Key challenges in sales and marketing for entrepreneurs and growth-stage firms
Permasense corrosion monitoring systems provide engineers, inspectors, planners, and plant managers insight into condition and capability of critical oil and gas assets. Potentially it is a technology with wide appeal. Given this, what are the key challenges in the sales and marketing process? What are the key steps and challenges entrepreneurs face in taking a product like Permasense successfully to market and what would you advise they do to overcome them? We asked the CEO of Permasense, Peter Collins…
Identify the product champion
Identifying the individuals in a company that are ‘own’ the problem your product or service is addressing is the place to start in finding the individual to champion it in your target customer.
For example, in Permasense’s case, this person my be an asset integrity, engineering, corrosion or inspection manager.
Identify all that have to sign off on adoption
If you are selling a system solution, impacting on a number of functions or business processes, you must also win the buy-in of these gatekeepers. For example in Permasense’s case this includes IT, safety, plant operations and frequently others.
Identify the economic buyer
It’s as old as sales itself – no sale without a budget, and it’s so easy to believe you’re close to a sale, when the person who has to sign the cheque hasn’t even been brought into the sales process, let alone convinced.
Whether you or your champion, or both of you together, convince the economic buyer will vary – but you will need to be clear with your champion how that final step to sale is going to happen…
Realistic time plan
Entrepreneurs and their financiers should not underestimate the length of the sales cycle, and thus how long to positive cash flow. For business-to-business sales like Permasense’s, this cycle can easliy be 6-12 months. And that following achievement of reference sales. So make sure to plan your cash management accordingly.
Know your product
Know your product, believe in it, communciate that passion – but don’t oversell it! Having the appropriate background – in Permasense’s case, an engineering background – is, I believe, so important.