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If you have a hypergrowth company, you know that explosive sales growth is essential to your success.
But how do you go about scaling your sales organization to support that growth? This blog post will discuss some tips for growing your sales team rapidly. We’ll also look at some of the challenges you may face along the way.
What Exactly Is a Hypergrowth Company?
A hypergrowth company is a business growing at 40% or more per year. These companies are typically high-tech startups that have developed a new product or service that has disrupted their respective industry. To maintain such rapid growth, hypergrowth companies must continually acquire new customers and grow their revenue streams.
What Are the Challenges With Hypergrowth?
While hypergrowth is undoubtedly a fantastic accomplishment, it can also present some challenges.
Maintaining Profitability
It can be challenging to maintain profitability when you’re growing at such a rapid pace. With more customers comes more expenses, which can eat into your profits. That’s why it’s important to carefully track your spending and make sure that you’re not overspending to acquire new customers.
Cash Flow and Working Capital
Another financial challenge that hypergrowth companies face is maintaining a positive cash flow. When you’re growing quickly, it’s easy to get caught up in the moment and spend more money than you have coming in. This can lead to problems down the road, so it’s essential to be mindful of your cash flow and make sure that you have enough working capital to support your growth.
Hiring the Right People
As your company grows, you’ll need to hire more people to support the increased demand. But finding qualified candidates can be a challenge, especially if you’re in a highly competitive industry and competing with larger, more established companies. You’ll need to attract suitable candidates and have a robust recruiting process in place.
Training and Onboarding
When your company proliferates, it can be challenging to keep up with the demand. This can lead to a shortage of trained and qualified employees, which can, in turn, lead to problems with customer service and satisfaction. It’s crucial to have a robust training and onboarding program to avoid these problems so that new employees can hit the ground running.
Risk Management and Hypergrowth Companies
As a hypergrowth company, you’re likely to face more risks than a traditional business. Hypergrowth organizations are operating in uncharted territory, and there’s always the potential for things to go wrong. That’s why it’s essential to have a robust risk management strategy in place so that you can identify and mitigate any potential risks before they happen.
The most significant risk for a hypergrowth organization is that you will not be able to scale as you grow, and the company will collapse under the weight of its success. It’s essential to have a plan for how you will scale your business effectively to avoid this collapse.
Part of effective scaling is learning how to put a sales process into place that can support your growth. It’s essential to have a defined sales process to track and measure your progress as you grow. Without a robust sales process, it won’t be easy to gauge your success and make necessary adjustments.
Growing Hypergrowth Sales Organizations
Hypergrowth companies need to grow their sales organizations to support their rapid expansion.
You likely have already gotten the basics right if you are growing rapidly. You have a clear understanding of your target market and product-market fit. That is, you have a product that solves a problem that people actually care about and are willing to pay for.
The next step is to start building out your sales team.
You’ll need to hire salespeople, train them, and implement a sales process that is scalable and repeatable.
A repeatable sales process is the key to success for any organization, but it’s especially important for hypergrowth companies. Without a defined sales process, it will be challenging to track your progress and make necessary adjustments.
To build your repeatable sales process, follow these steps:
Put Together a Sales Plan
A sales plan can help your company identify new markets and target potential customers. It can also help to create a sales strategy that will maximize revenues. To create a successful sales plan, you need to closely examine your current customer base and identify areas where it can grow. You also need to research the competition and understand the needs of potential customers.
Increase Your Sales Team’s Capacity
One way to support your company’s growth is by increasing your sales team’s capacity. Organizations can build capacity by hiring more salespeople, training existing team members to sell more effectively, and using technology to automate some of the sales process.
Build a Team of A-Players
A-players are highly skilled and talented employees who are also passionate and committed to their work. They are the kind of employees who go above and beyond to get the job done. As a result, they can be a tremendous asset to any company.
Develop a Robust Lead Generation Strategy
Without a robust lead generation strategy, it can be challenging to find new customers and market to them effectively. However, developing a solid lead generation strategy isn’t always easy — especially for hypergrowth companies.
Follow these steps to develop a robust lead generation strategy:
- Create a comprehensive list of target customers. This list should include basic information like name and contact information and detailed data about each customer’s needs and interests.
- Implement targeted marketing campaigns. Once you have your list of target customers, you can create marketing campaigns specifically designed to appeal to them. This will help you generate leads that are more likely to convert into paying customers.
- Make use of technology. There are many lead generation software programs available that can help you automate and streamline your lead generation process. Using these tools will help you generate more leads in less time, freeing up your staff to focus on other important tasks.
Create a System for Tracking and Managing Customer Relationships
As your customer base grows, it will become more challenging to keep track of your customers and their relationships with your company. That’s why it’s crucial to have a system to track and manage customer relationships.
As any salesperson knows, success is all about relationships. The more you understand about your customers and their organization, the better you can tailor your sales pitch and close the deal. That’s why relationship mapping is such an essential tool for sales success.
By mapping out your customer’s organization, you can identify the key decision-makers and influencers and prioritize your time and energy accordingly. Additionally, you can use relationship mapping to anticipate roadblocks and objections and develop strategies for overcoming them.
Finding the “White Space” Within Existing Accounts
If you’re like most hypergrowth companies, you’re always looking for new revenue streams. But what if the answer was right under your nose?
The key to unlocking hidden growth potential is to take a closer look at your existing customer relationships. By identifying “white space” within your strategic accounts — in other words, unmet needs and untapped budgets — you can open up new expansion opportunities.
The first step is to conduct a thorough analysis of addressable spend within each organization. This will give you a clear picture of where your current offerings fall short and where there’s room to grow. From there, it’s simply a matter of developing targeted solutions that meet each customer’s unique needs. By leveraging the white space within your existing relationships, you can fuel your hypergrowth and keep your revenue on the rise.
Assign Engagement Scores
Another way that hypergrowth companies can grow their revenue is by assigning engagement scores to activities that sales reps are having with customers.
This helps to assess the process and strength of the relationship and identify areas where you can make improvements. By tracking engagement scores, companies can ensure that their sales reps provide quality service and build solid relationships with customers. This, in turn, can lead to increased revenue and sustained growth.
Evaluate Your Sales Process and Make Changes as Needed
By evaluating the sales process and making changes as needed, companies can ensure that they are maximizing their revenue growth potential.
The first step is to identify any bottlenecks in the sales process. These can often be found at critical points in the customer’s journey, such as when they are considering making a purchase or ready to commit to a purchase.
Once you identify these bottlenecks, you can take steps to address them. This may involve streamlining processes, increasing resources at key points in the customer’s journey, or providing additional training for sales staff.
Invest in Sales Technology That Supports Hypergrowth
You’re looking for a sales technology that can support your hypergrowth.
ForecastEra is the perfect solution for you. We offer predictive revenue intelligence that integrates with Salesforce to help you improve sales team management and efficiencies. This means you can focus on what’s important — accelerating your growth. You can maximize sales growth while minimizing risk to revenue.
For example, our relationship map analytics identify key players in the buying process so you can make decisions quickly and efficiently.
ForecastEra automatically creates a relationship map of your Salesforce contacts, showing you who is involved in each stage of the buying process. With our “relationship score,” you can quickly see how healthy each relationship is and adjust your strategy accordingly.