Key takeaways on how to find, sell to, and keep new customers in disrupted times.
Tips, hacks, do’s and don’ts from recent content created by Eagle Labs, with links to the source articles and videos if you want to learn more.
Identify the buying committee and the buying journey
Identify how many people are going to be involved in the buying process and try to map out a model. It’s not going to be just the end user or just the contract signer.
Once you have your buying committee, make sure that you understand what the standard buying journey looks like - from getting your foot in the door to getting either trial or proof of concept. Map that out so you know exactly what the next step in your potential sale is.
Do real time customer research
The lead times for customer insight surveys are typically weeks rather than days. In the fast moving landscape post-Covid, that feedback could be redundant by the time it’s collated. Startups have to find new, and faster, ways to get feedback on what their current and potential customers want.
There are numerous tools and services available that can provide instant insights, depending on your budget and scope. You can also do your own micro surveys, using anything from Slack, to SMS, to social chatbots.
Be clear when talking to corporates
Tech startups need to be crystal clear about the problem they are solving if they want corporates to engage with them. This is particularly true for LawTechs approaching law firms that are flooded with suggested SaaS solutions.
Anthony Vigneron, Director of Legal Technology Solutions at Clifford Chance explains how to get engagement from corporates, including approaches to research, product development and presentation – plus, why too much ambition can be a bad thing. Read his article here.
Do your homework
When selling into big banks or corporates, you’re always going to receive questions around security and risk—it’s unavoidable. Corporations want to avoid working with anyone who is going to adversely impact their business, whether that’s from a technology point of view or reputationally.
So, you don’t need to be an expert, but you need to show that you’ve considered how you might handle risk.
Recognise a corporate’s DNA before selling
A tech business has a different mindset to a century-old bank, says Steven Drost of Codebase. So, if you plan to target a corporation as a customer, make sure you know who you are selling to in order to have the greatest chance of success.
Employ a “test and learn” strategy
One of the big challenges for startups is deciding where to allocate your time. The best way to overcome this is to “test and learn” to see where you are getting results. Set timescales, assess the results, and then build your findings into your sales strategy.
Be prepared for a changing customer base
For some the Covid outbreak has meant an almost overnight boom in demand. Yoello, a mobile ordering platform for the hospitality and retail industries, has seen its customer base skyrocket since Covid, due to social distancing measures, with businesses moving to digital solutions and a reduction in cash transactions. It had to react quickly and scale-up its operations rapidly.