The Importance of a Powerful Sales Strategy for a Startup
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Learn about the importance of developing and executing a powerful sales strategy so that your startup is positioned for growth and success. This presentation will share some insights into how to start developing your sales process, what to consider, what pitfalls to watch out for, and how to extract the right value prop from your product and service so that it resonates with your target audiences. Everything from making the first sale, to hiring multiple Sales Managers and building out a fully functional Sales Department.
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The Importance of a Powerful Sales Strategy for a Startup
- 1. From Startup to Exit: The Importance of a Powerful Sales Strategy for a Startup By Steven Tulman Email: stulman@icmconsulting.com Twitter: @StevenTulman LinkedIn: ca.linkedin.com/in/stevetulman
- 2. From Startup to Exit: The Importance of a Powerful Sales Strategy for a Startup 1. Want to raise money in venture capital, 2. Looking for angel investors for your business 3. Growing your business organically
- 3. About Me • MenuPalace.com • Dealfind.com • The Biz Media • SEOlogist • Info-Tech Research Group • ICM Consulting & Media Corp. • One Core Media – Ecommerce Solutions
- 4. What is Sales and Why is it Critical to Growing Your Business? • Sales is the culmination of all other company activities • Specific Actions at Specific Times = A Sale • Sales is both Art and Science
- 5. The Evolution of Sales Providing Solutions Mid 70’s to late 90’s Building Relationships 1950 to 70’s Building Partnerships Late 90’s to Now
- 6. The Elevator Pitch • Who you are • Why they should buy your service • State your immediate goal and book a meeting Tell your prospect 3 things: *Remember to secure your next step (a meeting or a call)
- 7. • Clearly define position and responsibilities • Hire the NEAR GREATS!! Building a Sales Team
- 8. The 10 Step Sales Process 1. Prospecting Stage 2. Qualifying Stage 3. Initial Meeting 4. Needs Analysis 5. Product/Service Demo 6. Proposal/Quotation Presentation 7. Influencer Approves 8. Key Decision Maker or Committee Approves 9. Purchasing Approves 10. Product/Service Delivered & Payment Received As seen in the QUOTA Sales Training System
- 9. • Define your target market and decision makers • Start with the top decision maker – The VITO • Choose methods to prospect • Prepare prospecting scripts and templates • Follow a prospecting schedule • ALWAYS finalize specific next steps Step 1 – The Prospecting Stage * Suggested reading: Selling to VITO, the Very Important Top Officer - by Tony Parinello
- 10. Step 2 – Qualifying Stage N.U.B.I.T. • Need • Urgency • Budget • Influence • Timeline
- 11. Step 3: Initial Meeting 7% Verbal 55% Body Language 38% Tone of Voice 1. Brief intro about you and your company 2. Ask about customer’s business and challenges 3. Demonstrate product features and benefits relating to their needs * Professor Albert Mehrabian’s Communications Model
- 12. Step 4: Needs Analysis B.C.H.U.B.S. • Background • Core Challenges Questions • History of Critical Events Questions • Urgency Questions • Benefits Questions • Solutions Questions *Suggested reading: SPIN Selling - by Neil Rackham
- 13. Step 5: Product/Service Demo * Remember to secure the nest-step F.B.I • Features • Benefits • Improvements
- 14. Step 6: Proposal/Quotation Presentation • Verify spelling and grammar of EVERYTHING • Verify ALL calculations • Don’t forget promises made • Review with contact before sending final version • Check, Check, Check!!!
- 15. Step 7: Influencer Approves • Review contract with your prospect • Suggest meeting with influencer & DM or deciding committee to present • Determine timeline • Book next step-date
- 16. Step 8: Key Decision Maker or Committee Approves Decision Making Criteria • Reliability • Relevance • Quality • Cost • Continued Service • Don’t celebrate just yet.. • Potential roadblock from Purchasing or Finance • Present to the Roadblocker • Perform mini sales cycle • Get their buy-in
- 17. Step 9: Purchasing Approves • Purchasing can still stall or vito sale • Present to Purchasing if necessary • Learn, Repeat, Teach
- 18. Step 10: Product/Service Delivered & Payment Collected SOLD!!! WOOOOHOOOO!!! • Closed 1st Deal • Celebrate & Thank • Learn, Repeat, Teach
- 19. Post Sale: Customer Onboarding, Engagement, and Experience • Educate and train customer on using product or service • Follow up and continued support • Ensure customer satisfaction • Probe for further needs • Discover upsell opportunities • Present upsell options
- 20. • Your network • Universities • Online • Recruiters/Headhunters Finding Talent Top 4 Places to search:
- 21. • Review resumes – Shortlist 20 • Phone interviews – Shortlist 10 • In person interviews – Shortlist 5 • Reference check • Make an offer Interviewing Candidates
- 22. • Don’t half-ass it • Don’t rush through it • Do combine formal classroom style, web research, on-the-job training and shadowing • Do perform regular coaching On-boarding and Training *Suggested readings: Coaching Salespeople Into Sales Champions: A Tactical Playbook for Managers and Executives – by Keith Rosen Coaching for Performance: Growing Human Potential and Purpose – The Principals of and Practice of Coaching and Leadership – by John Whitmore
- 23. Q & A The End By Steven Tulman Email: stulman@icmconsulting.com Twitter: @StevenTulman LinkedIn: ca.linkedin.com/in/stevetulman