SALES STRATEGY
Every organization has something to offer to their clients, it could be products or services. Is proposinga product or service enough? Does the organization make profit consistently? Many organizations fail to realize that upgrading their sales strategy is as important as upgrading their products or services. A sales strategy is a plan on how to sell products or services by standing out to clients as opposed to the competition. It helps provide a clear goal and direction to the marketing and sales team so that everyone is on the same page. Sales Strategy is not only about profits but also about driving ethical practices, organization values and positive mindsets in order to reach the common organizational goals. Sales strategy helps an organization analyse, identify and enhance, not only, the market scope of their products or services, but also their sales and marketing teams in order to have recurring and new business. We help our clients create an effective sales strategy using a step-by-step approach so that they can achieve their goals.
STEPS FOR AN EFFECTIVE SALES STRATEGY
Evaluate the Past Financial Year:
In order to come up with a strategy for the current year, it is essential to analyse the profits of the previous year. This analysis will help you identify the performing and non performing products and services which will help in setting the goals for the current financial year.
Market Research:
Before setting goals, it is recommended that market analysis is conducted to understand what are the products and services in demand and who are your ideal clients. Market research gives your company an analysis of the current market situation and how your products and services can penetrate the market.
Evaluate the Sales Team Performance:
Sales metrics or KPIs are used to measure performance of your sales teams in order to track the effectiveness of relevant sales activities. Therefore, it is essential to identify the right Sales metrics and KPIs of your sales team. Management Information System (MIS) helps to track and measure the KPIs efficiently.
Conduct SWOT Analysis:
A SWOT analysis will help you identify strengths and opportunities to be able to capitalize on them. It will also help you identify internal and external, weaknesses and threats to be able to work on them and minimize them. It will also identify the products and services that sell more and why. Moreover, it will analyse and identify the reasons for not enough recurring business or the sales team not being able to close deals.
Set Realistic and Ambitious Goals:
It is important to set realistic goals for the current financial year. In order to set an effective strategy, it is important to involve the marketing, sales and product teams. This will help set and achieve targets more effectively as all parties will be happy and motivated.
Position your Market Segments and Clients:
This step will help you align your products and services as per market trends and client expectations based on findings of the market research.
Create a Plan for Current Financial Year:
Finally, based on the above 5 steps we help you create a strategy for the current year.