Leveraging Adaptative Sales Strategies for Your Startup
By now founders have heard all about the importance of being ‘agile’, particularly off the back of crises like the coronavirus pandemic and recent market changes. But agility isn’t solely about adopting an agile mind set, it is about being adaptative when faced with challenges and recalibrating sales strategies in order to steer toward new growth opportunities. Making shift moves, from identifying pockets of growth, researching consumer buying habits, to analysing emerging markets and the reinvention of old ones, will assist your startup in staying adaptive.
Founders who can move quickly are typically rewarded with an early advantage over their competitors which is crucial in our current commercial landscape. Suffice to say, when it comes to excelling in the business, having an adaptive sales strategy is key. Our team at Allied Legal, have assembled some key strategies that will assist your startup in adapting to fluctuating startup market trends.
Find New Markets to Target
Your startup should constantly re-evaluate your target demographic and pivot, if needed, into viable market segments. Part of this will involve examining your startup’s visibility in your current market as well as in new ones through research like data segmentation and customer research. Your research into growth trends, emerging sectors, and lucrative regions should inform who you chose to target next.
Let the Data Guide You
Forbes recommends utilising data-focused segmentation based on whether the industry you are targeting is in a stage of growth, distress, or pause. This will inform how your startup focuses your sales and marketing efforts and will help your team to develop relevant and impactful messaging that resonances with your target group.
Enter Problem Solving Mode
Trends and changes to market conditions may alter the needs of individuals, groups, or businesses, opening the door for your startup to enter with your offering. Once the door is open you should gain a better understanding of the needs and problems your target demographic is facing, which will assist your sales team in creating authentic and informative messaging. In fact, we have found that building awareness for your brand and providing useful information not just about your offering, but about the problem it solves, is far more effective than a blatant sales pitch.
Set Short Term Goals
Short term goals can be just as important as long-term goals. Setting goals to be reviewed quarterly or even monthly, rather than annually will ensure that you are ready to strike when the iron is hot. This can assist your startup in remaining agile and experimental, allowing you to operate on a trial-and-error basis and take risks on new markets. Regularly meeting with your sales team to review the data and set actionable goals accordingly means that you will be quick to leverage market changes. This can be particularly pertinent during times of instability, and you are unable to predict how the market will change in response.
Scale Where Needed
We are seeing a shift from in-person sales to digital, remote or hybrid methods which has resulted in internal team movement and the reallocation of resources to new areas. The digital trend, for example, has required founders to funnel more energy into e-commerce resources like live chats, video, and website support. When you are re-focusing your startup’s sales strategy, you will need to be prepared to adapt to all the changes that will come with it, whether that’s a new digital experience for your clients or updated digital tools and systems.
Need help? Contact Us.
An open mindset and strategic agility is essential when it comes to staying on top of sales growth. Our team of startup experts are deeply rooted in the startup space and regularly provide specialist guidance to founders, business, and investors. So, if you need expert guidance, you can connect with our team by giving us a call on 03 8691 3111 or sending us an email at email@example.com.