#1 What is sales led?
Sales led businesses are those that prioritize sales over other areas of the business. This means that they invest more in sales and marketing than they do in other areas, such as product development or customer service.
The goal of a sales led business is to generate as much revenue as possible. To do this, they need to have a strong sales team that can close deals and bring in new customers. They also need to have a good marketing strategy to attract attention and create interest in their products or services.
Investing heavily in sales and marketing can be a risky strategy, but it can pay off if done correctly. Sales led businesses need to be able to generate a lot of revenue to make up for their higher expenses. If they are successful, they can become very profitable businesses.
#2 Sales Led vs Product led vs Customer led vs Marketing led
Sales led is an approach to business growth which is focused on sales.
Product led -a business strategy that relies on using your product as the main vehicle to acquire, activate, and retain customers.
Customer led -growth strategy aligned with customers growth
Marketing led - growth startegy which is powered by marketing strategies and analytics
The difference between sales led and other startegies is that the main focus is on sales team. Sales team is responsible for acquiring and converting customers.
Sales led rarely exists in the pure format and often is combined with marketing led appraoch. For example when lead generation is made through marketing led growth strategies and further the sales team is involved.
In compariosn with product led sales led can bring you fast growth but at the same time require much more resource.
When the market is down and we see the most stable companies fire 1000+ employees, sales led growth is not enough anymore.
#3 Benefits of sales led
1. A sales led strategy can help you achieve rapid growth.
2. A sales led strategy can help you reach new markets and customers.
3. A sales led strategy can help you increase your revenues.
4. A sales led strategy can help you improve your profitability.
5. A sales led strategy can help you build a stronger brand.
Despite all these benefits the sales led startegy narrowing down significanlty the growth opportunity in comparison with the product.
#4 How to create a successful sales led strategy?
The sales led growth strategy is a business model where the main focus is on generating revenue through sales. This strategy is often used by startups and small businesses that need to generate quick growth. In this model, the sales team is responsible for generating new leads and closing deals. The other departments in the company then support the sales team to help them achieve their goals.
This strategy can be very effective if executed properly. However, it can also be risky. If the sales team is not able to generate enough revenue, the whole company will suffer. This is why it is important to have a strong sales team in place before implementing this strategy.
Assign the sales representative for your most important customers to build personal relationships.
#5 Sales led and marketing led growth strategy: 7 ways
It's not easy to grow your business, especially if you are in the "Sold side." In order to gain more revenue and manage your customer relationships effectively, there are a few strategies that work well. These include sales led onboarding and sales led growth. Learn more about these strategies and how they will help you with your own growth in this blog article!
1. Email Marketing:
Email marketing involves sending out promotional emails to potential customers. Include a call-to-action in your emails so that recipients know what you want them to do (e.g., click through to your website, make a purchase, etc.).
2. Search Engine Optimization:
Use keyword-rich content to help potential customers find your website when they are searching for information related to your industry.
3. Cold calling
Once you have generated a list of potential leads, it's time to start calling them. The best way to sell to someone is to build a rapport with them first. When you call a lead, be sure to introduce yourself and explain why you're calling. If the lead is interested in what you're selling, they will usually agree to a meeting or call back.
4. Social Media
Social media is a great way to connect with potential customers and create interest in your product or service. Use social media platforms such as Facebook, Twitter, and LinkedIn to post engaging content and connect with people who might be interested in what you have to offer.Cold calling
5. Do it yourself
There are a few different ways you can use the sales led growth strategy in your business. First, you can focus on generating new leads and closing deals yourself. This will require a lot of hard work and dedication from you and your team.
6. Partner with others
Another way to use this strategy is to partner with other companies that already have a strong sales force. You can provide them with leads and help them close deals. In return, they will give you a percentage of the revenue generated. This can be a great way to
7. Build referral network
#6 Sales led -best tips to make it work
1. Sales led growth: In order to turn sales into profit, businesses need to focus on sales-led growth. This means growing the top line (sales) first, and then worrying about the bottom line (profit). Businesses that focus on profit first often find that their growth stagnates, as they are not reinvesting enough in sales and marketing.
2. Invest in sales and marketing: One of the best ways to grow sales is to invest in sales and marketing. This can be done by hiring more salespeople, increasing advertising spending, or investing in new marketing initiatives.
