4 min read
As a marketing VP and startup founder, Patrick Ward understands how difficult it can be to build a sales pipeline from scratch.
Revenue is the lifeblood of any business. However, Patrick says early-stage startup teams often spend their time trying to do everything at once, which ultimately leads to subpar results and burnout.
Patrick is the VP of marketing at Rootstrap, a software development consultancy that uses outcome-driven development to help companies scale people, processes, and products. The company has played a key role in propelling brands like MasterClass to double their revenue.
He’s also the founder of NanoGlobals, an expert-led platform that helps mid-size tech companies tap into global markets through remote hiring, offshoring, and international market expansion.
In his experience working with both companies, Patrick says he has learned that one of the major barriers standing in the way of startup growth is impatience.
“Patience is a crucial value for every startup founder,” Patrick says. “You have to be able to patiently work through all obstacles, even with internal and external doubts, to give your startup the chance to grow. This value of patience informed me deeply with respect to building a sustainable sales qualified pipeline.”
At a webinar for Founders Network on March 28, Patrick shared his proven sales process. Built on the philosophy of addition by subtraction, the process can be implemented to create predictable and sustainable growth. Patrick’s webinar delved into channel mix, go-to-market motion, and the importance of experimentation when growing a sales pipeline.
To learn more about growing a sales pipeline, check out our video from the event, and see if you qualify for membership to join Founders Network.
Seeing What Sticks
Patrick is a big proponent of using experimentation when it comes to building a sales pipeline. While typical sales processes might be beneficial, it’s important to tailor your approach to your unique prospects and market. This is especially important for startups aiming for market disruption.
“The key when building a sales qualified pipeline is that you are looking for it to be a predictable and reliable generator of revenue,” Patrick says. “Quick tricks and growth hacks won’t work in this scenario, but equally you can’t know which strategies, channels, and tactics will work specifically for your business before you begin experimentation. My rule of thumb is evaluate every strategy, channel, and tactic via these three questions: Is it scalable? Is it repeatable? Do I earn an ROI multiple on it?”
The Waiting Game
While Patrick emphasizes the importance of experimentation when building a sales qualified pipeline, he says some startups fail to give tactics time to work before moving onto the next one.
“It might seem cliche, but impatience is the biggest killer of pipeline generation,” Patrick says. “It’s very easy to say a particular strategy isn’t working after two weeks, because you haven’t given it time to succeed. This doesn’t mean you accept sub-par ideas, but you need to stick firm to your ‘revenue thesis’ about how people will actually come and buy from you. Remember human behavior is sticky. It takes a while to change and thus you won’t see immediate changes tomorrow, even with an outstanding strategy.”
No Easy Fix
Building a sales pipeline isn’t a one time project. It requires continuous management to garner results. According to a study by the Harvard Business Review, companies that had effective pipeline management saw their growth rate increase by 15%.
“Your sales pipeline and corresponding revenue are the lifeblood of any business,” Patrick says. “Revenue keeps it alive today, but without a predictable pipeline, you won’t stay alive tomorrow.”
In his webinar, Patrick also covered:
- How to identify channels for short-term immediate pipeline creation and long-term pipeline expansion
- How to build the right type of go-to-market motion for your business
- How to use experimentation and budget reallocation to create a predictable and scalable pipeline
To learn more about how to build a sales pipeline, check out our video from the event, and see if you qualify for membership to join Founders Network.
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