Fundamentals of Sales for High Growth Startups and Scaleups
In the exciting quest to build groundbreaking companies, many entrepreneurs fall victim to the “build it, and they will come” mindset. However, when the time comes to start selling their product, they encounter a frustrating reality. Searching for sales tactics and devouring numerous books, founders hope to stumble upon that elusive piece of wisdom that will unleash a flood of revenue. Unfortunately, this process often proves lengthy and arduous, setting companies back by months or even years.
Sales are among the top three priorities for over 95% of startups. With limited to no sales training offered by most accelerator programs, incubators, and alike, we knew we had to step in.
Enter Teaching Startups To Fish: your expedited path to crucial sales knowledge. This course, led by a sales expert, equips you with a practical roadmap to construct a high-performance sales engine.
From prospecting and lead generation to persuasive communication and negotiation, you’ll master the fundamentals of selling and develop a robust pipeline that drives consistent sales growth. Discover how to identify and target ideal customers, effectively engage prospects, and navigate complex negotiations with confidence and finesse.
Learn how to leverage sales automation tools and CRM systems to optimise your sales processes and enhance overall productivity. Uncover strategies to foster a winning sales mindset, overcome obstacles, and build resilience for long-term success.
Teaching Startups To Fish empowers entrepreneurs to quickly and easily access vital, impactful sales information. Join us on this transformative journey, unlocking the potential for accelerated sales success.
Introduction
Links to CRM tools:
Pipedrive
Hubspot
Different types of project management software:
Monday
Trello
Airtable
Crystal web pluggin:
Crystal Knows
Set up Google Alerts here:
Google Alerts
Pop quiz to see how well you know Chapter 1!
The basics everyone should be measuring are:
Average deal size: this refers to the average dollar amount of each deal closed. The average deal size calculation is:
Average deal size = (total dollar value ($) of closed deals over a specific time period) / (total # of deals)
Annual Recurring Revenue (or ARR): this refers to the total amount of contracted revenue that your company brings in each year. The calculation for ARR is:
ARR = total value of a contract / number of contract years
Conversion rate: the conversion rate refers to the number of qualified leads that result in closed-won deals. The conversion rate calculation is:
Conversion rate percentage = (# of leads converted into sales / total qualified leads)
You can also calculate the conversion rate percentage for each stage of your pipeline to figure out where the drop-offs are happening and dive into why.
Sales cycle length and time in each stage: this refers to the average amount of time it takes for a new customer to move from the opportunity stage to a closed deal. Here you should also track the number of time deals stay in each stage within the sales process.
Pop quiz! Time to see how well you know Chapter 2.
Pop quiz! Let's see how well you know Chapter 3.
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Pop quiz! Let's see how well you know Chapter 7.
