How To Sell In The Most Competitive Markets
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GM! It's Tuesday, May 23rd - Today we're covering a business that scaled to at least ~$10M/year in one of the most competitive industries in the world. Let's unpack the sales tactic they used to do it!
How To Sell In The Most Competitive Markets
Matt Watson is the co-founder of an offshore engineering company called Full-Scale, a business he grew to at least $10M+ ARR per year in one of the most competitive markets in the world.
He recently unpacked the tactics he used to scale the business to ~$400,000 in monthly recurring revenue in the first 6 months.
What's The Business?
Full-scale is an offshore staff augmentation business that embeds vetted senior engineers within your business for a monthly fee.
The business scaled dramatically, hitting ~$400k MRR (100 engineers at ~$4000/mo each) in the first 6 months, and reached ~$1.2M+/month (300+ engineers) today.
Here's The Playbook
Matt detailed his trust-based sales framework, enabling him to scale his high-skill offshoring business in a hypercompetitive market.
While it's competitive, a business won't pay hundreds of thousands of dollars for engineering talent without building trust first. That's where his framework comes into play.
The process consisted of 3 key levers - personal networks, content (such as podcasts and social media), and referral networks:
1. Personal Networks
Engage Regularly: Keep in touch with your personal network. Share updates about your business, industry trends, or other relevant topics. Don't limit interactions to just sales pitches.
Offer Assistance: Whenever possible, offer help or advice to those in your network. This strengthens the relationship and fosters trust.
Build New Connections: Continuously grow your network by attending industry events, joining professional organizations, or leveraging social networking platforms like LinkedIn.
Leverage Personal Experiences: Use your personal experiences and stories to build a connection. This can make you seem more relatable and trustworthy.
Matt has a podcast called the Startup Hustle podcast where his shares startup wisdom and brings on notable entrepreneurs.
Create Valuable Content: Regularly produce content that offers value to your audience. This could be podcasts, blog posts, white papers, or social media updates.
Engage with Your Audience: Interact with your audience in the comments section of your content or on social media. Respond to their queries, acknowledge their input, and foster discussions.
Highlight Customer Success Stories: Share testimonials or case studies to provide social proof of your product or service's effectiveness.
Consistency: Be consistent in your content production. Regular content updates signal reliability and commitment to your audience.
3. Referral Networks
Establish Strategic Partnerships: Partner with non-competing businesses that serve a similar target market. Mutual referrals can benefit both businesses.
Incentivize Referrals: Create a referral program that rewards customers or partners for referring new business to you.
Provide Excellent Service: Ensure your product or service is top-notch. Satisfied customers are more likely to refer others.
Maintain Communication: Keep your referral partners updated on any changes or updates to your products/services. Regular communication keeps your business top-of-mind.
These levers can work together synergistically. For instance, your content can help you build your personal network and referral network - a great compounding flywheel.
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