A list of few things I’ve learned the hard way by sitting on both sides of the table are this New Years’ Resolutions (2021):
Key tips for Buyers:
- Top tip from MNC’s: Build an «innovation gateway«, a clear entry point to your organization that will help coach executives on how to buy innovation services, and how to work with service providers to get things done quickly inside the organization.
- The role of the innovation team is to facilitate interactions between external providers and the internal business unit’s needs, so empower them to do so.
- Share your KPIs both internally and externally so everyone is aligned and fully understands the performance hurdles the project needs to pass through.
- Align your procurement, legal and sales teams to make sure you can buy and use these products / services quickly.
- Over communicate internally, make it clear why the solution is necessary, prepare for handling objections and regularly update internal stakeholders on implementation progress.
- Clearly articulate what the organization is trying to achieve and what you need help with and make it visible to the external market.
- For each and every engagement make sure you have the secured project sponsorship: i.e. Interest, Accountability and Budget before proceeding, lacking any one of these and the project will become a zombie.
Key tips for Sellers:
- Be very clear on exactly what problem you solve for the company and which of their end customers’ needs you address.
- Make it as easy as possible for the corporate to sell your product/service internally, provide all details and context for the internal sponsor and tailor your offering to each company.
- Make it as easy as possible for the corporate to convey the value that your product/service provides externally, his own end-customer.
- Make buying from you “simple and straightforward”, by eliminating friction, know your price points and discount rates, have your service contracts ready.
- Prepare a due diligence pack for the procurement team, so they can feel confident about this and make any gaps/development needs very clear so the product/service status contains no surprises.
Want to learn more on how-to-do, drop us an email and we will be happy to share our knowledge and insights with you!
Christos Lytras – Managing Partner