When leaders of a B2B company learn that a top player in their target audience has heard of them and is interested in their products or services, it can be thrilling. After all, landing a “big-name” client can open up doors, lead to incredible opportunities and result in your business reaching exponential heights.
However, not every partnership reaches its expected or full potential. Before agreeing to any kind of a formal partnership, it’s best that leaders pause and ask themselves some key questions to ensure that the collaboration is mutually beneficial for all parties involved. Below, 10 Forbes Business Council members each share one important question business leaders should ask themselves before signing a “big-name” client.
1. ‘Are We Aligned On The Mission?’
Before taking on a big-name client, it’s important to ask yourself whether you both are mission-aligned. This is especially true for smaller or newer companies. Taking on a large new client means you’re going to have a true partnership that impacts the way you grow. Be sure you have a partner that complements how you want to evolve and what you want to become! – Tara May, Aspiritech
2. ‘Are They A Good Short- And Long-Term Fit?’
Take a minute to set expectations and define mutual KPIs. The main question to ask is, “Are they truly a good fit as we stand today and for our future?” Determine if their expectations of you align with what can be executed by the team without concern or added pressure for teammates and other clients. What does success look like for the client and for your company? – Dave Regn, Stream Companies
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3. ‘What Will Be The Impact Of Signing Them?’
Ask yourself if signing them requires a deviation from standard practices or your brand. How will it affect the bottom line and your other clients? Do they fit into your company’s culture? Decide if there is another way to partner with the “big-name” client and maintain the level of service that created the interest in the first place. Check your ego at the door. Bigger is not always better. – Joan McKinney, Aurora Exhibit Solutions, Inc.
4. ‘Can We Meet Their Needs And Expectations?’
Before rushing to onboard a “big-name” client, ask, “Are we truly equipped to meet their needs and expectations?” It’s crucial to ensure your services align with their goals and your capacity matches their demand. Securing a high-profile client can be a major win, but only if you can deliver effectively. – Lee Blakemore, Introhive
5. ‘Will This Client Require Too Much Bandwidth?’
When signing up a larger and/or more lucrative client, one of many important questions a business must ask itself is whether this significant client will take up too much of its bandwidth. You can ascertain this by having the client clearly define their expectations and desired deliverables. – Stacey Burke, Stacey E. Burke, P.C.
6. ‘Are We Ready To Serve Them Well?’
One key question to ask before signing a premier client is, “Are we ready to serve them well?” A “big-name” client brings exposure and credibility but also greater expectations and less margin for error. Before pursuing a client whose business we’d proudly win, as leaders, we must confirm we have the capabilities, capacity and confidence to deliver maximum value. – Chase Hughes, Pro Business Plans
7. ‘Why Do I Want This Client?’
Ask whether you are courting this titan for the right reasons. Is it for the tangible value they’ll bring to your enterprise or for the fleeting thrill of a “trophy client?” Remember that B2B success isn’t a beauty pageant. It’s a meticulous dance of matching needs with solutions, regardless of the glitz and glam. Always prioritize fit and long-term value over the flash of a big name’s. – Chris Kille, Payment Pilot
8. ‘Can We Build A Long-Term Relationship With This Person?’
One of my first questions is often “Is this a partner that we can build a long-term relationship with?” It makes me think beyond the immediate project that’s on the table to consider factors such as cultural fit and values match. In my view, the most successful client relationships are just that–relationships. They are built on mutual trust and a commitment to business outcomes and innovation. – Eric Miquelon, Avanade
9. ‘Are We Equipped To Take On This Challenge?’
My question would be whether my company is equipped to manage the complex process of being a vendor of a large corporation. The process begins with being registered as a vendor and doing the due diligence required for signing a complex contract. Next is to get a purchase order and deliver the service. Having the relative invoice approved and waiting for the payment cycle to be completed would be another challenge. – Beth Worthy, GMR Transcription Services, Inc
10. ‘What Am I Waiting For?’
Surely, many people would respond, “How can I help this prospect?” or “How may I be of benefit to this prospect” and all of that. If a leader is good at what they do and providing value is something their company does on a day-to-day basis, the real question to ask is, “What am I waiting for?” Strike while the iron is hot. Our Village Smithy logo is there to always remind our people to do so. – ‘Smitty’ Robert J. Smith, Robert J. Smith Productions
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