Slides from StartupTalk #5 - Mikkel Sørensen, CEO of Omnio
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See the slides from PSV Academy StartupTalk #5 on Getting corporate customers in B2B startups. Find the recording of this event at www.psvacademy.dk
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Slides from StartupTalk #5 - Mikkel Sørensen, CEO of Omnio
- 2. Mikkel Sørensen Founder & CEO 10 years experience within Industrial IoT including Maersk Line, Grundfos and consulting Previous startup experience from IT and music business
- 3. 221:Cc;34tTVVVX123:O O pTG2N V#%¤/))”&??+`^*! @@!!%¤#()=? Test t hej med 10111010111000 110101101010 VCFSTSIODLL38 CNUD893SS90 In 2009 we pioneered Industrial IoT and found a world of challenges
- 4. The reality of Industrial IoT implementations
- 5. But what if industrial devices could become as easy to connect as a mouse to a PC?
- 6. ANY DEVICE ANY IOT PLATFORM EDGE TRANSLATION LAYER Omnio is Google Translate for industrial device communication
- 7. Timeline for Omnio Omnio started IoT Stars 2017 winners SEED Discovery day winners Techstars IoT NYC 2017 First revenue Pre-seed round 6 employees hired Schneider Electric pitch competition Selling/executing PoCs and pilots Developing core tech SAP Partners Intel Partners Jan ‘17 Jan ‘18
- 8. Three sales and distribution channels Device owners Digital solution vendors General platform vendors
- 9. How big are our customers?
- 10. You won’t believe how much it hurt to make these 6 easy steps for corporate sales success – it’s shocking!
- 11. What is a corporate actually? Risk minimizers Many moving parts Many interests Slow Status quo bias Standardised Risk takers One focus Few interests Fast Disruptive Free flowing Corporates Startups
- 12. Mistake #1: Thinking they’ll find you and buy online + = $
- 13. Forget it + = $
- 15. Don’t have a network ? Grow one Join company accelerators Join pitch competitions Get mentors/advisors Get multiple contacts “Innovation teams are where startups go to die” Get small(er) partners Get investors Get a board Get senior buy-in fast Build deep relationships
- 16. But…social media? Sure, to show life and leadership
- 17. Mistake #2: Thinking the 1st…or 10th meeting is the one
- 18. 2nd PoC Pilot Negotiate Sell Implement Money 6 months for a pilot, 12-18 months for a sale Intro Meeting 2nd intro Pitch Scope PoC 0-12 months 6-18 months
- 19. Avoid getting lost (or depressed) by… Understand their purchase process Immediately build their decision making matrix. Who will recommend you for purchase? Who will approve it? Who has the money for pilots? For the final sale? Gameify your funnel Assign points to the steps in your funnel. Use points to track your progress – and avoid getting frustrated that you're not closing. Get things in writing Always make a pilot contract stating success criteria and next steps
- 20. Mistake #3: Betting on one corporate “Just this one customer will make us profitable. We must give them complete focus.” - Famous last words
- 21. Yes, they can. But by then, you’ll be broke Mid.size (20%) Major (10%)
- 22. Run a real funnel. Run it well. Mix large & mid & small Pack your funnel – and appreciate that when companies drop out, saves you time. In fact, encourage it. CRM before it’s too late Professionalise and keep track. You need to push them. Constantly. Standardise materials Remove overhead – make them once.
- 23. Mistake #4: Free pilot is good pilot!
- 24. The problems with free No cost, no value Corps equate cost to value – free means no value. End of story. No accountability If no one puts up the money, no one is responsible for the success on their end. You lose. No revenue Hey, we all need revenue. Especially our investors.
- 25. Arguments to support your fee “We can give this top priority” You’re busy. You’re a hot start-up. Everybody wants a piece of you. They need to pay to get priority. Gives better projects A cost makes sure they find a problem they want solved and that you’re committed. Supporting start-ups Corporates like start ups. Sometimes they forget. Remind them.
- 26. Mistake #5: Making clients, not customers We love it! It’s perfect! …but we’re special. Change the color to the exact opposite.
- 27. Before you know it, you’re selling multicolor cokes…
- 29. Clients are fine, but customers scale Client(s) Customers Customized Consultancy Standardised Scalable Think they’re special Are special Total value GENERALIZE
- 30. Mistake #6: Thinking they’ll take the risk Risk minimizers Many moving parts Many interests Slow Status quo bias Standardised Risk takers One focus Few interests Fast Disruptive Free flowing Corporates Startups
- 31. We’ll be locked in! Will they be here tomorrow? Who? So you passed the PoC. Think you’re safe? Think again. We can do it ourselves! Corporate Fear
- 32. You think big. To close the sale, start small
- 33. BONUS: 3 quick sales tips! People buy from people Build relations. Only with internal evangelists will you win. The less you sell, the more you sell Try to shut up. You won’t believe what you hear. Weed out false positives Don’t waste your time – get to no, fast.
- 34. + + + + + Network Mixed funnel Less customization Time & relations Payment Start small = $$$ You won’t believe how much it hurt to make these 6 easy steps for corporate sales success – it’s shocking!