The Grameenphone Accelerator program provides tech based startup all the resources and backup they need to become successful. Startup Dhaka,the strategic partner of the program and Grameenphone, work together to ensure the success of the participating teams. In this batch, 5 promising startups has gotten the opportunity to attend a 4-month long bootcamp. Along with that they receive financial and logistical backup, the teams work under the guidance mentors coming from home and abroad.
Mustafizur Rahman Khan, CEO of Startup Dhaka, took a session on 15th October on “B2B Sales Pitch” at the GP House. The 5 teams of the Grameenphone Accelerator Batch 4 attended the session. All the teams joined this program with their business idea and since then they have grown and become a part of the digital arena of Bangladesh. The purpose of this session is to introduce the teams on how to approach a sales pitch.
He started the session by explaining that it is important why customers buy anything in the first place. Consumers earn money and buy things with the portion they save up. Buying decisions are influenced by the brand’s competitive advantage and the risks involved with their purchase. The next objective is to understand how customers buy what they buy. Consumers recognize their needs, evaluate their options, find a resolution of their concerns and finally reach their decision.
Sales is a conversation and this conversation needs a significant amount of preparation. While preparing for a sales pitch, we need to analyze the company that we’ll be approaching. You need to know about the company in details. Understand the prospects the company has and the problem it faces. In order to get these information you have to ask open ended questions and establish a presence so that they are bound to ask you questions. It’s convenient to add some structure to the sales pitch and follow a certain framework during the conversation. As a startup you have to seek for the issues that exist in their system and try to lunderstand and redefine those problems to offer the right solution.
In his own words, “Never go to a potential customer and try to offer or convince them directly to buy your product; rather find out what problems they are facing and tell them that you have unique solution of that problem.” In other words a startup needs to approach a company not with the intention to sell but with the intention to find a fit. This how you can turn your conversation to turn into an opportunity for future.
The Buying Process
The buying process has 4 main steps:
- Preliminary idea of the company
- Investigation to find out the right fit
- Demonstration to the company of your solution.(product or service)
- Commitment with the company after finalizing the deal
Group Buying- is a platform where multiple groups of people come together and perform specific roles to make a purchasing decision. Big deals usually have a lot in stake so it is essential to manage the buying group to minimize risks.
He then moved on and introduced a technique to make companies buy from you.
This is a technique introduced by Neil Rackhan that has these steps:
- Situation: Getting an understanding by asking a few in depth questions.
- Problem: Ask the company some questions that’ll lead them to the problems that the startup has solutions for. In simple terms let the company complain to you.
- Issue/ Implication: Try to find more issues that the company faces and the impacts and consequences of those issues in the long run.
- Need Payofff : Get your customers to tell you how your solution will benefit their problem and how much it will mean them
But the key function will always remain Asking Questions first.
After all this is done and over with, you now know where you stand and what exactly needs to be addressed to your audience. This is the point where you know that you’re ready and it’s time for demonstrating. At this stage, sale should be the main priority and the focus of the operation should be focused here.
After the demonstrations once you close the deal it’s crucial to celebrate the customers you have acquired so far. These new customers can be showcased which will always be helpful for the promotions and credentials of the startup. Some ways to do this is by posting on social media or making announcements on print and social media.
After the session, Grameenphone Accelerator teams were assigned to implement their learnings from this session and launch and explore the B2B Sector by using their newly learned skills on sales pitch.