LEARN ABOUT THE PROSPECT.
0 Why are they interested?
0 How did they hear about your product?
9 What else have they looked at?
0 What do they currently use?
0 Are they happy with it?
0 Do they have a budget?
0 Who are the decision makers?
0 What would hold up a deal?
0 When are the looking to go live?
IF YOU DON'T HAVE ANSWERS TO THOSE QUESTIONS YOU
CANNOT GO IN FOR THE KILL. ..
BUY T LI_/ IE
0 Impulse purchase vs. Investment
0 Cost of ownership, integration
BUY TIME = AMOUNT OF TIME TO BECOME AWARE +
UNDERSTAND VALUE PROPOSITION + EXPERIENCE
PAIN/ WANT BENEFIT
http: //femgineer. com/2014/I0/closing-customers-its—not-just-a bout—the—price-of-your—product/
WHY YOU SHOULD TRACK BUY TIME
0 Time to close
0 Move on
HOW TO REDUCE BUY TIME
0 Third party stories
0 Social proof
0 Educate endlessly
0 Understanding holdups and objections
CASE STU DY: POP UP ARCHIVE
9 Lots of interest
0 No one making a decision
0 $10K pilot program
0 Clearoffer & deadline
0 5-10 closed
0 Budget and Budget Cycles
0 Cost of lnaction
WHO IS TAKING A RISK?
0 Decision maker
0 Happy ears
0 Indecision is a decision
0 Offering more before you get $$$
O Endlessly educate: customer case studies, credibility markers.
new functionality, etc.
0 Stay top-of-mind!
SELL MORE TO EXISTING CUSTOMERS!
0 It's easierto sell to an existing customer
0 Make them evangelists - WOM is #1
REVENUES NEED TO BE TIED TO SALES AND MARKETING
STICK WITH YOUR STRATEGY FORT TO 2 QUARTERS
0 Strong ASK
0 Value proposition
0 ProductlChanne| fit
0 Muddling the message
http: //femgineer. com/2014/I2/dont—abandon—a—marketing—channe| —too—soon-refine-your—message—first/
START WITH SMALL REPEATABLE REVENUE
0 Figure out sales and marketing activities that yield results
0 Watch ratio of revenue to cost
0 Small set of high value customers vs. large set of low paying
http: //blog. clarity. fm/ the—u| timate—guide—to—bootstrapping—from-femgineer—poornima—vijayashanker/
CASE STUDY: FEMGINEER
O I need to make rent. ..
0 How many customers is that? Volume vs. high-value
0 How long is the buy time?
0 How many leads do I need?
0 Revenue streams
0 Customer composition changes
0 Customer demands and needs change
0 Costs of acquisition
0 Cost of customer service
0 Multiple revenue streams - build out
O Objection Handling
0 Going from $X to $Y
IT'S YOUR TURN!
0 Buy time?
0 How can you SUE them?
WANT TO LEARN MORE ABOUT ACOUIRING CUSTOMERS?
II’Ir_«; : Software Products
in Povvurln In-—m. .m
Checkout my book How to Transform Your Ideas into Software Products. A step—by—step guide to for
validating your ideas and bringing them to life! Get your copy at: http: //femgineer. com/ transform-