A sales strategy is a well-thought-out action plan on the ways your sales team will sell more services and products to consumers. Sales strategies usually include key information like buyer personas, sales metrics, product positioning, value propositions to provide clear, actionable insights for sales teams to follow.
While building a sales strategy takes time, it is necessary for business growth. A comprehensive sales strategy optimizes your existing resources so that you can focus on and engage with the most promising leads for continued business success.
Here are ten ways to build a reliable and effective sales strategy:
- Align Your Sales and Marketing Teams
When sales and marketing goals are aligned, businesses become 67% better at clinching deals. As the information silos break down between the teams, there is a greater focus on the betterment of the organization, leading to improved ROI and increased productivity. By working together, teams
- Communicate better
- Build a sense of connection between teams
- Work towards mutually agreed goals
- Build authentic buyer personas
- Increase bottom-line growth
- Overtake competitors
- Understand the Customer’s Pain Points
Too often, sales teams get carried away with the features of their product, and in the process, they ignore the customer’s pain points. A good sales strategy looks at customers’ pain points and helps them find answers to how a particular product is a good match for a specific customer. Apple is an excellent example of how a company can achieve success by focusing on customers’ pain points. By endeavouring to identify pain points, you can deliver exceptional customer service to your consumers.
- Build a Customer Persona
Your sales team has limited time on their hands, and they can not be chasing down unproductive leads, hoping they turn into productive prospects. Building a buyer persona and identifying the ideal customer is a faster way to identify the right leads.
When creating the perfect buyer persona, consider all the client attributes that make them your ideal customer. Once you have identified the recurring patterns, construct a profile keeping the demographics, location, job titles, industry, and educational qualifications in mind. Your marketing and sales team should keep referring buyer personas often to confirm they’re targeting the right people.
- Do a SWOT Analysis
A Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis is essential for devising a strong sales strategy. This policy provides a comprehensive view of the challenges faced by an organization and how best to overcome them.
Here is how you can evaluate each of the individual areas of SWOT analysis.
- Strengths: This is your USP and the reason consumers prefer your products over your competitors.
- Weaknesses: Your weaknesses show where your organization lags compared to competitors.
- Opportunities: These are the areas where you can generate more leads and increase conversion rates.
- Threats: Threats are the external or internal risks that impact your customer base.
- Have a Unique Value Proposition
A value proposition is a business statement that tells your customers why they should choose your company over others. A unique value proposition (UVP) distinguishes you from others in a crowded space where every second company offers the same product. It conveys to your customers how your product outdoes other similar products in the market. When describing your value proposition, think of the following questions:
- Why do customers prefer your products?
- Why don’t customers buy from you?
- What should you do to land more clients?
Also, remember not to make your value proposition simply about your product features but more about how your product helps the customer.
- Have Clear Revenue Goals
Revenue goals are a key element of your sales strategy. Having clear revenue goals allows you to compare your projected goals versus actual results. Doing so will enable you to identify inefficient sales methods. In addition, revenue goals give sales teams a roadmap of sales expectations and also allow you to predict sales margins. However, you need to set reasonable Revenue goals such that they are achievable. Setting them too high will demotivate your team while setting them too low won’t be challenging enough.
- Use Multi Channels to Connect with Customers
Multichannel marketing is an approach where marketers use multiple channels to target their customers. These channels can range from physical stores to an online website or any other communication channel the customer prefers to use. Yet many brands realize they are not providing multi channel experiences as expected. Providing a multichannel experience will not only make your brand more accessible to consumers but, most importantly, will let you offer them a seamless experience that will lead to more conversions.
- Measure your Sale Metrics
Sales metrics enable an organization to measure sales growth and make due improvements for future gains. While sales metrics will vary depending on your industry, here are some key metrics you can use to measure the performance of your sales strategy:
- Lead response rates – The lead response time determines how quickly the sales team responds to a lead. In sales, it is crucial to take timely action on lead queries for better results.
- Close rate – Close rates show how many leads have turned into paying customers. Conversely, a low, close rate signifies there is a problem in your sales strategy.
- Average deal size – Again, if the average deal size is low, it signifies a net loss for your business.
- Focus on Existing Customers
There is no denying that acquiring new customers is a must for a profitable business. But retaining customers is equally important. The statistics speak for themselves. A survey by Bain and Co. found that increasing the customer retention rates by a mere 5% increases profits by anywhere from 25% to 95%. Although dated, the figures show what we know all along. New customers are difficult to woo. On the other hand, investing in long-term customers pays off. By fostering deep relationships with existing customers, you can improve your bottom line and decrease churn rates. Almost 95% of customers expect a premium-level customer service, with tailored delivery experiences such as white glove service to keep their loyalty with a single brand.
- Set SMART Sales Goals
Sales teams often assume they’re experts at goal setting, but the data reveals a different story. The SMART (Specific, Measurable, Achievable, Realistic, and Time-based) methodology will help your sales team plan out their sales strategy. No doubt, the ultimate aim of sales teams is to drive more sales, but setting SMART goals will motivate your team in more ways than one. Setting SMART goals will help your sales team measure their performance without solely focusing on the numbers. By encouraging them in more ways than one, your business will reap more significant benefits.
In order to be successful in your business, you need to have a concrete action plan of how to go about things. A well-chalked-out sales strategy will guide your sales team in the right direction and help them optimize the sales process.