In today’s competitive business landscape, scaling a company beyond certain limits can be challenging. This is particularly true for businesses in India, where scaling can present unique obstacles such as limited market adoption of new technologies and unattractive contract values. To address these challenges, it becomes crucial to explore global markets and seek insights from experienced professionals who have successfully scaled their businesses. In this blog post, we will delve into the valuable insights shared by two experts, highlighting their contrasting views and emphasizing the importance of contextualizing these perspectives within your own business journey.
One of the experts we invited to share his insights is Harishankar Kannan, the founder of ScaleFusion. Hari’s journey of building a successful business without external funding is truly inspiring. Having added hundreds and thousands of customers globally, Hari’s experiences and strategies offer valuable lessons for businesses looking to scale.
Understanding Customer Acquisition Strategy:
Hari emphasizes the importance of clarity when it comes to customer acquisition strategy. To effectively sell your product, it is essential to understand your target market, competition, and where you fit within the value chain. Hari’s global perspective suggests that building products for a global market from the outset can be more feasible than focusing solely on the Indian market. By leveraging inbound or insight sales, businesses can tap into existing customer demand and optimize their marketing efforts.
Tailoring Sales Approaches for Different Markets:
Hari highlights the need to adapt sales approaches to different geographies. While inside sales or inbound strategies may work well in some regions, others might require a more personal, face-to-face approach. By understanding the preferences and expectations of customers in each market, businesses can strategically invest their resources, hire the right talent, and allocate budgets accordingly.
The Significance of Customer Support and Retention:
In the enterprise mobility market, where ScaleFusion operates, ensuring exceptional customer support is critical. Hari stresses the importance of going above and beyond to guarantee customer success. By providing free customer support to all users, ScaleFusion demonstrates its commitment to customer satisfaction. Retaining existing customers is always more cost-effective than acquiring new ones, and building predictability into revenue streams through multi-year contracts can help stabilize a business’s financial outlook.
Avoiding the “Spray and Pray” Approach:
Hari shares his insight on outbound sales, cautioning against the ineffective “spray and pray” strategy. Instead of targeting all regions indiscriminately, he suggests focusing on specific geographies and developing a deep understanding of the sales process within each market. By investing time and resources into nurturing productive partnerships, businesses can achieve accelerated growth and maintain a sharper focus.
Hiring the Right Talent:
Drawing from personal experience, Hari advises against solely relying on sales executives with lofty titles. Instead, he emphasizes the value of hiring individuals who are willing to get their hands dirty and possess a mix of experience, dynamism, and proven sales skills. This approach ensures a more hands-on and focused sales team, driving better results.
Scaling a business requires a combination of strategic planning, adaptability, and a customer-centric approach. By considering insights from successful entrepreneurs like Hari, businesses can gain valuable perspectives and refine their strategies accordingly. Remember, every business is unique, and the journey of scaling is an ongoing process. With the right approach, a global mindset, and a commitment to customer success, businesses can break through the scaling barriers and achieve new heights of growth.
By exploring these insights and incorporating them into your own business, you can position yourself for success and overcome the challenges that come with scaling.