Sales is the heartbeat of any business organization.
It represents the major, sometimes only the minor, cash inflow. For startups, sales is one of the most challenging business functions.
But as much as it’s perceived as a hard thing to be done over time, it’s the only way any business can survive, grow and thrive. Accordingly, a sales strategy must be developed to enable entrepreneurs, founders and sales managers to increase and grow their company’s sales. By definition, a strategy is a roadmap to achieve a desired income or goal.
Sales strategy is the how-to part of the sales plan, which comes after setting sales objectives. This is the way you will take to achieve those objectives.
Here we will discuss five sales strategies that startups can use to increase their sales with only one investment (exerting extra effort).
1- Diversify Your Lead Generation Sources
It might seem a little bit strange because it’s all about the ROI and working smart nowadays. Meanwhile, we forget that working smart is about efficiency. But that doesn’t mean that working hard is not a vitally important key to get results.
Lead generation is one of the marketing activities, yet we need to have as many lead generation sources as possible, exhibiting in events, getting referrals, business directories, social media connections, account hunting, Attending events or even knocking doors to get contacts!
Of course, there are some sources that are way better than others when it comes to results but in sales, the bigger your pipeline’s size, the higher the sales volumes. Diversification will guarantee a filled pipeline which means more meetings and more chances to close deals.
2- Be a trusted consultant
Instead of pushing and pushing, just pause and play the consultant part, ask questions that relate to your prospect business, situation, and resources, which keeps the prospect engaged with the sales conversation.
Just guide the prospect through their current situation, discover their pain and how you could solve it for them using your own product or service.
3- Be prepared
It seems odd yet it’s a very common mistake. The ability to improvise is good but it’s not consistent nor efficient. Preparation ensures consistency and efficiency and it facilitates controlling and monitoring the selling activities.
One of the best strategies is predictability. Imagine if you can predict what’s gonna happen next before it happens, In sales, it’s all about preparations. Writing down every single detail about how to do calls, conduct meetings, and deliver presentations will enable the salespeople to be able to know how to handle each and everything related to the activities they do.
Here’s a list of things to start with:
- Call scripts.
- Meeting sequence and scenarios.
- Qualifying questions.
- Product presentations.
- Expected Objections and their answers.
Start working on the mentioned list and it will give you and your salespeople the confidence needed to handle any situation by being ready.
4- Develop a Selling Process
By definition, a process is a set of activities or steps in a certain sequence to complete a certain end.
The selling process is the set of steps the salespeople do, starting from acquiring the lead, qualifying, presenting, proposing, closing and follow-up. It differs from a company to another, industry to another. But always remember, the process has been placed to ensure two things, clarity and simplicity.
Don’t get overwhelmed to develop a 10-step process that no one understands. Remember the KISS rule, Keep it Simple And Silly!
The easiest sale ever is to the one done with your current clients or customers already. They already know you, use your service or product, trust you, and are satisfied with the results. Have an upselling plan for each client you have, make sure to develop a good relationship with them and keep following up and getting feedback about your services and potential future business opportunities.
This also increases customer lifetime value (CLV). You would’ve most probably invested time, effort and money to complete the sale.