Josh Melick, the founder, and CEO of Broadly is an expert on handling the launch of new businesses. As he has successfully founded numerous businesses. Two of which are venture-backed tech companies. Furthermore, Melick also has a background in engineering and has a logical mind that comes up with innovative strategies to help businesses grow. Which will help entrepreneurs prepare sales strategies which will increase their chances of succeeding in business and starting a future business empire.
Surviving the Launch
Melick believes that the number one reason why so many businesses collapse before their first anniversary is that they fail to attract sales and fail to cover their operation costs. However, Melick has discovered a few simple yet effective strategies which businesses can use to drive sales during their first year.
One of which involves creating engaging business pitches which will win over customers and can be used to negotiate large deals such as bulk order or business partnerships. For those who don’t have experience writing pitches, Melick recommends listing key sales points which should be memorized and elaborated on at the drop of a hat. For example, one sales point which business owners should always incorporate into their business pitches is their business’s key points of difference and the main features of their products or services.
Unfortunately, statistics show that only one in four sales pitches is successful. In order to decrease the chances of experiencing rejection, business owners should also practice their sales pitches on a regular basis. So that they’re always prepared to take advantage of sales opportunities when may come up. As in business, entrepreneurs need to be able to take opportunities whenever they arise. For example, if an entrepreneur networks with a business that may be willing to stock their products in all of their stores, they need to be able to make a quick yet effective sales pitch at a moment’s notice. In order to avoid losing a lucrative opportunity.
Melick also teaches new business owners to be creative when it comes to attracting sales. For example, they may want to try offering incredible opening week sales, which may attract interested customers. However, Melick does warn against undercutting prices too heavily as doing so can negatively affect a business’ bottom line and its reputation. Instead, businesses may want to try offering free gifts with purchases over a minimum limit in order to boost their sales and profits. As most people are willing to spend money in the hopes of getting what they believe is a free gift.
In conclusion, Melick’s invaluable advice on how new business can increase their sales and establish a customer base can help entrepreneurs grow their businesses in the first year of business. As while it can be difficult for new businesses to compete with well-established competitors, with a wise sales strategy, even first-time business owners can increase their sales, customer base, and market share, in a single year.