One of the biggest mistakes startup founders make is that they focus only on sales quotas and revenues. This is why they hit plateaus and miss several opportunities to improve. Successful startups that have metamorphosed into large companies always refine their sales process. This is why founders and CEOs of these successful brands understand that the secret to growing a powerful A-list business is beyond meeting a sales quota or revenue, rather it is all about refining the whole sales process. Read more about BusinessRefining your sales process is a long-term strategy that helps you stay afloat even in the most trying times. This is why those who are focused on hitting sales quota find it difficult to cope during a recession because their businesses have been wired to engage in a hit-and-run sales strategy. They have shut out the capacity to develop their sales according to the dictates of their customers and the larger market.For early-stage startups, founders are often the sales leader along with a small team. This gives them the latitude to experiment with several sales strategies. But what is more important is their ability to stay focused on the sales process, which can help them to be proactive, responsive and adaptive, helping them long-term startup growth. In this article, I offer five tips that can startup refine their sales process.
Consistently Analyse Your Sales Pitch
Consistently evaluating your sales pitch sets you up for success because you have all the opportunity to adapt and respond, even amid disruption. Hence, the perfect way to consistently evaluate your sales pitch is to study your magical “P’s” – product, presentation, pricing and packaging, etc.Sign up for the Connect Nigeria daily newsletterConsistent evaluation is an importer because markets change. Customer preferences change. Therefore, your offering will change along with new changes. Therefore, you have to question the logic of your product pricing, the wisdom behind your target audiences and the relevancy of your product features to your prospects.
Remain Informed Through Regular Market Research
Leading startups who have refined their sales process are known for staying awake to trends. Trends motivate them to conduct market research. For instance, if you’re selling cybersecurity software to FinTechs and there is a trend in phishing emails in the industry, you’ve got an opportunity to offer a new kind of service. You can position yourself as a plug for your prospect’s needs.Therefore, to stay ahead in the market, startup founders and CEOs and COOs must employ such tools that track industry trends about what new companies are focusing on. The more you are up to date with the latest, the more likely you are to refine your sales process.
Actively Build Relationship With Sales Prospects
It is often common to grow separate from your customers as your company grows bigger. You easily become focused on other areas of your business. But wiser startups that enjoy the benefits of refining the sales process actively engage with prospects. They narrow their focus on the customer because customers are king; hence, they build a solid relationship where they can understand the pulse of the market. Various tools can help founders actively engage their customers. One such tool is social media, especially Facebook, Twitter and Instagram, depending on the product/service type.
Look Out For Non-Traditional Prospects
Depending on those who are your mainline (traditional) customers, leading startups are open to non-traditional prospects. Many founders often fall into the trap of focusing on their mainline customers, neglecting the non-traditional prospects. They let their bias overshadow these types of prospects. For example, if you are into selling digital advertising software that serves only physical retail stores (your traditional clients), you might be surprised that e-commerce websites might love your products.Register to attend the Connect Nigeria Business MixerIf you are stuck with your traditional prospects, you may miss out on a lot of opportunities. Therefore, in refining your sales process, you must keep an open-minded policy so that you can see beyond what is in front of you.
Assume That Your Customer Has a Magic Wand
Leading startup founders prefer to find new opportunities to help their customers increase efficiency and save money. They do this by seeing their customers as the missing puzzles that complete their startup. It is not enough to make your sales, but it is important to hear and implement what your customers say. This is why Bill Gates quipped: “customers are always right”. From customers’ complaints and suggestions, you can always refine your sales process by offering something new.
Final Words
Leading startups focus on long-term success, which is why they refine their sales processes. In this article, I discussed five helpful tips that can help founders refine their sales process. I pointed out that having a policy of refining the sales process is a long-term strategy that guarantees long-term growth. The first action towards refining your sales process is by consistently reviewing your sales pitch so that you can tweak your offerings. Secondly, engaging in consistent market research will keep informed of new opportunities and challenges, which you can leverage to refine your sales process. Thirdly, customer relations management is an avenue to measure customers’ changing preferences. Fourthly, looking out for non-traditional prospects can help you expand and modify your offerings, which is another way of refining your sales process. Finally, incorporate customers’ complaints, recommendations and brand comparisons into the sales process.Featured Image Source: Policy and Legal Advocacy CentreGot a suggestion? Contact us: editor@connectnigeria.com
