INTRODUCTION TO SALES STRATEGY :WHAT, WHY, & HOW?

For creating a foundation for organisational success, every organisation requires a strong sales strategy. A business’ success depends on how well its sales strategy delivers. A company may have an exceptional product and marketing strategy, but if it does not amalgamate well with the Sales strategy, success will be elusive. After all, selling the product or service is what generates revenue for the business. This leads us to address an important concern i.e., to create a highly effective and successful sales strategy.

Is having a robust sales strategy enough? Let’s discuss the WHAT, WHY, and HOW of sales strategy.

Why do you need a Sales Strategy?

Success comes when you know what to do and what not to do. If you continue to do what you always have, you will continue to get the same results until you change the approach.

A sales strategy is needed for an organisation to enhance their sales. It helps you understand the problem areas and guides you on the path to succeed by eliminating those hurdles. A right sales strategy can support the efforts and ease the journey to achieving the sales goals or targets.

How to create a sales strategy?

Here are a few steps that will help you make an effective sales strategy for your organisation:

1. Set SMART goals – Set Specific, Measurable, Achievable, Relevant, Time-bound goals.
2. Evaluate past sales – History always teaches you what worked and what didn’t. Utilise the prior experience to create new strategies.
3. Know your customer (KYC) – Understanding the customer goes a long way in creating a successful sales strategy.
4. Emphasise the Unique Selling Proposition – Creating a differentiation from the competition will help your organisation stand out from the crowd. Always have a compelling and unique selling proposition for your solution.
5. Clearly define your organisation’s selling approach – There are many ways to sell your solution in the market; however, an organisation’s selling approach has to be aligned with its brand persona and image in the market. Few methods are listed below: a) Consultative Approach b) Push / Pull Strategy c) Story Telling
6. Target Specific Markets – The key to selling is identifying which market space has the pain points your solution can help solve. You should always look for a market that you are familiar with; entering a new market space with no prior experience requires much groundwork and strategising.
7. Follow the Sales Cycle or sales funnelling approach – Mapping the customer journey helps maintain a strong relationship with the customer, which goes a long way to sustain the business for any organisation. Assisting the customer throughout the cycle makes the customer experience memorable, leading to a long-term fruitful business relationship.

Understanding the what, why, and how about sales strategy is only well begun. One needs to get their hands dirty and get some real experience to improve the close rate. There is no substitute for learning by doing, learn from every interaction, and try to understand what motivates your customer’s behaviour.

TTF Consultants helps companies outline steps to pitch and sell their products and services to the target customer group by assisting them in creating a comprehensive Sales Strategy.