Sales Hacks to Boost Startup Growth
Rising startups and bootstrapped entrepreneurs are the ones going through the stages of finding, retaining and expanding customers. Making money is the pressing need for these businesses as even the investors want to see results right off the bat.
Growth – This is what keeps every entrepreneur up at night. “Should I focus on revenue impacting activities or operational activities? Should I focus on sales or marketing? Will customers accept my MVP?” Such questions make launching the first startup tough and that’s just the beginning. So, here we bring the growth hacking techniques to make your startup journey a bit easier, but first let’s understand what is sales/ growth hacking, anyways?
Let’s Understand Sales Hack
It refers to strategies or techniques used to optimize a sales process or salesperson’s time by being really creative and efficient with available resources. Sales hacks help you to move along your pipeline faster, close deals more quickly, close bigger deals and generate more revenue.
Why Startups Do Growth Hacks
Sales hacks are answers to the very traditional and most important question, “How do I get customers for my product?” So, businesses who need massive growth in a short period of time on smaller budgets and limited resources do sales hacks.
Growth Hacking Strategies For Startups
I’ve been building sales processes from scratch for the past few years and have used numerous sales hacks to grow my business and businesses of many start-ups and SMEs.
Here I list down few sales hacks. I hope you enjoy reading and put them to good use:
Even the best funnels do not give results without automation. So, automate as much as you possibly can. It enhances the sales pipeline and also help teams generate both more and better-quality leads.
Sales automation tools helps in maximizing sales opportunities and monitor sales progress. These are a great way to engage with customers and can be used at different stages of the buyer journey.
While it may take some time and a lot of thought to initially set up, sales automation, once up and running, is a game-changer.
You need to identify and define the sales stages to create a scalable sales process. A sales process follows some general steps – Prospecting, Lead qualification, Solution development, Proposal submission, Negotiation and closing a deal. Most of these stages can be templatized to save time, engage better and close more deals in less time.
Some common areas where it can be done: Prewritten emails or email templates, Cold call script, Product Demos, Customer profile and persona, Sales presentation, Competition Information, Offer/Proposal template, Conversation guides and Customer references.
Does your start-up has the target company names that you want to reach out to? Yes, Great! Now, how to dig deep into these companies and get the contact details of the concerned people?
Many online tools are available where one can find all the details of the employees from various companies – proper title, first name, and the last name of anyone at almost any company. You can do this by solely using LinkedIn and the company’s About/ Team page. Once you have the details use the email finding tools to source out email addresses and get going with the outreach campaigns to generate leads.
Upselling and cross selling have been used as effective sales tools to generate more profit in a transaction. These are the best ways to grow at a fraction of the cost. Upselling and Cross selling work when you have a decent sales revenue, but startups with small turnover can also use this sales hack to grow their business.
Before talking about the way to upsell and cross sell, let’s understand these terms first.
Upselling – Buy a Robot at 50$. Buy our bestselling Robot at 25$ only.
Cross Selling – Buy our bestselling Robot and pack of battery at 5$ only.
Now that you have an idea of how upselling and cross-selling works, it’s time to reveal the proven strategies that your start-up can use — online and offline. Since every start-up has a different set of needs, remember to take these strategies with a grain of salt.
You’ll need to do some experimentation to figure out the perfect approach for your brand.
Suggest more products before confirming the purchase (Dips, sauces, ties, accessories etc)
Give your physical product, service or solution on TRIAL basis (15 day, 30 days trial or demo)
Create limited period offers (Flash sale, Special discounts etc)
Offer more convenience (Free delivery, Free booking, Door pickup etc)
A lead is where the sales journey begins and startups should have a list of prospects to ensure quality leads in the sales funnel, always. But, most startups struggle when it comes to sales and reaching out to partnerships with other companies. Salespeople often think they’ve reached their maximum list of potential clients. Or, they just don’t have the right contacts that can use their products or services. So, here are a few hacks to keep a constant inflow of customer leads in the sales funnel.
Request referrals from existing customers
Network, Network and Network
Capture contact data at every possible opportunity
Give and then receive
The reason more and more startups and small businesses are adopting sales hacks is now obvious: everyone wants to grow fast by acquiring customers in the shortest possible time. And this is possible with growth/ sales hacks.
After talking about growth hacking strategies, I would emphasize that there is no “one-size-fits-all” option. Moreover, sales hacks is not a fixed strategy, rather it is a mindset. Startups need to instill this mindset and culture to see the desired results and grow their companies exponentially.