SALES & START-UPS
One ultimate goal for an entrepreneur is to build a business that shows steady growth. Not only in terms of products or services but also through the perspective of sales. But according to Failory, 90% of the startups fail and the major reason is that they haven’t spent enough time thinking about how their product will be marketed and how it will achieve its sales targets. In this blog, we’ll take a look at a few reasons that explain the need for a clear sales strategy in the startups sphere and provide some tips for your next innovative idea to prosper into a full-scale business!
Sales Personifies Trust.
Sales enable a startup company to grow at scale- building a culture of ongoing communication with customers, ultimately building brand awareness and loyalty.
- Sales for startups is much more than just closing a sale. It’s about trusting you, your product and proving it with their wallets.
Sales Builds Confidence.
Maintaining a steady cash flow from sales will help you pay for these expenses without going into debt or raising more capital. The business will be more stable early on, employees will be happier, and you will be less financially stressed. This will not only boost your confidence but would also build up the company.
Sales Showcases Value.
Having a cool product people will want is the ultimate key to startup success. If you have a cool product people will want it so much that they will pay for it. Once your product sells, it markets itself and showcases its own value by being bought. Keeping sales in mind during the development phase also leads you towards the long-term sustainability of your startup.
Now let’s take a look at a few tips to strengthen the sales strategy fit to your startup.
1. DON’T TRY TO OUTSELL YOUR COMPETITION BUT SELL YOUR ADVANTAGE:
When you sell what makes you different then the rest, success is easy to imagine. Entrepreneur terms it concisely, “How you sell yourself is different from how you market yourself. You can tell someone that you provide a product or service that is cheaper or more effective than that of another business, but that doesn’t say how much better you are going to make the customer’s life. Selling is about the benefit. A comparison may highlight the features you offer, but you are always selling benefits.”
In order to align your buying and selling process, working alongside buyers throughout the buying process can help you develop trust and build stronger, longer-lasting relationships with your clients. You can only become a successful salesperson when you become an expert in your customers’ businesses, function as problem-solver and think more about your customers’ needs and challenges throughout the buying process. This would create a sales organization truly focused on the customer and retain better growth results.
- Sell the benefits of your products, not by comparing it with the competition.
2. DEVELOP A SALES STRATEGY EARLY ON:
You have heard many times that you should develop a sales force before even starting your company. The most important thing is to get sales people as early in the process as possible. Sales is not attractive for developers because it is annoying, but very useful as you have a lot to do and every minute you spend with someone who buys your product will save a lot of time in the end. Learn more about the benefits of a good sales development process here.
3. TRAIN YOUR TEAM
Employees are the backbone of every business. And a sales team is the backbone of every startup. If you have a sales team who aren’t trained properly to meet the sales targets, then you can count on losing not only your potential deal but also your customers because all customers want is good service. It may seem expensive to ensure your team of 5 employees could be properly trained, but with the right training, sales team turnover reduces and productivity rises. Which ultimately means more margins and a stable revenue growth.
Many startups fail to sell their product because they don’t back up what they say with a good sales strategy. This doesn’t have to happen to you.If you can’t sell your product, it doesn’t matter how good it is. It is very possible to get customers even if your product itself lacks appeal. Don’t let your product go underappreciated! So get out there and sell, sell, sell!