According to the United States Bureau of Labor Statistics, 50% of businesses fail within their first five years. After another five years, only around a third of the companies survive.
In order for your business to thrive, you need to continuously increase your company’s sales. The easiest way to do this is to tweak your sales techniques to increase product sales. But how do you do that
Read on to learn more about six tips to help you create the perfect sales strategy plan to grow your business.
1. Find out where you are and where you want to be
Having sales goals is important for growth, but if you don’t know how close you are to achieving those goals, you won’t be able to get there.
Take a close look at your sales over the past quarters and years. In addition to the numbers, pay attention to other key indicators. Which member of your sales team sold the most? Which customers have brought you the most and the least profit?
When you have analyzed the past, turn to the present. Again, ask yourself some key questions to see how you can move forward. Where is the easiest path for growth? Has anything changed to make it easier or more difficult to achieve your goals?
2. Understand who your customers are
You can have the best sales strategy in the world, but without a clear understanding of who your customers are, you won’t achieve your goals.
Most of your company’s bottom line comes from a small fraction of loyal customers. Take into account factors like sales cycles and how easy it is to work with someone, then put together a list of your top customers.
After that, look at the psychographics and demographics of these customers. You can then put together an “ideal customer profile” that you can then share with your sales teams. This will help them find new customers who match the criteria.
For many companies, Walmart is a huge market to open up. This guide will show you how to create the perfect Walmart strategy.
3. Perform a SWOT analysis
If you are not familiar with this, SWOT represents strengths, weaknesses, opportunities and threats. This will help you understand what you are good at, what you can improve, the direction your business should be headed, and the difficulties to watch out for.
The SWOT analysis you are performing should not use imaginary facts and numbers. Instead, it should have a basis of reality.
When considering threats and weaknesses, consider both internal and external factors. Try making a plan to figure out how to solve these problems and make sure you are specific. Try to find out why it is difficult to sell to some customers and why some employees are having trouble making sales.
When looking at your strengths, don’t include them just to show them off. Make sure you figure out how to keep improving them. Also, as you think about opportunities, try to figure out how to turn them into strengths.
4. Decide on a marketing strategy
Once you’ve done a SWOT analysis and set your goals, it’s time to figure out how to achieve them. The right marketing strategy can help you with this.
Try to figure out how to expand your accounts. Are they buying more of the same products that you sell, or do you think a new product is worth creating? If so, make sure you look at the customer profile and make sure it matches the settings.
Remember, it is much cheaper to grow sales with existing customers than it is to acquire new customers. First, try to come up with marketing strategies that target your top 10 customers, and then go from there.
5. Have clear sales goals
Once you’ve put together your marketing strategy with your sales goals, you can create more specific financial goals for different customers and sales regions.
During this time, think about what your sales and marketing teams need to achieve the goals you have set. Do you need more resources? Can communication between the different teams be better?
If you give your sales team a quota without the resources to get there, you will leave people confused and angry. Work with them through the process and make sure they have everything they need.
6. Create an action plan
As mentioned earlier, your sales team needs to have a specific plan as opposed to lofty and vague goals.
Train your team by helping them understand which customers need to prioritize and how much revenue they need to generate from them. You should also know how many new customers (if any) to attract and how much time to invest to meet their goals.
When they have the answers to all of these, be shown a specific plan of action that not only lists what to do but also when they will do it. Pay more attention to action dates than closing dates.
Use these tips to create the perfect sales strategy plan
While most people understand the importance of standing out from the competition in business, few companies know how to do it. By following the tips mentioned in this guide, you can create a successful sales strategy plan that will keep the customers you have while attracting new customers at the same time.
Do you now have a better understanding of some of the different sales strategies? If you do, take a look at some of our other blog posts for more guides and tips.