10 Updates

Three Key Steps To Building A Sales Team

Apr 2 2014, 5:11pm CDT | by

Building a sales machine When raising our Series A round, we heard it probably 100 times, “what is your sales strategy?” All of our potential investors wanted to know how we planned on growing the...

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16 weeks ago

Three Key Steps To Building A Sales Team

Apr 2 2014, 5:11pm CDT | by

Building a sales machine

When raising our Series A round, we heard it probably 100 times, “what is your sales strategy?” All of our potential investors wanted to know how we planned on growing the business. It was a pretty obvious question to ask. We did have some traction and some very passionate early adopters, but we were far from profitable.

As a startup working in higher education we told investors that we were focused on a top down and bottom up approach. We would focus our attention on calling and meeting with Deans, Chairs, VPs and other administrative officials at universities as well as the bottom up, which was professors and instructors.

This effort was a theory, but we soon learned it was not a process. Our theory for how to approach the market was correct. What we needed to learn was how to create a scalable and repeatable process. When it comes to sales, process is how you really create momentum and build a big book of business. As a founder of Late Nite Labs I had tons of passion for the company and our products. Passion has a unique ability to spread to those you interact with, however, one person’s passion is very hard to scale.

Repeatable and scalable processes is key to driving sales

Tracking your opportunities and whom you are calling on is key. We learned early on how important data is to sales. Sales is a business of relationships, whether you are selling planes, cars or software. The key is to create a quantitative approach to your qualitative process so that what you do is repeatable, scalable and traceable. By tracking your efforts and by efforts we are talking about relationships, you enable yourself to look back at your historical relationships and understand them as well as maintain an up to date Rolodex of contacts. It’s called a CRM for a reason… client relationship management.

You buy from the people you trust.

Trust is something that can be built on a number of foundations. I have seen sales teams built with world-class experts so that the sales team is a group of peers to those they are selling to. I have seen sales teams that are genuine, sincere and confident. Both of these models can work if you can make sure to keep the customer at the focal point of everything you do.

About a year ago a potential customer returned a voicemail I left two days earlier. Not knowing who they were when they called left me vulnerable and unable to respond with a friendly tone. After catching my grounding I was able to recover, but not without ruining some confidence from the potential customer.

When you have no context to the history of a relationship you will fail and your potential customer will think you are a jerk. You might have reached out to thousands of people in under a few months and can’t even remember your mother’s name, but when an opportunity calls, you better know she’s a biology teacher teaching an online course and her favorite animal is a sea otter.

Having a well-maintained CRM can help your sales team as individual as well as team selling. The value of a CRM is only as good as the date entered so make sure to structure some sort of a bonus plan or job description around proper CRM notation.

Three Key takeaways in how to build your sales team:

1. Hire passionate people who are genuine

2. Treat your customer relationships with care, they are precious

3. Data tracking and managing is first step toward repeatable and scalable processes

You can follow Harris Goodman on Twitter at @trgoodman.

 
Update
10

7 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Rakyat was ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

7 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was br ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
8

7 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the Dewan Rakyat to ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

7 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Da ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

7 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern states last mont ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million in compensat ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an all ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

7 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Damansara Skyway (Ki ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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