When entering a new market, you will need a sales strategy because the conditions and ways of doing business in the new territory will not necessarily be the same as in your home country. There are several steps to developing a sales process for a scale-up in the tech industry. You may even find more often than not that the sales strategy you develop will depend on the company service or product you are offering.
The first thing to look at is trying to find a gap in the market where you have a unique offering. It is important to know what is happening in that specific industry and what are the newest developments. Also, have an in-depth understanding of the market, to find where the pain points are for your potential customers and how your product or service solves that problem. Especially with disruptive technology, as these are usually very specific. Innovations in technology are developed for a reason, and that is to answer a need that is not currently being met. So, looking at the need and the solution may help you to find your place in the market.
You can read more on how to formulate a unique selling proposition here.
Determining the target audience
When you are determining the target audience, you should firstly look at the type of technology. Look at the companies that inspire you in the field. Also, remember that the target is not always set in stone. Once you know the industry and which companies to approach, it is crucial that you are contacting the correct people within the organization. Determine who is using the product and who is the decision-maker in the organization, thus whom you should contact first. Should you first contact the person who is in charge of the budget, before contacting the sponsor who would be the one using the product? Even if the C level is usually in charge of the budget, it’s not always the first point of contact in every situation.
Where to reach your target audience
When targeting potential customers, it is important to try different ways of reaching out to people. Don’t just stick to one channel; use all of them if you can. The channels could include going to meet-ups, going to conventions or trade shows, sending emails, and so on. This will maximize your reach and give you the best chance of finding the right people. It will also show you what works and what doesn’t, allowing you to optimize your conversions and put more resources into the most successful tactic.
Formulating the pitch
When you finally start contacting the potential buyers, the way you introduce the solution will be the most crucial part. Think about how to formulate the pitch for the ideal customers, emphasizing the value of the product to sell the product. Formulating the pitch is a process and you should try different versions and improve accordingly. Also, a good way to approach testing the pitch is to first send it only to a few prospects, based on which you can alter it, rather than “wasting” good leads with the first version. Look at what your competitors are doing and if you can validate your pitch with industry experts this will help enormously. Most industry experts are open to giving feedback and will provide you with reasons for the advice, allowing you to make valuable adjustments.
Set concrete plans and goals, and hone the outreach process
The planning stage is all about forecasting what you’re trying to achieve and then working backward to see how to do it. As an example, a company wants to make 1 million Euros in a year and you calculate that you can do this if you close ten deals. This means you will need to do 30 follow-up meetings from a list of 60 new initial meetings. So, the question becomes how do I get those initial meetings? Well, you need to go back to your pitch and your outreach. Adjust the numbers accordingly when you find it needs adjustment. We all want to get the most out of our sales activities and the process, so good planning and setting goals will help you with time management.
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If you’re looking to grow your B2B business abroad and would like to see how we could help you with sales strategy and activities, from the initial reach out to closing deals, we’d be delighted to jump on a call with you.