Foundations of a Winning Sales Strategy
As an up-and-coming business owner, you may not have created a formal sales strategy in the past. However, having a winning sales strategy in place becomes crucial for the continued growth and success of your business. This plan can help measure your success and provide your team with the best practices to close more deals with confidence. The better prepared you and your team are, the better they’ll be able to serve your customers. Plus, businesses that implement a data-driven sales strategy are 6% more profitable than their competitors who don’t. Here are some items to keep in mind when you’re developing your sales strategy:
- Come Up with a List of Realistic Goals and Objectives for Your Company
- Create a Way to Track Your Goals in Real Time
- Create a Sales Strategy to Address Varying Needs of Your Customers
- Run a SWOT Analysis for Your Business
- Plan and Prepare for the Unexpected
- Maintain Regular Communications with Your Team
Come Up with a List of Realistic Goals and Objectives for Your Company
This list will create the blueprint for most of the decisions you make during the strategizing process. One HR Professional estimates that 80% of issues within an office setting are a result of not having parameters or expectations for employees. This makes having clear goals vital for the growth of your business. Any and all goals you set for your business should be SMART: specific, measurable, attainable, relevant, and time-based. A SMART goal, for example, could be: Based on last year’s performance and the outlook for this year, we expect to increase sales by at least 10% by the end of Q4.
Create a Way to Track Your Goals in Real Time
In a survey of 250 companies, when goals were actively tracked, 92% of companies accomplished all or some of their goals compared to 64% who did not. Identify what steps will need to be taken to reach your goals, create checkpoints and milestones, and determine what the best way will be to track these goals.You can do this through project management software, excel tracking, and more.
Create a Sales Strategy to Address Varying Needs of Your Customers
The more you know about your customer and what they may need, the better prepared you are for your sales pitch and to answer any questions that may come up during the process. No two homeowners’ needs are the same, so the wider the net you’re able to cast, the more business you’ll be able to reel in. One thing we recommend is to offer payment options to all of your customers. Mary Lawrence from Badger Basement Systems said, “Partnering with EnerBank has allowed our company to sell larger, more expensive projects across our market, and to reach people we never would have been able to reach without it.”
Run a SWOT Analysis for Your Business
This is when you take a look at your strengths, weaknesses, opportunities, and threats. Analyzing these factors can allow you to build on your strengths, overcome your weaknesses, seek out new opportunities, and be prepared for potential threats. In general, strengths and weaknesses focus on internal factors while opportunities and threats are external factors. Capitalize on your strengths and don’t waste time and resources trying to be something you’re not. Think about what makes you unique in your field and what makes you the best and make that a central part of your sales strategy. Remember that it’s always better to be a master of one than a jack of all trades, especially when you’re trying to position yourself as a leader and trusted expert in your industry.
Plan and Prepare for the Unexpected
It’s important to have contingency plans in place, just in case, when it comes to your strategy so you can adjust as needed and still achieve what you need to. For example, because of COVID-19, many contractors found themselves in situations where jobs were being delayed because of a shortage of materials or labor. This means they may have had to lower previously set goals to accommodate the reality of the market and economy. Using the results of your SWOT analysis here may also be helpful as you have already identified potential threats or roadblocks to the growth of your business.
Maintain Regular Communications with Your Team
No matter the size of your company, every employee should be aware of your sales strategy. This will ensure everyone is on the same page and will be able to assist other employees and customers who have questions about and during the process. Find the most effective way to share this information across your company and keep it updated to reflect current practices.
It always helps to have someone on your team that can help make your business better. Here at Regions | EnerBank USA, we provide you with a dedicated relationship manager who is familiar with your industry to assist with your financing needs. They can help you create a customized loan program to best fit the needs of both your business and your customers. This means you can focus on the work at hand while we take care of the finances. To learn more, fill out the form or visit our website.