Prospecting and closing your first (or next) seven figure partnership will most certainly be a challenge given today’s marketing landscape, however implementing a few of the ideas and concepts below may help you land that next big deal. Hope you find these to be helpful!
Focus on shared goals and objectives:
Ten to fifteen years ago, before we all had social media and an iPhone in our pocket, brands were somewhat limited in the number of outlets they had to communicate their message. Consumers were glued to the television and ratings were higher than they are today. Back then, a brand on the outfield wall, or logo on the hood of a race car may have been enough to close the deal and meet the necessary objectives.
"While there is no silver bullet when it comes to sales these days, one thing remains a constant, brands still wish to engage with their consumers on an personal and passionate level."
In today’s marketplace brands expect a lot more, and rightfully so. This expectation changes the dynamic between a buyer and a seller and because of this, sellers need to understand the foundational principles that are important to a prospect and sell with those in mind. Focus on mutual culture, values, strategic growth and a shared return on objectives. If those are in alignment, the financials tend to work themselves out.
Control what you can control:
While I’m sure this sounds somewhat cliché, as a seller in today’s environment, it is important to focus on what you can control. Effort. Salespeople make a choice each and every day as to how they plan to attack their individual and team goals. Successful salespeople set daily, weekly, monthly and annual goals and remain focused on each throughout the year. That laser focus on those goals will often provide the needed motivation to make that extra call, send that extra email, and write that one last hand written note. You never know which one of those will lead to your next seven figure deal.
Have a deep understanding of their business:
The final concept, and often most important, that cannot be overlooked when targeting and closing your next big deal is possessing a true grasp of your prospects business and how your specific solution can benefit them long term. Having an in-depth knowledge of their business goals and objectives will not only provide you as a salesperson with instant credibility but will make your recommendation for a potential partnership that much more impactful.
Your recommendation should not only drive revenue for your company, but it should be of significant tangible and quantifiable value to the prospect. Whether that be TV exposure, social/digital awareness or in-market activations, you need to have an understanding of how each of these is valued and measured prior to pitching and closing a sizable partnership.
While there is no silver bullet when it comes to sales these days, one thing remains a constant, brands still wish to engage with their consumers on an personal and passionate level. Thankfully for all of us... the avenue of professional sports sponsorship can provide just that.
Reid Mobley is the Managing Director of Business Development for Roush Fenway Racing, in partnership with Fenway Sports Group. _In this role, he leads partnership development efforts across the enterprise to deliver wins not only on track, but off that track as well for a vast number of fortune 500 and fortune 100 brands.
During a career that spans almost 12 years, Reid has established his reputation for building relationships with consumers as well as brands- some of the most notable are: Advance Auto Parts, Axalta Coating Systems, Progressive Insurance, Service King, XPEL Technologies, Dent Wizard International, ITsavvy, Thorne Performance and ExxonMobil.
He began his career with the New York Yankees where he specialized in consumer sales and hospitality. That eventually led to a five-year tenure with NASCAR and its associated companies based in Daytona Beach, Florida. Prior to Roush Fenway Racing, Reid spent three years leading partnership development for Team Penske across its NASCAR, IndyCar and IMSA Sports car programs. Reid is also a mentor in theClubhouse and you can schedule a 1:1 call with him here.