How To Expand Product Sales

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Startups raising funding must show a growth story.

The best growth story is a revenue curve going up and to the right at a 45-degree angle.

For venture, the growth curve must be at least 50% year over year.

Here are some key steps to take to expand sales:

Increase sales with current customers by selling to more contacts within the account.

This means using referrals from the existing users to find new ones.

Increase the number of products sold to current customers.

This means finding upgrades and additional products to sell to current users.

Find new customers similar to the ones already buying the product.

This means looking for new customers in the same industry or sector as current customers.

Find new customers who are larger than the current customers.

Larger customers can pay a higher price and potentially have a greater capacity for buying more.

Finally, sell additional services that enhance the current product or service, such as payment facilities to help purchase the product, data analytics on customer usage, and artificial intelligence-enhanced features.

Consider these steps in expanding product sales.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let's go startup something today.

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