Boston Strong Revenue (April 17, 2023)
Today is Marathon Monday in Massachusetts, as the 127th running of the Boston Marathon was held. I had the pleasure (and pain) of running from Hopkinton to Copley Square three times over the years, and each time, it was reminiscent of the enterprise sales cycles I was managing back at the office.
The overlaps between endurance sports and strategic selling are plentiful, and many startup Founders without a background in sales are surprised by the needed patience. In their past roles, they probably only got involved during the latter stages of successful sales cycles, so they weren’t exposed to the myriad milestones along the way. Our overarching advice to first-time Founders is similar to what I have told the runners I have coached over the years: Be patient and trust the process. Let’s delve into that a bit more:
- Pacing: Sales cycles at low price points are like sprints: a small group of decision-makers can spend a department budget in a matter of weeks. Thus, expediency is the game's name - every ounce of form and efficiency can translate into higher performance for SMB and Mid-Market teams. When companies make seven-figure decisions, however, they assemble large buying committees prioritizing risk mitigation and long-range planning. These sales cycles require consensus, proof of value, and change management. It’s rare to see these types of sales cycles take fewer than 8-10 months, especially in regulated industries. Founders, make sure your revenue plan reflects this reality of enterprise pacing.
- Coopetition: In running, competitors sometimes train together, knowing all about each other’s strengths and weaknesses by the time they toe the line. The exposure fuels some of the strategy, and everyone is sharper as a result. The same is true in enterprise sales, where most evaluation cycles include the top-ranked providers. Smaller purchases can be like hometown races, where a couple of good competitors are in the running, and 1-2 strong differentiators might be enough. Enterprise sales are like the Boston Marathon, where global elites who ran together for months put their best feet forward, causing a need for the best possible performance when it matters most.
- Preparation: A marathon is merely the last 26.2 miles of a much longer 500+ mile journey, usually consisting of months of training. We don’t just jump into a marathon unprepared or leap into enterprise sales cycles upon launching a new startup. Strategic sales cycles represent prior preparation by each party involved:
The provider who should have already honed its product-market fit, use cases, and proof of value. Is your solution enterprise-ready?
The sales team who should have already learned how to perform discovery, multi-threading, consensus, and negotiation properly. Is your team enterprise-ready?
There are dozens of other synergies between endurance sports and enterprise sales. Which ones have I missed?
