If you have a hypergrowth company, you know that explosive sales growth is essential to your success.
But how do you go about scaling your sales organization to support that growth? This blog post discusses some tips for growing your sales team rapidly. We’ll also look at some of the challenges you may face along the way and how Next Quarter can solve those challenges through its AI-based accounting tool that’s built into Salesforce.
What Exactly Is a Hypergrowth Company?
A hypergrowth company is a business growing at 40 percent or more per year. These companies are typically high-tech startups that have developed a new product or service that has disrupted their respective industry. To maintain such rapid growth, hypergrowth companies must continually acquire new customers and grow their revenue streams.
While hypergrowth is undoubtedly a fantastic accomplishment, it can also present some challenges. Next Quarter’s Revenue Intelligence and Account Growth solutions can solve the challenges below with real-time accuracy of your data every minute of the day. As the world’s first AI-based accounting tool, Fortune 500 companies use Next Quarter to identify opportunities in problem accounts, rank decision-makers, connect sales and finance teams, and provide a single source of truth for all the sales and account planning data that flows in and out of your enterprise.
It can be challenging to maintain profitability when you’re growing at such a rapid pace. With more customers comes more expenses, which can eat into your profits. That’s why it’s important to carefully track your spending and make sure you’re not overspending to acquire new customers.
Another financial challenge that hypergrowth companies face is maintaining a positive cash flow. When you’re growing quickly, it’s easy to get caught up in the moment and spend more money than you have coming in. This can lead to problems down the road, so it’s essential to be mindful of your cash flow and make sure you have enough working capital to support growth.
As your company scales, you’ll need to hire more people to support the increased demand. But finding qualified job candidates can be a challenge, especially if you’re in a highly competitive industry and competing with larger, more established companies. You’ll need to attract suitable candidates and have a robust recruiting process in place.
When your company grows, it can be challenging to keep up with the demand. This can lead to a shortage of trained and qualified employees, which can, in turn, lead to problems with customer service and satisfaction. Develop a successful training and onboarding program to avoid these problems so new employees can hit the ground running.
As a hypergrowth company, you’re likely to face more risks than a traditional business. Hypergrowth organizations operate in uncharted territory, and there’s always the potential for things to go wrong. That’s why it’s essential to have a robust risk management strategy in place so you can identify and mitigate any potential risks before they happen.
The most significant risk for a hypergrowth organization is that you will not be able to scale as you grow, and the company will collapse under the weight of its success. It’s essential to have a plan for scaling your business effectively to avoid this collapse.
Part of effective scaling is learning to develop a sales process that supports growth. It’s essential to have a defined process to track and measure your progress as you grow. Otherwise, it won’t be easy to gauge success and make necessary adjustments.
Hypergrowth companies need to grow their sales organizations to support rapid expansion.
You likely have the basics right if you are growing rapidly. You have a clear understanding of your target market and product-market fit. That is, you have a product that solves a problem that people actually care about and are willing to pay for.
The next step is to start building out your sales team. You’ll need to hire salespeople, train them, and implement a sales process that is scalable and repeatable. A repeatable sales process is the key to success for any organization, but it’s especially important for hypergrowth companies. Without a defined sales process, it will be challenging to track progress and make changes in your enterprise.
To build a repeatable sales process, follow these steps:
A sales plan can identify new markets and target potential customers. It can also help to create a sales strategy that will maximize revenue. To create a successful sales plan, you need to closely examine your current customer base and identify areas where it can grow. You also need to research the competition and understand the needs of potential customers.
One way to support your company’s growth is by increasing your sales team’s capacity. Organizations can build capacity by hiring additional salespeople, training existing team members to sell more effectively, and using technology to automate some of their sales processes.
A-players are highly skilled and talented employees who are also passionate and committed to their work. They are the kind of employees who go above and beyond to get the job done. As a result, they can be a tremendous asset to any company.
