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Sales strategy is the plan that enables you to successfully sell your products or service again and again.
This strategy is always tested, evaluated, and optimized to facilitate the achievement of desired results. Here is how you can create a perfect sales strategy to close more deals for more money.
Table of Contents
Assessment of previous activities
Before you can begin to plan the future, first look into and retrospect the past.
Do an assessment of the previous year of business and do some analysis.
By understanding where you have been, you can begin to determine where you should go.
Update your customer profile
In business one of the easiest ways to generate more sales is to look at what’s already working.
Look at your current customers and understand who’s actually buying your product. This is critical because, in business, there’s often a gap between your defined customers and your actual customers.
The former is whom you’re trying to market to while the latter are the ones making the purchase. Get to know your actual buyers and create a customer persona that creates an identity rather than a compilation of figures.
An ideal customer profile provides guidelines for your sales reps that help them spend their time efficiently on prospects who are most likely to convert and deliver repeat business quickly.
How well is your company positioned to grow existing accounts, find new accounts like the ones you have, and land new ideal customers? Pull your sales, marketing, and product teams together to do the swot.
Consider your weaknesses and threats, the internal and external obstacles that will hinder your ability to achieve those goals. Ask yourself and your team what needs to be done to minimize these threats and weaknesses. Be specific in your efforts.
Look for the reasons you are not selling more to existing clients, and the reasons reps are having a hard time closing business. Understand which products sell well and why. You will need this information to build your plan.
Build a Clear Market Strategy
Now that you have assessed where you have been and what has worked start thinking about where you are going. This is the time to think about a market strategy. Consider the following questions based on your work so far:
- How much can you grow existing accounts?
- How can you leverage existing accounts to get referrals?
- How much can you increase revenue inside existing territories with existing products?
- How much can you increase revenue inside existing territories with new products?
- How much can you increase revenue outside existing territories with existing products?
- How much can you increase revenue outside existing territories with new products?
It is likely that the cheapest, fastest revenue will be from existing accounts, then referrals, and on down the line.
The slowest and most expensive new revenue will result from cultivating sales for new products in new territories.
I would start this process with large account plans for your top 10 clients.
Develop Clear Revenue Goals
When you combine your given revenue targets with the market strategy, you’ve created, based on an assessment of the past and current situation, you can generate real revenue goals for territories and individuals.
Now is time to think about what support your sales team needs to reach these goals. Get your marketing team, sales team, and product team together to work on a plan.
Handing your sales team new quotas with no basis, in reality, will leave all parties disappointed and frustrated.
Clear Action Plan
We tend to send sales reps out to prioritize their work alone.
If you want your sales reps to be successful, it is time to implement a well-functioning funnel and opportunity planning process.
Now that you know how much revenue you need to get, and where it should come from, each sales rep will need to create a funnel that shows how they intend to generate that revenue.
By doing this they may be more successful working with marketing and including existing leads that support specific goals.
When you think about it, an effective sales strategy is all about making sure that your reps hit their quota, right? Consider the above points and create a perfect sales strategy that suits your business well to generate more leads and more sales.