Whether you’re a personal trainer, an inventor of a ground-breaking product, or Harvey Specter, there is one question you should ask yourself before any other individual:
What is my clear, precise, and scalable strategy to SELL my product or service?
As an investment banker, I’ve advised countless companies about investments and even invested in some. I’ve built businesses myself and have mentored (still mentoring) entrepreneurs who have looked and are looking to build businesses.
If there is one overwhelming mistake I find everyone repeating over and over again, it’s this: not enough focus on sales / revenue generation.
Yes costs are important, but you have to remember this:
- A combination of strong revenue growth and mediocre cost-control means you may not earn high profits (room for improvement), but at least you’re growing and have enough cash coming into the company to stay alive.
- A combination of weak revenues and excellent cost-control may mean good margins, but without enough cash flow coming in at the top (revenues); you won’t even stay alive to fix the cost problem.
So here are the 5 most important steps you should start with:
- Define your target audience as scientifically and specifically as possible: WHO EXACTLY is going to buy your product/service. Segment your audience (if applicable) and then assign probabilities for each segment (how likely are people from each segment to buy your product?)
- Spend a considerable amount of time finding out EXACTLY WHERE your audience resides and what the best WAY TO REACH them is. For example, LinkedIn for executives, Instagram for teenagers, Facebook for millennials, email for Generation X, etc.
- Develop your sales CONTENT marketing STRATEGY.
- Hire or outsource execution: but DEDICATE TIME & RESOURCES to sales generation
- SCHEDULE your sales effort and make sure that you (and other parties responsible for sales generation) STICK TO THE SCHEDULE
You can have the best product on the planet and not be able to sell enough to survive, let alone thrive, so make sure you dedicate the brain power and resources to go through these steps diligently, and check and recheck your progress on a regular basis.
Happy to answer your questions, hit reply or comment below.