How to increase sales of your products and services by 200% ?

Hi, it's Wojciech,

The goal of every business is to make profits for its owners. Therefore, it is necessary to generate more revenue than costs to stay in the market. Startups also deal with this by raising external capital, such as vc money. The goal of every company is to find a repeatable and scalable business model as quickly as possible. It is easy to stay in the market and scale up your business if you can do that.

The ability to effectively acquire customers is not common. It's much easier to do when:

• you solve real problems for potential customers
• analyze data about our actions and their effectiveness
• and set realistic goals for our business.?

Without data, all the decisions you make, you make blindly. Without setting goals, you cannot know if you are heading in the right direction. And without a product that meets the expectations and needs of the market, you will not be able to attract customers.

So how can we increase sales of our products and services by 200%,?assuming that we are a company that responds to a real problem and knows what it is doing??It can be done in at least two ways.

1. Increase the number of qualified sales leads

Technology companies' advantage over traditional businesses is that they don't have to double their sales staff to scale 200%. Technology allows you to grow exponentially. To have a chance to sell more, you must therefore be able to increase the number of qualified leads that give you a chance to close the deal. So it's not just about filling your sales funnel haphazardly but filling it in a way that gives you the ability to evaluate the potential. It would be best to focus on those leads that can convert into customers. A well-built pipeline will allow you to analyze and forecast sales.?

When it comes to qualifying the leads themselves, it can be broken down:

In terms of qualification:

• Cold leads?- individuals who are not very familiar with your company, where the chance of conversion is usually not high. Still, there may be relatively many of them. They come to you somewhat accidentally - as a result of a visit to your website or social media or as a result of cold-calling email activities.
• Warm lead?- these actors are aware of your existence and are initially interested in your offer. Conversations with them are more accessible than with cold leads.?
• Qualified lead?- these are the prospects who have already gathered more information about your offer and are ready for further steps in the sales process. To scale up your sales, you need to deliver a lot of qualified leads to your funnel.

In terms of how they were acquired:

• Referrals from other customers?- referrals are very powerful and can be a source of free leads. After all, nothing works as well as a satisfied customer. So always ask your customers to contact someone they think could also benefit from your offer.
• Acquired through promotional activities?- people who get into the funnel through advertising campaigns. They will need to be nurtured to become qualified leads.?
• Acquired through active sales activities -?people 'outed' by your sales team at events, conferences, LinkedIn etc. They usually give you a better chance of converting them into customers.

So make sure you increase the number of qualified leads in a way that forecasts sales. It will give you more control over the entire process.

2. Increase the price

It is challenging to build a large-scale business based on small transactions. Unless there are a lot of them. Then it's not as much of a problem. New customers don't have to have the same rate for accessing your services as current customers. Especially during rampant inflation, which causes market players to have to increase prices. If the value you generate for the customer is greater than the service cost, you have room to raise the price.?You can base your price analysis on several elements:

• The cost you incur for providing the solution
• The savings/value you create to the customer
• Sales volume
• Price of competing solutions
• Form of sale: subscription, license, leasing, freemium/premium model

It is worth analyzing how significant your margin can be and thinking seriously about your pricing strategy. If what you are creating is excellent, generates value, and is better than the competition, it simply can't be cheap.

You can quickly increase your sales by increasing the number of qualified leads and offering a good margin pricing model. Whether it's 50, 200, or 500% depends on how effectively you fill your funnel. If you have other proven ways, share them in the comments ??

Startup competitions & funding opportunities

??Webinar?for startups:?How to get 65k€ equity-free & corporate clients??During the online meeting we will introduce new Industry Partners of Poland Prize powered by Space3ac!?You will also learn:

• Principles of effective cooperation between corporates & startups
• Main rules and formal stuff
• The schedule of the program and its phases
• Challenges from our industry partners?
• Details about admission & evaluation criteria
• Paths for startups interested in getting clients or investment
• Q&A - feel free to talk with us about the Poland Prize program?

Date:?Wednesday,?9th of February at 10:00 am

Registration link: ???meeting.space3.ac

??Learn more about the program

Links of the week

Corporate world news:

5-min read -?Top 10 Trade Partners: In 2021, Germany Remained European Powerhouse.?Germany has been the United States’ fifth-ranked trade partner since 1998... ?? Read full story >>

Business Development:

10-min read -?Can AI Teach Us How to Become More Emotionally Intelligent??Emotional intelligence matters more to one’s success as a manager than IQ or technical skill. ???Read full story >>

Startup news:?

4-min read -?10 climate tech startups protecting our planet in 2022.?Climate tech refers to technologies that are explicitly focused on reducing GHG emissions or addressing the impacts of global warming. ???Read full story >>

Book of the week

?? Augmented Strategy: How to combine human intuition with insights from data to make better strategic decisions, faster.?How can we make better business decisions? How can we improve our strategy and likelihood of winning in the market? How can we leverage all the data we have in our organisation??If you have ever asked yourself any of the above, then this is the book for you. It equips you with a pragmatic and actionable roadmap for augmenting your strategy and business decisions with the data you have right now.

Why to read it?

• A practical guide to better strategic decision making
• Great examples, stories and?practical?exercises?
• Insights on how to make better decisions, faster

We are glad that you are a part of our Business Development Club and?we hope that the following information will help you grow.?Feel free to share this newsletter with your community and invite your friends to subscribe!