Wednesday, 31 January 2018

Things to know about Sales Strategies for Business

                       


           The strategy is a method or plans to achieve the desired outcome. An effective and proven strategy is vital to the growth and success of any business.  An effective sales strategy can make or break a company's sales targets. The sales strategy impact revenue growth of the company. To get better results, you need to rethink your system. An effective sales strategy is rooted in understanding the buyer and must be developed at the highest levels of the organization with the support from everyone involved in the execution of it.
 
Create and Track sales strategy that works for Business: Sales strategy describes the target market and tactics to implement the strategy. In order to succeed in Business, you need to create detail and effective sales strategy. Determine the target market and identify the prospective customers. To market and sell to the target customer the sales reps need to understand why customers need to buy the product and services from your company. So, create an effective sales messages and highlight the advantages of products and services that you sell compared to the competition. Build strong compelling benefits of using services and products.

           If you ever made the switch from B2C or eCommerce website to B2B, there's world of differences. B2B offerings are much expensive and marketing need to be addressed in a strategic manner. You must reach your customer at every stage of the funnel and educate them in all stages along the way. Content marketing KPI's at every stage of the funnel helps you to measure the ability of the organization to achieve the business goals. Keep track of owned audiences, website visitors, checkout, conversion rate and repeat purchases for your business. Consider the following KPI's and supporting metrics to gauge the performance throughout the marketing funnel,
             1. Build Brand :
                   Primary KPI: website visitors
                   Supporting Metrics:  Inbound Links, Referral visits, Brand Mentions, owned reach( subscribers, social followers, contact databases), New visitors, Returning visitors
             2. Generate Leads:
                   Primary KPI: Total Leads
                   Supporting Metrics; Gated downloads, lead source(advertising, direct emails, calls, social, offline), cost per lead, lead quality score, lead-to-prospect ratio, prospects or sales qualified leads
            3. Convert Leads to Sales:
                   Primary KPI: Customers
                   Supporting Metrics: Conversion Rate( visitor to the customer, lead to customer, prospect to customer), Cost of customer acquisition, New customers, Revenue Won. Revenue source wins
           4. Increase Customer Loyalty:
                  Primary KPI: Recurring Revenue
                  Supporting Metrics: Active customer, churn rate, Customer Lifetime Value, customer referrals and reviews, Net Promote score(NPS), Engagement(social, web, email), Retention rate, revenue(lost, won, customer, per division, per product)

      The relationship between buyer and seller is paramount of importance. The buyer needs to understand the business and requirements. How much and what things do they need?  So, when salesperson or business owner asked as a buyer, he knew, that enabled him to get prepared. To create an effective sales strategy and to execute it, sales team needs to answer the following questions,
1. The picture of long-term vision that brings customers: To truly grow the business and make the right sales, your sales rep need to understand the company vision. Make sure to explain where the company is going and where the market is going on the regular basis. Provide your sales team with insights regarding how the company captures a new market or leverage technology changes. If you make changes to product availability or services, explain to him why those changes were necessary.
2. Ideal Customer criteria can use to Prospecting: If a sales team stuck with leads and no way to prioritize them. it's likely that they are missing the opportunity to sell the right person. To help them prioritize leads, provide the ideal customer criteria they can use to measure the potential client.
3. The top companies we want to reach and sell successfully:  Once you have defined your ideal customer, you can use the criteria to make a list of the companies you want to target. It could be 10 or 1000 companies. Explain to your reps why these are the top target companies that help your team understand the long term vision.
4. Company Position in the Market: In order to sell effectively your company and products, sales reps need to be able to communicate your position in the market. So, look at the strength of the market, brand awareness, competition, technology landscape or economics to clarify your positioning.
5. Appropriate Value Proposition for each Buyer Persona: Value proposition of the company starts with the answer to the questions,
 a. What problem your client having that you can help to solve your solution &
 b. What is the unique way to solve this problem?
Sellers need to explain to the customer what your company offers.
6. The kind of sales support depends on from every department in the company: Every member of the company needs to understand the sales team goals and how they are expected to achieve these goals. To get it right, make sales a fully integrated part of your company.

If your sales team only receives a revenue goal, they will never able to understand how to reach the goal in a way that grows your company.  As a business owner, you need to create a kick-ass sales strategy and clearly communicate to your team.

Here are some best practices to bring your selling strategy,

1. Understand Your Buyer: 
a. The individuals inside the organization are responsible for purchasing decisions and the critical business drivers.
b.The personal cost to the buyer of the problem they are trying to solve.
c. What are the biggest perceived obstacles to the buyer's decision etc.,

2. Use Email and Messaging for Prospecting: Emails are a great way to touch base with prospective clients. Write the interesting and digestible piece of information. It is rare that people pick the phone and make the call for the projects. They use Facebook, LinkedIn, and other social media channels. Use that network effectively for the source of connection.

3. Talk about the Company:  To be successful, adopt a caring, nurturing and friendly attitude. Remember to address the buyer's pain, passion, our product, process and unique differentiation. It's how we start the correspondence and end our sales pitch.

4. Arrange an event: Shaking hands and buying prospects drinks become ways to build rapport and trust. You don't need to cancel the networking event, but you will get more out of the event if you create unconventional ideas and give away the valuable industry knowledge.

5. Make friendly Calls: Calling new prospects with new ideas is called "Warm-Calling" and create passionate about what is right and what is wrong. Be upfront about what you're calling. Be honest about what you want. Answer the questions and listen to the objections. If someone tells "no", don't hurt the feelings. Thank them and move on to the next sale.

6. Check your Sales Process: You need to review your sales process and build new skills regularly and optimize it. Try to get the key information of sales process. Don't reach out your prospect unless you are delivering the additional value.

7. Send a Gift:  Before people are working with you, they have to know you are serious about doing business with them. It's a gift that shows you're invested in partnership and willing to go the extra mile. It could be accompanying workbook, pocket journal or wristband. This will stand out from other salespeople and form a genuine relationship.

8. Translate strategy into process into workflows: Once an effective strategy has been established, you must translate into sales process in order to be executed. In order to consistently execute on strategy, the process must be built into salespeople daily workflows. Technology helps the groundwork needed to make it effective.

      Sales enablement is the multi-billion dollar industry. It requires the planned investment and strategy to achieve the goals. So, lay the groundwork that makes your investment pay-off.