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Activity: Remember
Activity: Remember
INSTRUCTIONS:
3. Follow the instructions under each section to complete the entire activity.
4. Each team will then get 2 minutes to share their sales plan and present their sales pitch in the class.
You know a lot about your customer from earlier sessions and activities, now you must make an effective SALES PLAN to acquire and retain them. Many successful
entrepreneurs use the customer acquisition funnel to plan this as discussed in the video, Customer Acquisition. You can make a plan specifically for the Early Adopters
you identified earlier or a plan for the whole market, where your target segment can be the niche and the later sub-sections of customers can flow from your niche. This
is completely at your discretion depending on the type of business.
Each stage in the customer acquisition funnel can be treated as a key metric to track progress in the sales process. In fact, you can measure how well your business is
doing with the help of these key metrics. These numbers are key to measuring progress in sales.
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For example, if you have hosted your product on a website, then getting customers to visit your landing page and performing some action there could be a metric to
track. Like… “Are they using your website to do something?” or “Do they just leave the page without any action?” Other metrics to track could be “How many people
have viewed your signup page?”, “How many people have asked for a callback?”, or even “How many people have visited your website for the second time?” So, for your
venture, you could consider any of these questions to track and measure the progress in sales. It could be at any of the 5 stages in the customer acquisition funnel.
Remember, Key Metrics is a block in the Lean Canvas. This key metric is different for different businesses.
Instructions:
1. Look at the steps in the customer acquisition funnel or a typical Sales Plan.
2. Fill in the blank funnel given on the next page.
3. That is your own Sales Plan.
4. Identify which one of the 5 stages in your Sales Plan is a key metric/s for you to track. Record it in the space provided on Page 4.
5. State your reasons in the same space as to why have you chosen this as a key metric for your venture.
Note: Refer to Nancy’s day care example provided in the sample sales plan on Page 9 of this handout to make your sales plan and understand how to track metrics for
your own venture.
OPPORTUNITIES/PROSPEC
TS < MY
Some prospects will show OPPORTUNITIES/PROSPECTS>
interest. These are your
opportunities.
MY
CUSTOMER
CUSTOMER
From the 5 stages above, identify your key metric/s and state your reasons
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TIPS Here are some tips to help you make an effective sales plan and track metrics:
Losing some prospects at some stage of the funnel does not mean that you have lost them forever; you can return to them later and try to convert them
1. again.
2. Remember, this is a crucial step in your venture creation; hence, do analyze your target customer very well. Make sure that you are clear about your goals.
3. Make sure you have enough prospects/leads at each stage of the funnel so that enough remain at the next stage.
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At the product/service front, once the prospective customer signs up with you, you must ensure that your customer is able to connect with the actual
4. product and the promises made by you in the beginning, that is, at the brand creation level and the Value Proposition stage.
About 80% of your customers will come from your target segment or niche, but some may be from outside the target segment also, so keep your ears and
5. eyes open.
Make sure you follow up with your customers and take feedback to make further enhancements to your product/service. This delights the customer, and
6. there are chances that you get more customer referrals.
If your conversion rate is high, then what you should concentrate on is to increase the number of people entering that stage of your funnel. So, you can track
7. or measure your target segment. In the Day Care example mentioned in the video, Customer Acquisition, during her early days, Nancy focuses on the
conversion rate i.e., the total number of customers at each stage of the funnel.
The last stage in the funnel, ”customers” is very crucial as this is the stage where you get paid. So, ensure you have enough numbers at this stage of funnel
8. which will ultimately generate revenue for your business.
Keep an eye on your opportunities/prospects. These are people who will have the first gratifying user experience. They can refer and drive potential
9. prospects to your funnel.
10. Analyze and monitor how your funnel impacts your key metrics.
Before writing your sales pitch, recall that you had made your positioning statement in Session 1. Use the space below to write down your positioning statement again.
You will use this while making your sales pitch.
For
<_____________________________________________________________________> ( target customer ),
<_____________________________________________________________________> ( product name ) is the one
<_____________________________________________________________________> ( category of product ) that
<_____________________________________________________________________> ( key customer benefits ) unlike
<_____________________________________________________________________> ( nearest competitive alternatives ).
Example of a good sales pitch will be discussed in the class by your facilitator.
Once you understand the example well, use the space below to write down your sales pitch. Do read the tips on the next page before you
make your pitch.
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_______________________________________________________________________________________________________________________________
_______________________________________________________________________________________________________________________________
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_______________________________________________________________________________________________________________________________
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TIPS Here are some tips to help you make an effective sales pitch:
1. Identify your goal – craft your pitch according to your goal.
2. Explain about your product/service - bring in the value-adds that solve customer problems.
3. Communicate your positioning statement – talk about what is unique about your product/service that your competitors lack.
4. Engage with a question – asking the right questions may lead to an opportunity for you.
5. Put it all together - Stitch all the links together and craft your pitch. Your pitch needs to be crisp, concise, and to the point.
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6. Practice your pitch – Practice your pitch before you meet customers. Memorize the first few lines.
TARGET MARKET
100,00 is the size of the niche
LEADS
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Opportunities/Prospects
1,000 showed interest
CUSTOMERS
100 became
customers