Your idea has blossomed into an amazing widget with market validation and yet sales have been lackluster at best. Here are a few things you can do right away to kick-start sales and grow revenue to reinvest into your startup.
Define Your Target Audience
It’s best to start simple. Make sure you’re targeting the right organization, the right department and the right level. Do your research to make sure your product is an applicable, viable solution for your customers. Additionally make sure you’re targeting the right people and department in the organization. If it’s a marketing solution you offer, then why are you talking to operations?
It’s also very important to understand your customer’s pain points. Once you have the pain points locked down it will be much easier to prove that your widget is the right solution. With all of this information in hand, you can create a more meaningful and personalized sales approach with your target audience. Trust me, they’ll appreciate it.
Work on your pitch
You closed your first sale and it felt good! However, reality soon sets in as sales turn stagnant. It could be time for you to sit down and refine your pitch – practice makes perfect. You can do this on your own or with friends. Normally, after a few pitches you’ll be able to identify what areas you should work on. This exercise will help you build the self-confidence needed to pitch any C-Suite executive.
One more thing: always be prepared for objections from a potential client. These are moments that can turn awkward if you are not ready with a rebuttal. Now is the time to script responses to potential objections so you can answer with confidence.
Find the low-lying fruit
Here are a few statistics borrowed from small business coach Paul Lemberg:
- The typical closing ratios for referral business is between 50-80%
- The range for warm call-in leads is between 30-70%
- The closing ratio for highly qualified cold leads ranges between 20-35%
- Finally the average for semi-qualified cold leads ranges around 10%
Ask yourself, have you leveraged your network? Since referrals are the best, you should try reaching out to your network to identify any connections – Linkedin is a great tool to identify degrees of separation. Don’t be shy about it!
Track your results and set goals
The only way you’re going to achieve a goal is by setting one. Start-off by setting a closing rate and see if you can accomplish it. Once you get in the habit of setting and tracking goals, you’ll have a much better idea of the amount of time per day needed to reach your revenue goals.
Get out there and build relationships
Finally, get out from in front of your computer and network. Startup Canada has some great local Startup Communities where you can start. Go out and meet people, talk about your widget and see what types of doors open for you. Remember if warm leads are the best leads then broadening your network can be a rewarding sales tactic.
ABC – Always Be Closing 😉
Photo Copyright: Gajus