A well defined sales strategy is elemental to business development. As per our market research success of business model is based upon a well analysed and solicitous sales development plan. We will share some insights to a successful sales strategy for enabling your business to hinge in a successful direction.
The first component of an excellent sales strategy is setting your sales goals and objectives. As a CEO, you should communicate with all your top tier management for drafting your short run goals and long run goals. A significant consideration to be done while planning is, that goals should meet criteria of SMART goals. SMART goals imply,
S-Specific: Your sale goals have to be specific rather broad and vague
M-Measurable: Sale objectives should be measurable in percentage of business growth, KPIs or sales development.
A-Achievable: Always define goals that are achievable with in time frame, financial budgets and HR capabilities.
R-Realistic: Lot of companies go wrong in defining goals that are not realistic, for instance planning a 100 percent growth in sales in a month is probably not a realistic target. It is extremely important to set realistic goals considering your marketing and other strategies.
T-Time specific: Always set a time frame for a sales goal to be achieved.
The core essence of SMART goals is that, these goals are achievable and you can measure the percentage of your targets achieved in a realistic manner.
The next stage in Sales strategy is setting sales channels, there are five major sales channels that of field sales, retail, phone sales, business to business sales and online selling. All successful businesses always have a combination of sales channels that are consistent with their marketing strategy and product mix. This is an extremely significant step as that would assist you to determine the nature and size of your sales team and also to organize a successful sales training for your team as specifics of sales training is based upon your sales channels. Visit Sales training Sydney, to find how we tailor our sale training considering your business specifications.
The next step for a successful sales strategy is defining your current and potential customers. As of your marketing and branding strategy you would already have an existing set of accounts and also potential customers to be targeted. Analyse existing accounts in detail for examining the opportunity of up sell and cross sell to your existing customers, and map your potential customers in Territories. The approach of mapping ensures that your sales team can approach customers in a systematic and measureable manner.
The fourth step is to conduct a detailed analysis of sales strategy of your competitors. Most of companies don’t consider sales tactics of their competitors and significantly focuses on their in house sales approach. The competitor analysis is a very viable tool in sales strategy as it indicates market trends and also provides vital information for your sales team about selling promotions and approach of competitors to plan in advance for winning customers from your competitors.
The last stage of successful sales strategy is well defined sales presentation and sales pitch in accordance with your product or service and market trends. Sale is a scientific process of building value in your product through effective and efficient communication and persuading your customers towards buying your product or service. This is almost a disaster situation for your business if your sales team is not prepared with a well designed sales pitch or presentation as there are stages in sales process that need to be followed in an efficient manner for having a higher conversion rate otherwise as an organization you can end up wasting resources and not getting results you desire.