Sales drive revenue, and revenue grows business. The task of putting a proper sales strategy in place can be daunting but should be a priority for any business with growth goals. Sales strategies will differ depending on your industry, market, product/service, customers, pricing—all of the above.
We’re here to help no matter your differentiators—here are four things you didn’t know your sales strategy needed.
Clear Performance Metrics
Having a clearly identifiable sales strategy within your organization is beneficial, but setting clear paths to success for the sales team is what will make it function properly and grow your deal pipeline. Work with your sales team to narrow in on the three to four key metrics that are directly tied to the sales strategy and the sales reps' success within the department. Many companies monitor the amount of touchpoints a rep may have with a prospect, the amount of revenue gained or something as simple as "dials a day." But your strategy should dictate which metrics your organization deems valuable to a successful sales cycle.
Bringing your organization's or your sales team's personalities to the strategy will bring a sense of inclusion, authenticity and pride in the product or service you're selling. In an agency setting such as Epicosity, sales and new business takes on a companywide mindset of growth and innovation. Understand what makes you unique in the marketplace—your value proposition—and account for that within your sales strategy. It should be a priority to focus your strategy around your target audience, key metrics and your distribution methods. But accounting for your company's identity is an important factor in sustained success.
Once the strategy is developed and your sales team is on board and feeling strongly about hitting their numbers, it can be easy to set the strategy on a shelf and keep it tucked away until quarterly reviews. It’s important to keep the strategy accessible and open to optimization. You may have opted for "number of calls per day" as an important metric, yet you’re finding success lies in the time spent in conversations as opposed to the amount of people called. You may adapt your strategy to account for this or at least mention it to your reps. Keeping a working, accessible document will only further refine your strategy and goals to continue growing your business.
“Everyone has a plan until they get punched in the face.” - Mike Tyson
The notorious heavyweight’s quote was in the context of a boxing match, though it can also apply to your sales strategy. Plan for the unexpected. Be comfortable with products, services or customer types shifting or new opportunities emerging that may not fit your original plan. Adapt to your situation as best you can without compromising the main goal of steady, consistent growth for your business. Define key performance indicators within your plan, and stay focused on the larger picture. Over-planning and over-strategizing are easy things to get caught doing when putting these large-scale plans together. But try to instill some wiggle room and agility into your sales strategy by taking feedback from your sales department and its first-hand experience. Your best current customers can also help you find out where your sales cycle is hitting the mark and where it could be improved.