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#entrepreneurship

4 posts4 participants1 post today
Public
Bob Young

The Salesperson’s Challenge: Identifying Valid Prospects
(Full disclosure: I write from the perspective of the buyer, not the salesperson, but that’s valuable information. If you’re the salesperson, you need to understand how the buyer thinks).

BACKGROUND
Yesterday I was talking to a young Territory Manager about cybersecurity products. He’s a fantastic guy, not entirely new to sales, but still, he’s in the early stages of his sales career. He’s going to be very successful in sales if that’s where he decides to stay. He has the integrity, diligence, care for his clients, and attention to detail that will ensure his success.

Anyway, back to the post, which is about qualifying your prospects.

We were talking about how to identify qualified leads, so you don’t waste your time pitching to people who will never buy, even if they love your product and service offerings.

He told me that the company he works for had identified their target customer as companies with annual revenue in a certain range. He also told me the annual cost of one of their main service offerings.

I said, “The customers at the lower end of your target revenue range are going to have a tough time deciding to say yes, because your product comes out to a little more than one percent of their annual revenue.”

He was mildly surprised. “Is one percent too much?”

Yes, it is. A lot of small to mid-size businesses have annual profits in the single digit range. Taking on a new expense that eats up an entire percentage point is a big deal.

THE SOLUTION
It’s probably not realistic to reduce the price of your product. So the solution is to target companies with higher annual revenue. If you’re going to close, say, 5% of your pitches, then you can’t waste valuable time pitching to people who don’t believe they can afford what you’re offering.

The upper management of the company this Territory Manager works for should adjust upward the minimum annual revenue for their targeted leads. That way, his Account Reps won’t be discouraged by pursuing prospects that walk away as soon as the conversation turns to price.

#CallMeIfYouNeedMe #FIFONetworks

Screenshot of an Investopedia article on small business profit margins. The article says typical healthy profit margins are in the range of 7% to 10% for many small businesses, but are lower for some industries such as food and retail.
#entrepreneurship#sales#marketing
Public
Henry Fisher

Yesterday, I had the amazing opportunity to organize and moderate my first technical panel: "AI: Opportunities and Risks for Entrepreneurs." 🚀

Respected professors in the field of media technology from KTH and Södertörn University, as well as entrepreneurs and business trainers, gathered to discuss challenges in the new world. 💡

#AI#Entrepreneurship#TechPanel
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