Growing in B2B Sales: Common Mistakes to Avoid with Monica Stewart
Monica Stewart is a highly sought-after go-to-market consultant with over 15 years of experience working with B2B software companies. She specializes in helping startups in the $2 million to $20 million revenue range that are selling to large organizations. Monica has worked with companies like LinkedIn, Trello (acquired by Atlassian), and Panjiva (acquired by S&P). She is known for her sustainable growth-focused mindset and her ability to help companies bridge the gap between their current strategy and their long-term vision. In this episode, Monica shares valuable insights and discusses common mistakes made by startups, such as not targeting their ideal customer profile (ICP) specifically enough, lacking a clear understanding of lead channels, and neglecting net dollar retention (NRR) metrics. She emphasizes the importance of narrowing the ICP, prioritizing lead channels, and implementing effective post-sale processes for long-term success. Monica also highlights the need for founders to be open to change and willing to reevaluate their strategies as their companies evolve. HERE ARE SOME KEY SECTIONS TO CHECK OUT [02:08] Monica's Approach to Transforming B2B Startups [05:28] Common Mistakes in B2B Startup Growth Strategies [15:34] Deep Dive into Ideal Customer Profile (ICP) Strategy [20:31] The Importance of Narrowing Focus in Startup Strategy [27:20] Understanding the Three Whys of Buying [30:58] Navigating Leadership and Team Dynamics in Business [31:38] The Importance of Being Present and Adaptable in Leadership [34:48] Strategies for Effective Team Management and Role Alignment [36:00] Embracing Change and Coachability for Organizational Growth [37:10] The Founder's Journey: Vision, Commitment, and Self-Awareness [45:39] Practical Advice for Founders on Prioritizing and Implementing Change [56:40] Understanding the Role of VCs and Owning Your Business Narrative ADDITIONAL RESOURCES Learn more about aligning customer-facing teams to improve execution: https://forc.mx/48o1jyP Connect and learn more about Monica Stewart. https://www.linkedin.com/in/monica-stewart/ https://www.linkedin.com/company/msps-co/ HIGHLIGHT QUOTES [00:53:46] "It's really the founder and it has to be because at the end of the day, there's a tremendous amount of commitment and buy-in that's going to be needed from them in order to do this work." [00:56:23] "VC firms don't give companies money because they think that company is going to succeed, or even because they necessarily need it to succeed. They give companies money because they want to spread their risk out amongst a broad portfolio. And they know that a good percentage of the companies that they invest in are going to fail." [00:55:53] "Once you see it, you can't unsee it. And it changes the way that you look at your organization forever."