I got so much pressure from my boss who expect me to make sale on his new product to hit the goal within one month. Do you have any suggestion how to find the market with low cost budget?
PS. My product is POS Program for restaurant business
Jay’s Answer: I’d start by first examining the sales goal itself. How did it arise? What were the assumptions in number of new clients vs. upgrading clients? What was the average sale amount for each? What was the average days-to-sale? Is this based on historical data for your company or a hopeful estimate?
Next, how well defined is your target market and how well positioned is your new product to achieve the needs of your market relative to your competition? Is it measurably better (and with a measurably lower risk of adoption)? What’s the long-term vs. short-term costs of your product? What’s the cost (in both time/expense) to adopt your new product (from the client’s existing solution)?
These are just some of the basic questions you need to better understand to develop your sales strategy.
Next, what’s the lifetime value of making a sale to your customer? Given that you sold them one thing this month, how much more money are they likely to give you over the lifetime of your relationship? That lifetime value is what you should be focused on, and your budget should reflect this. For example, the lifetime value of a new client is $10,000, the cost of goods sold is $1000, then you’re looking at a $9000 profit. In this case, allocating $10 for such a sale isn’t realistic.
How to find the market with a low cost budget? If you’re starting without a strategy, then you’re guessing. And guessing means it’s a numbers game – try to spread a message to everyone with hope that someone is interested enough to contact you. Don’t guess. Do you homework on identifying your market first, then figure out multiple avenues to communicate with them: SEO, advertisements, Facebook, co-marketing, phone calls, emails, etc.