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About the Episode
Today’s guest says the biggest mistake he made with his first company was building a product without a market, so for his current company he got early sales using just a prototype. He shares his strategy for cold calling customers that includes sending an email first. Also, listen to the part of the show where he shares how to hire for the right cultural fit.
Strategy for Cold Calling Customers
Cold selling is very difficult so the first most essential thing is to build a compelling pitch to break the ice. When you are talking to a potential customer, highlight the value of your product and always ask a lot of questions to understand what their pains are. After which, you should then magnify their pain and magnify the solution – which is basically your product. A typical mistake of a sales rep is talking too much is you need to remember to listen a lot.
The best way to open a cold call is to send an email — short and sweet — beforehand so you can reference to it during the introduction when you call them. It is difficult to talk to someone who you had not had any interaction with so it is very useful to send something in advance. They also found that including the ‘sent from my iPhone’ signature increases open rates to around 20% as it looks personal.
Another strategy for someone you met in a conference is to ensure you mention that you met in that exhibition in your introduction. Even if he does not recall who you are, chances are, he will keep on listening to you so as he would be too embarrassed to admit that he does not remember you.
Hiring for the Right Cultural Fit
Oscar’s priority is to hire for cultural fit more than skills and experiences. They must be someone who is motivated and has passion for the business. Smart people with the right attitude will learn how to do things. He does this by learning everything he can about the employee so he does the final interviews for every employee in his company.
Course: Taking idea to a company -> Managing people to align them with your objectives
Low point: One of the most painful low points in Oscar’s career deals around financing. Finding investors takes longer than you expect so you need to have money in your pocket while doing so. One of the mistakes they did in their second financing round is not having enough while scouting for investors so they were in a lot of pressure. Plan your finances and don’t push yourself to the limit.