As a business leader, you know that driving sales growth is essential for achieving your company's revenue goals. But finding and hiring an effective VP of sales can be time-consuming and costly. That's where the concept of hiring "fractional" executives comes in.
A fractional VP of sales provides sales leadership and expertise on a part-time or project basis. This flexible model allows you to tap into high-caliber talent without the overhead of a full-time employee.
If you have strong sales experience and are looking for a new career opportunity, starting a fractional VP of sales practice can be rewarding both financially and professionally. Here are some tips for launching and growing a successful fractional VP of sales business:
Who do you want to serve?
Identify the types of companies that would benefit most from your services. This may include startups seeking to build a sales engine, established companies looking to improve sales or launch a new product, or businesses that need interim sales leadership due to staffing changes.
Define the size of companies, industries, and sales challenges you are best suited to help. Focus your expertise on your ideal target market for the greatest success.
What makes you different from other sales consultants?
Communicate your personal brand, background, track record of results, and approach to sales leadership.
Emphasize the flexibility and cost-effectiveness you offer compared to a full-time sales executive. Design a website, collateral, and messaging that speaks to your ideal clients’ pain points and how you can solve them. Make it clear why you are the best solution.
Who can connect you to potential new clients?
Begin networking through local business organizations, industry associations, and sales professional groups. Let colleagues from past jobs know about your new fractional consulting practice and that you’re available for referrals.
Set up informational meetings to get the word out about your services. A strong network is key for building a solid pipeline.
What will your engagements look like?
Outline the specific services you provide, such as sales strategy, sales process optimization, sales training, interim sales leadership, etc.
Decide how you will structure your fees - retainer, project, hourly or outcome based. Price your services competitively based on the market and your experience level. Consider offering tiered packages to meet varying client needs.
As you begin working with clients, ensure you can showcase your impact.
Document key sales metrics before and after your engagement. Get testimonials from happy clients on your results.
Publish case studies and client success stories on your website and social platforms. Leverage positive reviews and referrals to attract more business.
Look for ways to expand your skills and add more value for clients.
Take sales methodology courses or get certified in sales technologies and platforms. Read books and publications on the latest sales trends and techniques. Attend industry conferences and events.
Stay on the cutting edge with a commitment to continuous learning. This will make you more valuable to clients over time.
The more business contacts you cultivate, the more sales opportunities you can uncover.
Set networking goals to connect consistently with new people, both in-person and online. Partner with complementary service providers who can be a source of referrals.
Use social media to expand your network and establish yourself as a sales thought leader. Consistent networking pays off.
If your pipeline gets too full, it can impact your ability to properly serve current clients.
Find an optimal ratio between new business development and client delivery.
If needed, consider bringing on an administrative resource to help support client engagements and operations. Protect your personal brand by ensuring excellence in execution.
The best fractional sales executives become trusted advisors to their clients, not just one-time consultants.
Check in regularly with clients to see how things are going and if they need any additional support.
Offer to review metrics or refresh parts of their sales strategy that may need tweaking. Suggest coaching sessions to reinforce the training principles. Clients will likely hit new sales challenges after your initial engagement ends, so make yourself available to provide guidance if needed.
The goal is to develop lasting relationships where clients see you as a valuable partner they want to keep on retainer for the long-term.
Once established, you can grow your practice by bringing on other fractional sales executives.
Vet experienced candidates selectively. Independent contractors allow you to scale flexibly.
You can also partner with complementary marketing or operational consultants. Develop a strong team brand under your practice umbrella. Leverage talent to expand your offerings.
Launching a fractional VP of sales consulting business allows you to leverage your expertise while enjoying flexibility and variety in your work. By specializing in providing sales leadership on demand, you can build a rewarding career serving as a fractional sales executive.
Focus on crafting a compelling brand, attracting ideal clients, delivering measurable results, and networking consistently to launch and grow a successful fractional sales consulting practice.