ExecuteSales Limited: Randeep Wilkhu and Martin Peters
The serial entrepreneur discusses revenue streams, targeting a lucrative market and how they to plan to create a more connected sales environment
Name: Randeep Wilkhu and Martin Peters
Company name: ExecuteSales Limited
Date launched: 07/10/2014
Number of Employees: 7
Tell us what your business does:
ExecuteSales enables companies to identify sales agencies that fit their needs significantly faster and more accurately than with any other service on the market. This puts small and large companies in a position to rapidly build a sales agency that will help them successfully grow and expand their business locally or internationally.
We also help sales agencies grow their business and sales funnel by increasing their exposure to potential local and international clients and sales assignment opportunities. From this larger funnel, these sales agencies can select the sales assignments most attractive to them.
Where did the idea for your business come from?
Fundamentally, we created the company to help companies and sales agencies generate new business and achieve higher sales revenues.
In our experience, even innovative companies with fantastic products and services can under-perform or even fail because they don’t manage their sales effectively. A basic challenge for many is building an adequately staffed and skilled sales agencies who can bring the right expertise and existing relationships to potential clients.
At the same time, many companies are becoming accustomed to working with 3rd parties to deliver key business processes. Consequently, enterprises are realizing the benefits of having sales agencies take over parts or all of the company’s sales activities. However, finding a sales agency that fits the company’s requirements and demonstrates a strong track record is laborious and costly via the existing channels; finding one with relationships to and knowledge of specific target customers is practically impossible.
Sales agencies face even higher fragmentation on the buyer’s side, plus the unpredictability of demand at any point in time. Sales agencies need an efficient way of promoting their services, identifying new sales opportunities and generating new business.
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We set out to change the current status quo. We founded ExecuteSales to tackle these issues and to connect companies and sales agencies more efficiently than ever before by slashing the time, effort and costs required to get in touch with potential business partners.
How did you know there was a market for it?
Having worked for various corporate organisations and as an investor in a number of technology companies, we experienced this issue being faced by all these companies. This led us to research and understand more about the market, size and trend.
What were you doing before starting up?
We’re a group of senior experts who have worked in various corporates and venture capital firms.
Have you always wanted to run your own business?
Yes, the founding team have been involved in starting two businesses in the past.
How did you raise the money?
We began by raising initial finance from friends and family; and recently secured finance from angel investors.
Describe your business model and how you make money:
Our business model contains several revenue streams:
- Contact request bundles – companies can bundle contact requests to get in touch with the best matching sales agencies
- Certification – sales agencies can pay a yearly fee to get certified
- Boosters – sales agencies can buy boosters on a subscription basis, that allows them to emphasis certain parts of their platform, helping them find more appropriate matches.
What challenges have you faced and how have you overcome them?
The key challenge to building any marketplace is to grow the liquidity and balance both sides of the marketplace.
We focused our initiation efforts on bringing in sufficient supply (sales agencies) to get a good feel on the demand (companies) then once we reached the first 50 sales agencies, we started bringing on-board companies only via the Google ad-campaigns and this led to the demand coming in much faster hence we have now had to increase our efforts on the supply side. This now includes a combination of direct marketing, social media and blogging activities.
What was your first big breakthrough
The first big breakthrough was getting to the first 50 sales agencies and we were lucky in the fact that it came about very quickly.
What advice would you give to budding entrepreneurs?
Watch your cash burn! Start-ups always need that little bit of extra time to prove the model and grow the company so be prepared.
Where do you want to be in five years’ time?
In five years time we want to be dominating the sales outsourcing business worldwide and having accelerated the growth of this industry significantly.