3. Focus on key customers: Another way to grow sales is to focus on key customers. This means identifying the customers who are most valuable to the business and then finding ways to increase their spend. This could involve giving them loyalty discounts, targeted marketing, or personalized service.
4. Increase prices: Finally, businesses can also increase prices in order to boost profits. However, this should only be done if there is a good reason for it (e.g., increased costs of goods or services). If prices are increased without a good reason, customers will likely take their business elsewhere
5. Cut costs: The second step is to cut costs. Take a close look at your expenses and see where you can save money. One way to do this is to negotiate with suppliers for better terms. Another way to cut costs is to streamline your operations so that you're using fewer resources.
6. Increase prices: The third step is to increase prices. If you're selling products, you can raise your prices slightly. If you're providing services, you can charge more for premium services or add new fees for extra features.
7. Use technology: The fourth step is to use technology to your advantage. There are many software programs that can help you automate tasks and manage your business more efficiently. By using these tools, you'll be able to free up time so that you can focus on other aspects of your business.
8. Hire more staff: The fifth step is to hire more staff. If you're selling products, you'll need to have salespeople to help customers make purchases. If you're providing services, you'll need customer service representatives to handle customer inquiries. By hiring additional staff, you'll be able to increase your sales and profits.
By following these steps, you can grow your business and increase your profits. However, it's important to remember that growth takes time. Don't expect to see results overnight. It takes months, sometimes years, to see significant growth in your business. Be patient and keep working hard, and you'll eventually see the results you want.
Step by step guide to sales growth
1. Define your target market: Without a well-defined target market, it will be difficult to create an effective sales and growth strategy. You need to understand who your ideal customer is and what their needs are.
2. Create a sales funnel: A sales funnel is a process that you can use to turn prospects into customers. It’s important to have a well-defined sales funnel so that you can track your progress and measure your success.
3. Implement a lead generation strategy: A lead generation strategy is a plan for generating new leads for your business. This can be done through various marketing channels, such as content marketing, social media marketing, or search engine optimization.
If you want to grow your business, it’s important to have a solid sales and growth strategy in place. These three tips will help you get started on the right foot.
If you have already existing customers, identify which ones are your best customers and figure out what they have in common. Once you know who your best customers are, you can start targeting new prospects that are similar to them.
It's also important to create a sales process that is repeatable and scalable. This will help you close more deals and grow your business more effectively. Having a good CRM system in place will also be helpful in this regard.
Finally, you need to make sure that your sales team is properly incentivized. They should be motivated to close deals and hit their targets. Otherwise, your growth will stall.
Sales led onboarding vs Product led onboarding
User onboarding is the process which help your users to familiarise with the software.
1. Sales led onboarding is a great way to turn sales into profit. By onboarding new customers and clients with sales leads, you can ensure that they are more likely to make a purchase from your company. This will help to increase your profits and keep your business running smoothly.
2. To get started, you will need to gather a list of potential customers and clients. You can get this information from a variety of sources, including online directories, word-of-mouth, and referrals. Once you have a list of potential customers, you can begin the process of onboarding them.
3. The first step in the onboarding process is to contact the customer or client and introduce yourself. You should explain who you are and what your company does. You should also ask if they would be interested in learning more about your products or services. If they are interested, you can then set up a meeting or call to discuss further details.
4. During the meeting or call, you should explain your products or services in more detail and answer any questions that the customer may have. You should also provide them with pricing information and any special offers that you may have. Once you have finished discussing the details.
Product led onboarding - product-led onboarding is a methodology for designing and delivering customer onboarding experiences that are driven by the product itself.
Why to switch from sales led to product led?
There are number of reasons why to switch or at least think abut sales led startegy as an alternative to the product led one.
- Create a self service
- Automate the processes of sales, onboarding
- Increase amount of data about the service and product
- Decrease the size of the team and increase profit
- No direct calls and outdated demos
- Easy to predict the subscription rates and profit incomes
Conclusion
It is for you to decide if Sales led is enough for growing your business or not but the changes in the tech industry in the ability to automate and improve the growth of the company suggest to at least consider the new ways of growth like product led.
