Of all the factors on which the success of an organisation depends, how effective they are at making a sale definitely qualifies as a top contender. It is the one factor that not only determines the performance of companies, but also sets them apart in a fiercely competitive market.
Each company, big or small, is striving to get bigger and to evolve into an industry leader. With this goal in mind, all eyes in the organisation turn to just one department - sales. Neglecting the sales department can put any company in a serious competitive disadvantage, so it is crucial that businesses, especially SME’s, create and implement a killer sales strategy.
The Importance Of A Strong Sales Strategy
Irrespective of which industry a company operates in, whether it deals in information technology or finance, growth is impossible to achieve without implementing an effective sales strategy.
Developing an effective strategy requires sales leaders to understand the company’s goals and set for their teams a number of quantifiable and achievable objectives. It is only with a clear plan of action that a company can steer itself towards the growth that it projects for itself in board room presentations.
Following are certain essentials that every SME needs to create a killer sales strategy.
Focus On Your Market and Target Audience
The extent to which a business is aware of the industry it performs in, such as the dynamics of an ever-changing market like technology, decides the extent to which the sales strategy is successful.
The marketplace should be regularly evaluated and obstacles should be tackled from every possible angle. The various factors that drive sales and those that affect production should be taken into consideration when developing a sales strategy.
Some companies find it difficult to understand how marketing adds true value to its operations, especially when it comes to meeting short term goals. But working closely with a marketing team, as well as delivering a healthy pipeline of leads to your salesteam, can help get you acquainted with the many other crucial aspects of a business,such as the profile of those who are most likely to be your customers - these are often referred to as buyer persona’s.
You may not always be able to measure their efforts quantitatively, but marketing can give quality insights into the behaviour of your target audience, which in turn helps you to target your key demographic in a more successful manner.
The Right Budget And Plan
Careful budgeting and planning plays an instrumental role in making a sales strategy successful.
Most sales professionals want to jump in and start selling, but taking the time to come up with a more extensive plan may prove to be beneficial in driving your sales further in the long run.
It is also important to set realistic goals when it comes to sales targets. How much you can sell also heavily depends on how much value you can produce.
Employing aggressive marketing and sales techniques when you clearly do not have the resources to meet those demands will do your business more harm than good. Similarly, accessing finance to grow your business is an important step, but it is essential that all businesses have a set plan in place to cope with the demands in higher production if they manage to obtain the funding to reach their growth plans.
Therefore caution is advised when it comes to creating overly ambitious sales strategies that result in businesses biting off more than they can chew. It is always best to first put together detailed business plan that outlines growth goals, how to achieve them and how to effectively manage this growth if the right funding is obtained.
If as an owner you find investment to be the only obstacle preventing you from achieving the required growth, then Nucleus can provide commercial finance for your business to help it push forward with its growth plans.
The value of a company is not just determined by the sales figures achieved, but also by the economic value that the customer stands to gain by utilising the company’s product or service. This value is an essential part of every successful sales strategy.
Without a business being aware of its true value and unique selling point (USP), it may be difficult to get beyond the initial stages. The business world is more crowded than ever, meaning that businesses who cannot demonstrate why they are better than the competition struggle to thrive amongst other bigger, better brands. Sales teams must know how to convey the actual benefits of purchasing to potential customers – not just reciting a list of the product features.
Determining the strengths and weaknesses of competitors is one of the most important things any business can look into. This is often where many businesses, especially SME’s, fail, because they are not properly attuned to what else is on offer.
Having such an understanding can help businesses come up with strategies that can not only give them a distinct advantage over their competition, but it can also prevent the competition from establishing market dominance. In the world of business, success is measured by a company’s marketshare, so the bigger the slice of the pie a business has, the more likely it is that they are around to stay for the foreseeable future.
A business can classify competition according to how the customer perceives the competitor and also the competitor’s own strategy to drive sales. The strength or weakness of a competitor business can be estimated by their ability to provide for the key assets and skills required in their business. Analysis carried out to understand a competitor’s brand perception can reveal their vulnerable areas and provide other businesses with an opportunity to address the needs of its target demographic in order to accelerate its sales.
Contact us today to learn more about how you can effectively grow your business.
20 July, 2018