What is a Sales Strategy?
A Sales Strategy is a set of rules and guidelines that your business and your sales team agree to that are designed to maximise the amount of business you close win. Normally a Sales Strategy will consist of 2 main areas, New Business Sales and Account Management.
New Business Sales
New Business Sales is the life blood of most businesses and therefore is normally the most concentrated on area when deciding on you company’s sales strategy. If you think of your customer base as a funnel and you bring in 10 new clients, 8 may become supported long term customers and then 5 might start purchasing other solutions and services through Account Management. When you look at it like that it’s pretty easy to see that the more new business you get, the more turnover you will get from Account Management.
Your Sales Strategy deals with a lead once it has been created by your Marketing Strategy and is passed onto a sales person. Your sales lifecycle can be a very complex affair with multiple stages that require attention from other departments in the business, but essentially it will boil down to the following:
- Qualification of the lead – usually completed by junior sales
- Initial Meeting/Further Qualification – usually completed by senior sales
- Quote/Proposal – Completed by Senior Sales
- Negotiation – Completed by Senior Sales/Management
- Close Win/Close Lose
The idea of a Sales Strategy is to define these key milestones and plan how your staff will deal with each of them to maximise sales.
An area of a successful Sales Strategy that is often neglected or even completely ignored is Account Management . This can be viewed as “low hanging fruit” as you already have a relationship with these companies and a level of trust has been established. This makes these potentially the most cost effective sales you can make so they need to be given appropriate attention in your Sales Strategy.
You will likely need to take these sales through the same sales lifecycle that you use for new business, but you have intelligence and established relationships that you need to incorporate in the process. Your existing customers are going to expect to be treated in a different way, getting this wrong can turn your Sales Strategy into an Anti-Sales Strategy.
Collection of data is important when dealing with all customers and prospects, but with regards to Account Management it is vital. How do you ensure this intelligence is collected, recorded in the right place and then acted upon by the right staff at the right time? The answer is CRM.
Customer Relationship Management
Once you have decided how your Sales Strategy is going to work for both new business and account management, you need to make sure you manage it correctly. Whether you are a small company with 1 or 2 sales people or a large organisation with hundreds of sales staff, you need a CRM solution to help you manage your Sales Strategy, monitor and where required police its execution and provide your staff with the tools to complete their tasks efficiently. This is how you ensure that your close ratio is higher, sales cost you less to close and margin is maximised at all times. An example of these tools would be Opportunity and Quote management.
We provide a CRM solution called Gold-Vision CRM than has class leading functionality and several unique features that will help you to stand out from your competitors and get your Sales Strategy right every time. We would be happy to give you a tour of our CRM Software or feel free to use one of the links in this article to look at the rest of the site. Click to request a demo or use the next step option below.