"Working out of one of their offices side by side is a great way to hear how they talk, what they care about, etc." I've heard this suggested occasionally, how does this ask usually work? Besides the fact that our clients aren't near where we're based, it feels socially strange asking to impose on someone's office for a day - I must be missing something.
Tips for Founders Sales: Lessons from Starting Two B2B Startups
21–30 of 33 posts
Re: Tips for Founders Sales: Lessons from Starting Two B2B Startups
#22I just launched a bootstrapped B2B product today (also in the recruiting space). I've never sold a thing in my life before, but have suddenly been trying to learn how to be as effective at sales as possible. Today I got some significant interest from a couple of fortune 500 companies and got some serious imposter syndrome. Any advice for dealing with imposter syndrome as a defacto sales leader with zero sales experie…
1st uncover the buyer journey with some form of this question: "Just so I can help plan accordingly, let's imagine your company decides to move forward, what does the purchase process at your company look like?" Try to unearth all the steps they need to go through (is it out of their personal budget, department budget, VPs budget? Are there other groups we'll need approval from and what does their process look like? (IT, Legal, etc). How long does it usually take to close a purchase and get a vendor paid in your firm?
The goal is to uncover the end to end process that results in $$s early so you can plan accordingly. If the process takes 18months and requires deep IT and Legal approval - make sure you're priced high enough to absorb the pre-sales time & labor.
And when pricing comes up - if you have a well established market, then price within the norms (your champion isn't using their own money, they're using the company's - they just need to justify the cost). If the product is a new category, price the product to organizational value. If your product reduces the number of sourcing staff or multiplies their effectiveness - a typical strategy is to show the business impact. Perhaps Salary of HR hires saved + number of good hires * impact factor on business (whatever works best to show $$s of impact to the business). Then charge a fraction of that value yearly.
There are a bunch of great books on enterprise sales, but 99% of it after showing value is uncovering the purchase plan and helping nurture your champion (and possibly others) to accomplish the sale to their internal stakeholders for you.
And as a previous commenter said before - don't worry about pricing it perfectly. Fit the budget they have today and readjust next budget cycle or during next year's renewals.
Best of luck!
Re: Tips for Founders Sales: Lessons from Starting Two B2B Startups
#23Earlier quoted context omitted.
I haven't sat and gotten deeply introspective about it, but when I think about all the trips and dinners and conferences etc I went to in order to build relationships to get a same, it feels deeply icky that the root of those relationships was a desire for a financial transaction. I think we actually did as well as we did, in part because being rooted in a transaction felt so wrong that I actually tried to build rela…
Did you believe the cost/benefit was in the purchasers favor? Or were you cynical about the solution/value of solution? I’m a purchaser of enterprise software. This is something I try to gauge from the sales rep. There’s a lot of risk in buying software that doesn’t actually solve the problems you face and you typically don’t find this out until well into integration.
Hi - Can I add you to my Linkedin Professional Network?
But in all seriousness, does this mean you are part of the procurement department? I would love to see some posts/thoughts on how someone in this position approach procurement of enterprise software.
Re: Tips for Founders Sales: Lessons from Starting Two B2B Startups
#24What would be good to see, are the conclusions and takeaways after applying these. What works for real, what was the combination which lead to the first sale, what is needed for repeatable sales.
Re: Tips for Founders Sales: Lessons from Starting Two B2B Startups
#25"Working out of one of their offices side by side is a great way to hear how they talk, what they care about, etc." I've heard this suggested occasionally, how does this ask usually work? Besides the fact that our clients aren't near where we're based, it feels socially strange asking to impose on someone's office for a day - I must be missing something.
Re: Tips for Founders Sales: Lessons from Starting Two B2B Startups
#26I just launched a bootstrapped B2B product today (also in the recruiting space). I've never sold a thing in my life before, but have suddenly been trying to learn how to be as effective at sales as possible. Today I got some significant interest from a couple of fortune 500 companies and got some serious imposter syndrome. Any advice for dealing with imposter syndrome as a defacto sales leader with zero sales experie…
Re: Tips for Founders Sales: Lessons from Starting Two B2B Startups
#27These advices are good, though the same can be seen in other articles pulling recommendations together. What would be good to see, are the conclusions and takeaways after applying these. What works for real, what was the combination which lead to the first sale, what is needed for repeatable sales.
The two key points:
1) Know your product. Know it inside out, what it can do, what it will do, what it can’t and won’t do, and why those things are the case. You should be able to answer any question, and you should know the metrics you’ll inevitably be asked about like your mother’s phone number. If you’re a founder doing sales, this is doubly important, as it not only answers the question, but shows that you are deeply involved in the business/product, which brings me to
2) Passion. If you’re passionate and excited about your product, even the most stone-faced pessimist will be wanting to sign a contract by the end of the pitch. Enthusiasm is contagious. Have your story and why you set out to provide this solution ready to go, and tell it. Narrative tells people why you’re passionate, and allows them to share that narrative, that passion.
I converted almost every pitch I made, to the tune of £100M or so over the years - early days, sales of £10k each, a dozen a year. When I left, I was selling as many £5M three year contracts each year with the same core two points. I don’t say this to brag, just to underscore that these aren’t scale-limited factors, and that as a founder, this is a pretty solid strategy - particularly if you’re selling to other founders.
The hardest hurdle was filling in the RFPs - always different, always asking the wrong questions. All that worked there was putting in the hours.
Re: Tips for Founders Sales: Lessons from Starting Two B2B Startups
#28Starting two B2B startups is easy and while there's lessons to be learned in failing, before reading your advice...one must ask/know if you financially succeeded in either via profit/exit? Sorry, the title isn't clear.
> Sorry, the title isn't clear. If only the there was more to the title - like a link to an article that answers your question in literally the first paragraph.
Re: Tips for Founders Sales: Lessons from Starting Two B2B Startups
#29A lot of these types of posts about B2B assume you are selling a product >$1k... there are lots of B2B that are for less than that and so you can't really apply most of these approaches.
Re: Tips for Founders Sales: Lessons from Starting Two B2B Startups
#30Earlier quoted context omitted.
I haven't sat and gotten deeply introspective about it, but when I think about all the trips and dinners and conferences etc I went to in order to build relationships to get a same, it feels deeply icky that the root of those relationships was a desire for a financial transaction. I think we actually did as well as we did, in part because being rooted in a transaction felt so wrong that I actually tried to build rela…
Did you believe the cost/benefit was in the purchasers favor? Or were you cynical about the solution/value of solution? I’m a purchaser of enterprise software. This is something I try to gauge from the sales rep. There’s a lot of risk in buying software that doesn’t actually solve the problems you face and you typically don’t find this out until well into integration.