By Vivian Ojomu.
One of NAMIP’s core mandates is helping media organisations in Nigeria achieve sustainability. This commitment is reflected in our various trainings and workshops over time. Some of our past trainings on sales include Business Strategy for Media Startup, Exploring Revenue Strategies for Media, Sales Strategies for Media Organisations, and Newsroom Start-up 101: How to Build Profitable Newsrooms.
The mastering of sales strategies is crucial not just for increasing revenue but also for strengthening the financial viability of independent media. In an industry where financial stability is often precarious, developing effective sales tactics is important. By implementing a sales pipeline, media organisations can build a sustainable revenue model that supports its mission and ensures independence.
Our last community call in July was also on the very important topic of SALES. We had the pleasure of hearing from Olatunde Victor, the CEO of Sales Plat, an organisation that is all about solving sales challenges for businesses. Victor’s talk was packed with valuable advice on various aspects of sales, including branding, marketing, business development, customer success, partnerships, and growth.
Here are some key takeaways that I found particularly enlightening from the conversation with Victor.
Key Trends in Sales
- Community Over Individual Sales: Victor emphasized the importance of building and educating a community rather than just focusing on individual sales. People are increasingly willing to pay for information, so integrating educational components into your business can help you build a strong, monetizable community. Positioning yourself as an authority in existing online marketplaces can further enhance your influence. The mantra here is “community over individual sales.”
- Streamlining Operational Costs: one of the key points discussed was how efficient organisations can be from leveraging operational tools., Victor highlighted how AI and tech tools can be used to streamline operations. Here are some tools he recommended:
- Claude: Great for research, script writing, and content generation.
- Gemini: Useful for research, article writing, and content creation, and it is hooked on to the web.
- Meta AI: Offers a vast amount of data to leverage.
Embracing these tools can significantly reduce costs and optimize your operations.
- Video Content: Video content is on the rise, and creating viral videos can be a powerful sales strategy. It’s all about engaging your audience visually.
- Developing a Comprehensive Sales Plan: A thorough sales plan is crucial. It should cover the entire sales process from start to finish. Here’s what to focus on:
- Identify key factors to determine if a client is worth pursuing and how to approach them.
- The CEO should act as the chief marketer, conducting research and understanding sales strategies.
- Develop your value and tailor it to your audience.
- As a founder, be ready to lead your team through the sales generation process. Ensure your sales process is clearly defined.
Profit Models to Consider
Victor also discussed different profit models for your products and sales:
- High Volume, Low Yield: Profit from a large volume of low-yielding products.
- Low Volume, High Yield: Generate significant profits from a small number of premium users.
- Hybrid Model: Combine both models to cater to different levels of clientele, creating a more inclusive approach.
Some Sales Tips to Consider
- Networking and Relationship Building: Closing the gap between you and potential clients is crucial. Strategically placing yourself in environments where decision-makers are likely to be, whether virtually or physically is an important part of networking. Networking and relationship building are core responsibilities of a CEO.
Tips for Cold Calls and Emails
- Leverage Introductions: Don’t make cold calls without a prior introduction, formal or informal. Use network-building tools like LinkedIn to find mutual connections who can facilitate introductions.
- Concise Cold Emails: Keep cold emails short and simple. The goal of the first email is to introduce yourself, not to sell. A lengthy email may lose the recipient’s interest.
- Compelling Email Subjects: Craft attractive email subjects that resonate with businesses. Focus on how your product can either increase their income, reduce expenses, or optimize operations/growth.
- Selling Advantages: Highlight the benefits of your product. Explain how advertising on your platform (website, radio station, etc.) can benefit their business. Use metrics like viewership, audience, and social media engagement to support your pitch. This is where tracking your data comes to play.
In summary, the key to sales success lies in a blend of community building, cost-effective operations, engaging content, and strategic planning. By leveraging technology, networking effectively, and presenting a clear value proposition, businesses can enhance their sales processes and achieve sustainable growth.