Stalling sales, what to do?
You have a name in the market, a good product, and excellent people, but sales could be better; what to do?
This article concerns Capital Market software but can be applied to similar industries.
I will give software companies with stalling sales a high-level roadmap to boost sales revenue. However, a roadmap is good if well executed and implemented.
Roadmap to boost your sales
1) Regulatory needs:
The easiest way to boost sales is when a financial crisis pushes for new regulations requiring heavy software development investment.
Ride this wave early on, and work with (lobby) regulators up-front. You will be in a position to be the leader in this particular need and boost their sales.
2) The developed markets:
Identify your most important clients and do the following:
Build a bank function heatmap such as the example below (not exhaustive).
From the heatmap, identify areas where your product(s) can drive costs down. Cost is the number one item that keeps banks’ managers awake at night.
Develop an account management team that will work with the heads of departments to create new selling opportunities:
New selling opportunities can be products but also services. Services can be from H/W hosting to … the opportunities are immense.
3) The emerging markets:
First, identify a market where competition did not establish itself as the leader.
Then work with a local distributor; do not venture alone at the beginning.
Build a targeted story, solution, and catalog. Do not go with your developed market catalog and pricing.
Create a story that brings a need for a new product, and be the first to introduce this product, i.e., create a new market.
Not every innovation needs product development; think of repositioning your current offering.
For example, if you are in the reconciliation software, you are considered operations, back-office. However, reconciliation solutions can be regarded as formidable risk management tools that can impact desks P&L. So, change your story to address different users and new markets.
Of course, this is not the only way to enhance sales, but it is a good starting point.
I have been working on these angles most of my professional career, helping companies restructure their sales and product teams to improve sales revenue.
I will be happy to help you if you need assistance in these areas.