A sales strategy is a combination of the
methods and tactics that your sales reps use strategically to close deals. It
includes planning out who you’re going to sell to, how your team members will
engage with them, and what the buying process will look like.
For B2B
sales, it’s important to consider both an inbound and outbound sales plan.
An inbound sales strategy is needed when
new leads come organically into your pipeline via a form on your website,
email, or free trial signup. The tactics your team uses when a new inbound lead
arrives should align with the marketing strategy. That way, new potential
customers can flow easily through the sales funnel and become qualified leads
.An outbound sales
strategy involves actively searching for and engaging with
potential customers. Sales leaders identify the right tactics to engage with
prospective customers through cold email, cold calls, social selling, and more.
A great sales strategy includes a bit of
both, but the best option will depend on the market you sell to and your team’s capabilities.
DEVELOP YOUR COMPETITIVE
ADVANTAGE
In order to develop your
competitive advantage, you need to know what else is out there. The odds
are good that you’re not the only one selling your specific product or service.
So, it’s critical to be able to explain the benefits or results your customers
will receive from purchasing your product or service that they will not get
when purchasing the product or service of your competitor.
What are your
competitors’ claims? What are the benefits they’re selling? How is what you’re
offering different? You should be able to express why people should
choose your product or service over others on the market if you want to be
growing sales.
RIGHT ACCOUNT SELECTION IS
HALF-WAY TO SUCCESS
A winning strategy hinges
on being selective. Make sure you're picking the right key accounts -- and
you're applying the same criteria to each one . Periodically assess your
selection criteria. Are your current key accounts generating as much ROI as you
anticipated? If not, it could be a sign you're using the wrong measures. Regularly
review your key accounts to verify they still require additional time, energy,
and resources. If they perform as expected to justify the resource allocation,
then continue on. However, if for some reason they are underperforming or the
account no longer feels like a good use of additional resources, you may want
to consider scaling back.
USE LEAD SCORING TO PRIORITIZE YOUR PROSPECTS
The best salespeople have a plan to
develop the highest quality and quantity of prospects that can and will buy
within a reasonable period of time. Prospecting is an essential part of
successful sales strategies and something you need to prioritize if you want to
increase sales. If your sales strategy is lacking this critical component,
or your prospecting tactics are falling short, I’ve created an essential
prospecting checklist that will help you focus your attention on
the prospects that will have the maximum return.
After fully qualifying your sales prospects, lead scoring will help you prioritize your prospects based on the strongest possibility for closing the sale quickly—before even beginning your outreach efforts. Lead scoring is a process of ranking inbound leads on a scale of 1 to 100 based on their characteristics and behaviour. Ranking factors might include: Job title or role, Specifications that indicate intent, Department, Company size etc. Work your prospect list from top to bottom to prioritize time on the highest-scoring leads with the greatest potential for conversion.
BUILD A DEDICATED SALES TEAM
Even the best KAMs can’t
get the job done alone. Ideally, the KAM role is not performed by someone who
has sales rep duties on their plate simultaneously. Assign dedicated strategic
account managers (or KAMs). These employees should be separate from Sales, if
possible.
Build cross-functional
teams around each account manager. To serve your clients well, you'll need a
range of skills, disciplines, and expertise. Each account manager should have a
cross-functional support team to support the proper execution of deliverables
related to the client’s account. These teams should include a range of skills,
disciplines, and expertise to serve your clients well.
If possible, name an
executive sponsor to each account. They can play a major role in getting the
necessary resources, connecting with the C-suite at the target account, and
providing high-level guidance.
TRACK THE PROCESS
METICULOUSLY
Set a cadence for internal
account reviews. Depending on the size of the team, the value of the account,
and the dynamic of the relationship, these might be weekly, monthly, or
quarterly. Consistently measure the account's engagement and loyalty. Both
should trend upward. Schedule recurring check-ins with the account to get their
feedback, address any issues, and find areas for improvement.
Keeping track of key sales metrics like
conversion rates, team activity, customer lifetime value, profit margin, and
sales velocity will help you see how your sales strategy is working, and
whether you need to adjust. Ongoing sales analysis is how
you'll monitor your team's overall performance and the effectiveness of the
strategies you're implementing.
SALES
BEGINS AFTER THE SALE -
“Once a
customer, always a customer” — this should be your motto if you want to learn
how to increase sales in business. Once a customer has purchased your
product, it should not be the end of your interaction with them. Focus on
maintaining a strong relationship with your customer by making them feel valued
so that they stick around, and get others to become customers as well. A
forever customer will do more for your business than 10 one-time
customers.
Everyone
loves a good deal, and when they feel like they have the inside scoop on an
upcoming sale, or receive early access, your customers will develop greater
trust in and loyalty to your business. They may even buy more because of it. This
doesn’t only go for sales and special offers. Keep current and repeat customers
in the loop with upcoming launches and business news too, and soon, they’ll
develop a vested interest in the business.
Squeeze hard to get the maximum
wallet share. You should be continually be looking for ways to up-sell
customers so that they buy more each time. What products or services
will complement what they are already purchasing? Once you prove your
value and have loyal customers, they will likely say “yes” to you more and
more.
LEVERAGE TECHNOLOGY
Use a CRM to keep track of your communication with the account
stakeholders and give everyone on the account team visibility into what's
happening. Implement an email tracking and notifications tool to know exactly
when your recipients open your emails and click any links. Use LinkedIn (either
the free version or LinkedIn Navigator) to monitor changes in your account's
market and industry, strategic shifts, hiring and firing decisions, and more. Set
up calls and appointments with a meetings tool to make the process seamless for
the attendees. Invest in a video platform so you can create personalized videos
for prospecting and relationship-building. You can also try investing in a
video platform such as Loom so you can create personalized videos for
prospecting and relationship-building.
Market content on multiple
channels. As part of your ongoing strategy to increase sales, you should be
continually seeking creative ways to improve your advertising and promotional
efforts to reach new customers. There are so many mediums out there
including Twitter, Instagram, Facebook, LinkedIn, TikTok, YouTube, email, blogs,
podcasts — even traditional print materials such as magazines and newspapers —
that can get your message and product out to the right audience.
CONCLUDING Be Helpful at the Core of Your Sales
Strategy
The best way to win trust is by being genuine and helpful throughout the
sales process. The best salespeople have always been helpful. When you're
selling a product or service, it's hard to go wrong if you're genuinely looking
to help the other person. That's really when selling becomes more than just
sales. It becomes all about building a genuine, meaningful relationship instead
of about just selling what you have to someone.By thinking of yourself as a
proactive problem-solver for each prospect you engage with, you can shift your
own perception of the role you’re playing in the sales process from seller to consultant.
If you set out with the primary objective of helping your prospects, you’ll
naturally be leading them to the best solution for their business.A good sales
strategy is long-term; there’s no substitute for making a positive lasting
impression. Don’t miss out on a future potential sale because you weren’t
helpful.
with best compliments
Dr Wilfred Monteiro
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