During hypergrowth, businesses often navigate through an ocean of changes. Such changes include launching new products and services, expanding workforce, market re-positioning, re-branding, raising investment, and potential M&A. It’s no wonder that this can be a turbulent time for a business.
Done well, hypergrowth provides significant opportunities and rewards. If this growth stage isn’t managed well, it can bring challenges that threaten future business viability.
Read on to find out more about hypergrowth and how you can get your sales team ready for it.
The term “hypergrowth” first appeared in the April 2008 issue of the Harvard Business Review (HBR). The HBR issue defined hypergrowth as “the steep part of the S-curve that most young markets and industries experience at some point, where the winners get sorted from the losers.”
Today, many refer to the “steep part of the S-curve” as the hypergrowth Curve. We often see the curve represented on graphs as a steep, almost vertical climb over a short period of time. Alexander V. Izosimov, who penned the 2008 HBR article, described hypergrowth as “a phase of rapid expansion where companies experience a compound annual growth rate or CAGR of 40 % or higher.”
Sales Teams and Hypergrowth
Businesses on the hypergrowth journey will experience an array of challenges throughout their organisation, but it is often preparing and managing the sales function that is the most common challenge.
At Doqaru, we work with many growth-minded CEOs and sales leaders who are frustrated with their sales results and overwhelmed with what they need to do during hypergrowth.
Using our 3E’s framework, we help companies in hypergrowth achieve results by removing the overwhelm, providing a data-driven approach and the insights they need to build a robust strategy and transform their sales function.
Here are five key areas that you should consider if your company is on the hypergrowth curve:
1. Start with the Diagnostics
Consider running an analysis to understand the current selling competencies in your team. You need to understand the sellers, sales management and sales leadership to understand the whole team. This is an essential step before developing into strategy. You can have the best strategy and processes, but you won’t get the desired outcomes if your people aren’t prepared.
2. Nurture your Sales Culture
Create a culture where salespeople learn from each other. Encourage best practice sharing and peer coaching. Listen to your people on the front line of selling and have a feedback loop into other parts of the business (e.g. marketing and operations) to ensure an aligned customer success process. Drive collaboration across functions, locations and product lines.
3.Be Clear on the Value Proposition
If you don’t have the same understanding of your value proposition, your message and brand becomes unclear as you grow. As you hire more employees, and add to your product portfolio, your customers might receive mixed messages if your value proposition reminds ambiguous. So, make sure all your teams understand:
- What you offer
- Who you offer it to
- Why they should care about it
4. Hire the Best and Train the Rest
Avoid rushing the hiring process as your business grows. Hiring the wrong people or the wrong roles could cost you in the long run. Research shows that 5% of HR decision-makers say that their company has made a bad hire. A bad mid-manager hiring with a salary of £42,000 may cost a company more than £132,000. So, ensure you have an effective hiring process that includes a sales competency assessment that will predict your new hire’s sales performance. For those already in the organisation, make sure that you create a learning environment where psychological safety is the norm. A strong sales management team can drive success by:
- Regular coaching
- Holding salespeople accountable
- Motivating the sales team
5. Track and Measure
At the start of any change, businesses must identify what the key outcomes should be and how to measure progress. A key part of measuring progress is by having the appropriate sales tech stack in place. Sales tools like Membrain and Introhive are a couple of the most effective platforms instilling the right sales process and guidelines while tracking activities throughout. The best resources and tools enable salespeople to build trust and close sales leads more quickly.
To find out how Doqaru can support your sales function from start-up, scale-up and hypergrowth, please get in touch.
We’d be delighted to have a chat!