Have a startup? Got low profits? Not sure on how to bring out sales? Unaware of the boost required to build your startup’s production and prospects?
Well, do not fret as this article completely covers the answers to all the above mentioned questions. So go ahead and enjoy these knowledgeable hacks to build sales for your startup.
5 Hacks To Begin Sales For Your Startup!
So here are some points that you need to consider to get the sales boost for your startup.
#1 See Who Buys
“Selling on existing EBITDA can only get you a valuation based on today,” said Jack Berlin, who is the CEO of Accusoft, “but if you can make the acquirer believe in the potential of your startup, you can sell for a much higher valuation. Think about what your startup can do for the acquirer and start creating a product/integration plan for post-acquisition. Any acquirer would be interested to know where you can take your company in the next five years without any investment. ”
So, if you want to drive the best valuation, you need to be convincing about the growth opportunity. Hence, you must have a Compelling Vision.
Also, Marius Moscovici, who is the founder and CEO of Metric Insights, once told that “If you want to sell your business, ideally you should be thinking about acquirers at least 18 months in advance of the sale. Identify a list of potential buyers and start building relationships early so that when it is time to do the acquisition dance, you have multiple suitors who are interested in taking you to the ball.”
#2 Reveal + Listen = Understanding
One must understand the logic that if you wanted to move mass quantities of goods, then you need mass quantities of people. And to get mass people you must make sure to know your buyers as well as listen to them.
The customer may at times defy logic, but they are always right and they must remain as your first priority. Hence, be a good listener and the result will be, you as the largest, most powerful brick and mortar retailer in the world.
Also, anyone who has started sales will know that customers reject products/services that they don’t understand. When you are new to this field, and you start to have inquiries related to your services, you focus on grabbing more and more clients. But, You cannot afford to make mistakes. This is the time where you have to focus on building trust and not just the clients.
So, get to know more about what the client wants and how does he want it. Don’t jump straight towards making a quotation and sending it over to your client. First, understand your client’s requirements and only when you’re sure about it, then ask your client about the budget. Because it might happen that you pitch a budget which is too low or too high and you might lose the client.
#3 Sell the benefit, not a Comparison
How you market yourself is all about highlighting what makes you different. There are three major ways to do that.
- Cost (you know how to price a product better than the competition)
- Quality (you’re better)
- A combination thereof (you offer the better value)
But how you sell yourself is different than 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 benefit.
Competitive startups fail to understand that people not caring enough about your product is your true competition, not some other startup.When you’re thinking about how to position yourself, look at the complementary products, not the competitive ones. Ask yourself two questions: How much value can I create for my customer? And how much value are they getting from the other products they use?
More Insight –
#4 ‘Word of Mouth'(WOM)
Word of mouth marketing makes use of many media. It is not just a matter of telling your neighbors. More than three-quarters of buyers trust WOM compared to any other medium. Basically, there are 2 methods of WOM –
The direct methods, it includes :
- Typical neighbor talks and sales calls.
- Public speaking at conferences, local associations, client events.
- Customer referrals.
- User conferences, where you seek to engage your customers and link them to one another.
- Training events, ones you arrange or ones in which you participate elsewhere.
- Demonstrations at trade shows, on client premises or for client staff.
The indirect methods, it includes :
- Podcasts, that you post on your website or YouTube.
- Online forums and live chat in its many forms.
- Consumer reports and user information sites.
- Aggregates of consumer reviews, especially in local marketplaces.
- Company grading sites that capture the wisdom of measure against criteria.
- Blogs/articles, yours or other people’s (where you post comments).
- Email newsletters and e-blasts to your mailing lists.
#5 Market your startup product before it’s ready
It’s better to do preemptive awareness campaigning, even if it’s minimal, to let potential customers know your product is coming. You can sell the benefit before the product has arrived. This way, when the product is ready, so our customers!
Also, one must realize to Deliver quality over quantity. A product can sustain the quality it delivers no matter how many features it delivers. If there is one product that has only ten features and delivers the quality, and another product which has 20 features but is poor in quality, the first product will always win and make wonderful sales. If your product is not promising, you can’t make a good name for your company.