Prepared by our partners Finance PM Team
This becomes a habit to write an article for our blog after another conversation with a startup founder. This time we talked about selling to B2B clients, the challenges startups usually face and ways to succeed in this complex process. Here are some thoughts and tips.
Large companies don’t always understand how to work with startups that’s why they prefer to avoid this type of cooperation looking for established partners. But there is good news: many of them are now opening innovation departments and hire people who are more familiar to the startup world, so now you might have an inside ally. Another way-in is through companies that are helping corporations to collaborate with startups organizing programs and challenges dedicated to solving their real problems. Just surf the internet and you will find open innovation platforms, startup, and technology scouting companies and acceleration hubs sourcing startups and early-stage companies for corporates.
Companies are not sure that a startup is able to provide high-quality and reliable service and infrastructure. Showing a strong team of professionals with an impressive track record and inhouse development will help you negotiate your deals.
Very often first contracts with B2B clients result in continuous customisation and white label products what is not something that helps you scale. That is why you should always formalise the scope of work, calculate the budget beforehand, decide what might be a compromise and what is never going to happen unless you plan to work with one client forever.
Often startups forget to calculate their unit economics and utilise digital sales channels making sales process unaffordable. The bottom line here is this — just try to sell a standardised product online otherwise you won’t be able to embrace sustainable business model.
The sales process should be always measured, don’t forget to set KPIs for your sales team and make business goals clear. Constantly analyse and optimise the process making it smooth and efficient.
Don’t scrimp on talents, a good salesman is hard to find and hold, find the best and motivate them to sell your product like Serhant.
These are only a few thoughts on B2B sales, we will definitely share more in the future. Stay tuned and remember we can always help you develop and implement a sales strategy for your startup, just schedule a call to discuss the details.
Finance PM Team