How to write a sales strategy in Five Steps
Sale revenue is an integral and critical component in the success and growth of the company. Companies after a lot of market research, analysis, brainstorming and hard work devise multiple sales strategies in order to boost their sales. Though selling may seem like just a single task, there is a lot of pre-selling and post-selling work that needs to be done while developing an effective sales strategy. This ensures that the product is positioned appropriately in the market which would further lead to better selling. Let’s see how an effective sales strategy can be developed by following the given steps:
- i) Analysis: Analysis falls under the pre-sale phase of the selling process. Companies need to study and understand the market thoroughly to know their competitors. While talking about competitors, companies need to gather information such as the competitor’s product pricing, share of the product in the market etc. Needless to say, companies should already have information about the strengths, weaknesses of their own product by now. Now that company has information about competitors’ products and their own products, they can go ahead and compare both of them alongside on factors such as market share, strengths, weaknesses and sale revenue etc. This kind of factor by factor analysis will help the company in knowing their product’s current status against the competitor’s status. Once the company knows ‘where it is’ in terms of sales, it can easily arrive at the figure ‘where it needs to be’.
- ii) ‘Where it needs to be’ or goals: The analysis done in the previous step helped the company in defining the goals. These goals need to be maintained at the organization level and further be cascaded until they reach each and every member. Let’s say, company X has a goal of reaching 1000 customers in a period of 30 days. The company has two members on their senior team and the senior team has 20 ground level staff between both of them working in the market. So, each of the senior team members will have a target of 500 customers. When the goal is further cascaded, each of the ground level workforces will have a target of 50 customers. This kind of activity of drilling down and assigning the goals ensures the organizational goals are effectively distributed amongst the workforce of the company at every level. This keeps the workforce engaged and motivated.
iii) Focus: At this stage, the company has competitor information, it has its goals based on competitor information. Now, all that is required is to position itself in the market with the focus on the target audience. The focus is a very important step which can make or break the sale in the market. For example, if a company is into manufacturing a high-end cosmetic product, launching the product in a rural area with scarce population will not yield any sale and company may not be able to reach its desired sale revenue target. On the other hand, launching the product in an urban area may bring about the desired sale for the product. The company needs to do this kind of analysis and identify the relevant areas in the market and focus on the population in those areas. Further, companies can take leverage of technology and use tools such as CRM software to manage customer data, customer interaction etc. that help them in the analysis.
- iv) Stand out from the crowd: Identifying the focus population may not immediately yield into the required sale revenue. Companies need to create a motivating factor among the population that makes them purchase the product. In this competitive world, there are multiple products from multiple companies and if the company does not have a unique selling point, their product may get lost in the crowd. Hence, companies need to do research to come up with a unique selling point. The research that companies need to do is to understand customer expectations and to see if the existing products are able to meet all of the expectations. This kind of analysis helps in identifying the gaps. The company can take advantage of the findings of the gap analysis and add the features that can fill the gap to their product. The feature that could probably fill the gap becomes the unique selling point of the product and it will position the product on top of other products in the market.
- v) Revisit and review progress: This is the most important and critical step that should be part of the sale strategy. Companies after following all of the above steps should ensure they meet with their sales team to discuss and review the progress of their strategy. This kind of review not only helps the management and sales team understand whether the designed strategy is effective or not but also helps them identify any gaps in the strategy that needs to be addressed. Apart from reviewing the strategy, the sale numbers that have been achieved with the help of strategy, would provide insight into their current revenue in the market. This will help further them understand how far the company has succeeded in reaching their desired sales target and how much more needs to be done to reach the target within the set timelines.
To summarize, it requires consistent effort in terms of study, research and analysis from a highly focused team for companies to devise sales strategies. A company with highly professional and focused team supported by tools such as free CRM will help formulate a successful sale strategy that can definitely increase the sales revenue.
Apoorv Bhatnagar is a Digital marketer at Freshworks Inc. He generally writes about software that improve your marketing, sales or hiring process