Sales Strategy Plan
A sales strategy is a set of
decisions, actions, and goals that inform how your sales team positions the
organization and its products to close new customers. It acts as a guide
for sales reps to follow, with clear objectives regarding sales processes,
product positioning, and competitive analysis.
So, to create a
sales strategy plan enables everyone to understand the unique selling points, in
identifying the target market and customer profiles, developing the value
propositions, and selecting the right sales channels to engage clients. The
outcome is a sales engine with a clear focus on the optimal way to create and
close sales opportunities.
Sales strategy questions
A good starting point is to ask yourself questions such as;
The purpose of the business is for what?
How effective is your current sales activity?
What are the market trends shaping your industry?
How strong is your sales skills across the team?
What is your current market position (new, disrupter, cost
leader etc)?
What is your business purpose?
To create a sales
strategy plan that will be a living document, it’s important to first know what
the business is purpose.
The Vision: Where
does the business want to go in the long-term.
Your Mission: the business purpose and the reasons WHY for existing.
The Values: What the business stands for, what sets you apart.
Building Blocks to create a sales strategy
The reality is that each one of the following or a
combination of them will most likely determine the success or failure of your sales
strategy.
1.The team driving the business, customer engagement and the
sales
2.The company’s product or service being promoted to the
target market
3. The target market including trends, demand, and size.
The best sales strategies contain some or all of these
elements.
A differentiated business model and value proposition.
They have desirable products or services for the market.
There is a large enough market to target.
The business has a cost-effective method to target and serve
the markets.
The sales strategy is borne out of the companies’ values and
greatest strengths.
Identify the target market you want to sell to.
Probably the 1st step in creating a sales strategy is to
research, size and select the target market you intend to commit time and
resources to. This is the guiding path for all the other aspects of the plan.
Research has shown that lack of market size and lack of market acceptance of a
product is the biggest cause of business failure. So, take the time to get this
right. What market or segment of a market will your product or service offering
have most appeal?
Now you need to focus in on the profile of the people and
companies within your target market you will approach 1st, 2nd etc. The outcome
is a customer profile with an identity rather than a compilation of figures.
Profiles that tell a story that everyone involved in sales and marketing can
quickly understand. The way to achieve this is to create “Ideal customer
profiles or “buyer personas”. Begin by looking at your current customers and
understand who is actually buying your product. When you create a sales
strategy, you need to be able to visualize your ideal buyer’s demographics
across areas such as location, job title, turnover, employee size, age range,
technology stack and other purchasing motivations.
Visualizing your ideal customer’s will help to create better
sales and marketing value propositions and sales messaging. Once you know what
they might want to gain or the pain they may be experiencing, you can create a
sales process for the steps you need to follow to win over more customers.
Now you need to
outline the unique value your business brings to the market in order for you to
get buyers to listen and care about what you have to say. What is your value
proposition and how does it set you apart from your competition?
Your value
proposition should tell customers and prospects why they should consider doing business
with you rather than your competitors. It makes the advantages and benefits of
your products or services clear from the beginning of any sales interaction.
Sales Strategy Implementation
Earlier we asked you to consider “What is your current market
position?” as this most likely will define your sales strategy. To create a sales strategy with a clear focus, most
companies will select from one or two options from the following.
Penetration Sales Strategy: Selling more of the same
products to the same customers
Development Sales Strategy: Selling more of the same
products to different customers
Product Sales Strategy: Selling new products or
services to the same customers
Diversification Sales Strategy: Selling new products
or services to different customers
Nothing happens with
a sales strategy until you put it into action. The action plan should match all
of the sales goals with action steps. Think of this as a sales playbook that
contains all the Who, When, and Where sales activities. You can then put milestones
and success indicators beside each sales goal and steps in the sales process.
It is also important to remember that your
sales strategy action plan requires resources to be deployed. These include - Budgets to fund activities, product,
materials and resources, Information – on the market, competitors, market
trends, market size and customer profiling. PLUS, People - the right salespeople
needed to facilitate the growth plan, to execute the plan, to manage the
results
When you create a
sales strategy action plan, these are some planning tactic tips to consider.
What sales strengths do you want to Leverage:
Three to five key strengths you will need to use to achieve the plan.
What sales strengths will you need to develop: Three
to five strengths you will need to develop to achieve the plan.
What will be your sales priorities (based on your sales
strategy implementation): List out the priorities you will focus on.
What are you action plan sales priorities: Three to
five monthly priorities that support the sales and business action plan?
To create a
sales strategy is to understand that every sales strategy is really a series of
investments, this is about deciding where you want to spend the time, money,
and energy for sales success. This means it must be constantly reviewed and
updated. Schedule a series of productive reviews be they quarterly,
monthly, weekly, and daily. Evaluate the sales plans, what’s working and what
needs to be adjusted.
Anchored by your business purpose, your sales strategy should
also cover sales training, sales enablement, and sales skills training. The
outcome you seek is a plan that maximizes the likelihood of achieving sustained
profitable business success.
Growth is complex. Sustainable profitable growth is even
more complex still.
• Growth Ambition (vision, passion & goals)
• Growth Focus (resources, commitment & discipline)
• Growth Direction (products, markets & segments)
• Growth Visibility & Control (systems & structures)
• Growth Leadership, Teamwork & Skills
• Customer Acquisition & Retention
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