Imagine this: You’re in the final stretch of a high-stakes deal, and suddenly, everything seems to hit a roadblock. The decision-makers are hesitant, the budget’s tight, and you’re starting to sweat. But then, like a knight in shining armor, an executive sponsor emerges from the shadows, ready to save the day. In this article, we’ll uncover the secrets of executive sponsors and how they can be your ultimate weapon for closing deals like a pro.
Executive Sponsors: Who Are They and Why Do You Need Them?
An executive sponsor is a senior manager or executive who has a vested interest in the outcome of your solution. They can come from either the vendor or the prospect’s company. These individuals are invaluable because they bring a wealth of experience, credibility, and influence to the table. They can help prospects articulate the value of your solution, reinforce the investment as a sound business decision, expedite approval and decision-making, and provide you with access to the right people at the right time.
How to Get an Executive Sponsor
To secure an executive sponsor, start by suggesting the concept to the prospect, emphasizing its potential benefits. Use soundbites like, “Is there a senior manager interested in this outcome?” Offer to match your executive sponsor with a counterpart from the prospect’s company. This shows that you’re serious about building a long-term relationship and that you value their input.
Roles and Responsibilities of an Executive Sponsor
Once you have an executive sponsor on board, their primary role is to establish a relationship with the prospect to ensure value over time. They may also provide financial incentives or discounts, check in on progress, and connect with their counterparts on the vendor side. It’s important to keep the executive sponsor updated on progress and include them in subsequent emails until the deal closes.
Salesperson’s Preparation for Executive Sponsor
To prepare for a successful meeting with an executive sponsor, brief them on logistics, company information, contact details, deal terms, and meeting goals. Schedule a 20-30 minute call to build a human connection and demonstrate your investment in the relationship. You may also consider hosting the prospect or visiting their office to show your commitment.
During the Call: Let the Executives Lead
During the call, introduce executives, define the agenda, and then mute yourself. Allow the executives to control the conversation and use instant messaging for feedback and curveball handling. Remember, the goal is to facilitate a meaningful dialogue between the decision-makers, not to dominate the conversation yourself.
Follow-Up: Keep the Momentum Going
After the call, follow up with the executive sponsor and keep them updated on progress. In late stages of the deal, another call with the sponsor can improve closing odds. By maintaining regular communication, you’re showing that you value their involvement and that you’re committed to a successful outcome.
Bonus: Executive sponsors are not just deal closers; they can also be valuable allies in the long run. By building a strong relationship with an executive sponsor, you can gain access to their network, receive mentorship and support, and stay ahead of the competition. Remember, executive sponsors are there to help you succeed, so don’t hesitate to leverage their expertise and guidance.
Conclusion: Executive sponsors are a game-changer in the world of deal closing. By securing an executive sponsor, you’re bringing a heavyweight to your team who can help you overcome obstacles, build credibility, and accelerate the decision-making process. So, the next time you’re facing a tough deal, don’t go it alone. Find an executive sponsor and let them be your secret weapon for closing deals like a pro.
Frequently Asked Questions:
What are the benefits of having an executive sponsor?
Benefits include: helps prospects articulate the value of a solution, reinforces the investment as a sound business decision, expedites approval and decision-making, and provides credibility, access, and professionalism.
How do I get an executive sponsor?
Suggest the concept to the prospect, emphasizing its potential benefits. Use soundbites like, “Is there a senior manager interested in this outcome?” Offer to match your executive sponsor with a counterpart from the prospect’s company.
What are the roles and responsibilities of an executive sponsor?
Roles include: establish a relationship with the prospect to ensure value over time, provide financial incentives or discounts, check in on progress, and connect with counterparts.
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