Without a robust lead generation strategy, it can be challenging to find new customers and market to them effectively. However, developing a solid lead generation strategy isn’t always easy — especially for hypergrowth companies.
Follow these steps to develop a robust lead generation strategy:
- Create a comprehensive list of target customers. This list should include basic information like name and contact information and detailed data about each customer’s needs and interests.
- Implement targeted marketing campaigns. Once you have your list of target customers, you can create marketing campaigns specifically designed to appeal to them. This will help you generate leads more likely to convert into paying customers.
- Make use of technology. There are many lead generation software programs available that can help you automate and streamline your lead generation process. Using these tools will help you generate more leads in less time, freeing up your staff to focus on other important tasks. Solutions like Next Quarter’s Revenue Intelligence and Account Growth tools help you win next-level deals with next-level account planning. This software knows your accounts better than you do, providing more lead-generation opportunities for your sales teams.
As your customer base grows, it will become more challenging to keep track of customers and their relationships with your company. That’s why it’s crucial to have a system to track and manage customer relationships.
As any salesperson knows, success is all about relationships. The more you understand about your customers and their organization, the better you can tailor your sales pitch and close the deal. That’s why relationship mapping is such an essential tool for sales success.
By mapping out your customer’s organization, you can identify the key decision-makers and influencers and prioritize your time and energy accordingly. Additionally, you can use relationship mapping to anticipate roadblocks and objections and develop strategies for overcoming them.
Next Quarter’s relationship map analytics identify key players in the buying process so you can make decisions quickly and efficiently. This tool automatically creates a relationship map of Salesforce contacts, showing you who is involved in each stage of the buying process. With our “relationship score,” you can quickly see how healthy each relationship is and adjust your strategy accordingly.
If you’re like most hypergrowth companies, you’re always looking for new revenue streams. But what if the answer was right under your nose?
The key to unlocking hidden growth potential is to take a closer look at your existing customer relationships. By identifying “white space” within your strategic accounts—in other words, unmet needs, and untapped budgets—you can open up new expansion opportunities.
The first step is to conduct a thorough analysis of addressable spend within each organization. This process will give you a clear picture of where your current offerings fall short and where there’s room to grow. From there, it’s simply a matter of developing targeted solutions that meet each customer’s unique needs. By leveraging the white space within your existing relationships, you can fuel your hypergrowth and keep your revenue on the rise.
Another way hypergrowth companies can grow their revenue is by assigning engagement scores to activities that sales reps are having with customers.
This helps to assess the process and strength of the relationship and identify areas for improvement. By tracking engagement scores, data-driven companies like yours can ensure sales reps provide quality service and build solid relationships with customers. This, in turn, can lead to increased revenue and sustained growth.
By evaluating the sales process and making changes as needed, companies can ensure they are maximizing their revenue growth potential.
The first step is to identify any bottlenecks in the sales process. These bottlenecks can often be found at critical points in the customer’s journey, such as when they are considering making a purchase or ready to commit to a purchase.
Once you identify bottlenecks, you can take steps to address them. This may involve streamlining processes, increasing resources at key points in the customer’s journey, or providing additional training for sales staff.
If you’re looking for a solution that can support hypergrowth, look no further than Next Quarter, which solves the challenges fast-growing companies like yours encounter every day.
With Next Quarter, no growth opportunity goes to waste, and you will never leave money on the table. This solution uses AI to uncover account opportunities, deepen customer relationships, and boost forecasting visibility. The software makes you feel confident when making data-driven decisions and helps you spend less time looking for information and more time closing lucrative deals.
Our Revenue Intelligence and Account Growth module bundles, which you can toggle on and off in the easy-to-use Next Quarter platform, identify new account planning opportunities, find influencers and decision-makers, supercharge your accounts, reduce data entry, and promote next-level deals.
Did you know Next Quarter can increase win rates by 22 percent, deal sizes by 14 percent, and customer retention by 7 percent? Schedule a demo today!