have a variety of account types in your portfolio," Morsch advised.
"A good rule of thumb is to look at each account and analyze how your business would be impacted if you were to lose that account—not only from an immediate financial standpoint, but also long-term," she continued. "How long would it take to replace that revenue and what would the cost of that be? This could move you to work on mixing up your current blend."
5. Don't Settle for Approved Vendor Status
In theory, approved vendor lists are a good way to gain trust with large clients and ensure repeat sales. But there are downsides. For one, getting on the list may require giving deep discounts to the client, which means reduced profit margins for your business. For another, the lists only establish your business as an option—not the option. View approved vendor lists as a starting point, not the end goal.
"Vendor and bid lists forever put you at the back of the line, after all creative and development is done," said Emmer. "It relegates you to working only with purchasing agents and never allows you to become an asset or expert the actual buyer wants to work with. Get the buyer to work with you and they will get you on whatever list is necessary to get you the purchase order."
6. Be Sure You Can Deliver
