Catching a Whale and Retaining it
Just like a college grad looking to work in a big shot company to boost his resume, startups also want to work with/for a big brand name to boost their investors’ deck. Similar to the college graduate, a big brand company is not just for social clout, but for what it represents: being trusted, secure, and stable enough to be chosen by an industry leader, who hopefully has the potential to be a six or seven-figure client.
Startups are often asked, “who are the largest clients within your target user base?”
The inquirer, here, is referring to the whales.
Finding a Whale
Before this, we need to make sure that we are aware of what makes a whale, whale? Whales are the company’s top spenders. How much more do they spend compared to other customers.
Whales are out there but you will need to go a long way before you are actually capable of finding one. But sometimes, you can get lucky and your first customer could be the whale you want to retain lifelong. Meanwhile, you will meet a lot of smaller prospective clients, do not neglect them, especially when you are just in the process of starting your company. Those small clients are your primary revenue source, therefore, you need to pay a lot of attention to them. You will be learning and tweaking your product a lot which would essentially better your product. Early adopters’ feedback is critical to developing your whale strategy.
With enough amends and knowledge, you can surely go hunt your whale. By nature, large enterprises would not be willing to take a chance on a new upcoming business. When you are trying to pitch to them, bear the above in mind. You need to research your client a lot and understand their business enough to make them believe that you can help them become more efficient.
The only way you can come under their radar is to network and rely on referrals. If you are funded, this is easier as your VC can ideally be looking to get you as many big brands as possible. If you do not, ask your friends, mentors and try to engage with someone who is in touch with your target whale.
If you do manage to attract and engage a client, you need to have a clear path of progression for discussions and where the meeting will lead them.
Below are some of the questions that you can ask yourself while trying to land a huge client.
Whale Acquisition Strategy
There are a lot of things we need to keep in mind which include identification, targeting them, and engaging them again and again because there are always competitors looking to snatch your whale.
- In my target market, who are the top whales, and how much of the market do they own?
- How can I meet up with them, do I have any immediate network like an investor, mentor, friend, etc?
- What does my competition think about these whales?
- Do I have any unique competitive advantages to acquire these whales?
- Will I be able to survive if I am not able to land these whales as my client?
- Is my team equipped to handle them?
Often, landing a whale can help the startup establish itself as a leader and move on to catch other whales in its own geography and other countries too.
