Is the sales strategy you started the year with getting the results and sales goals you planned or not?
How is our performance compared to our competitors? Better or Worse?
- Have we generated enough leads?
- Gaining market share from eroding our competitors? Or the opposite?
- Acquiring new opportunities in new segments or larger deals with existing customers?
- Product innovation outpacing our competitors? Or at a competitive disadvantage?
- Revenue and profitability ahead or behind? What factors should/can we impact?
- Cost of lead? Cost of sale? Increasing, decreasing or flat?
Regardless of where you are in relationship to your plan, now is the perfect time to stop, evaluate, reflect, adjust and act. Emerging from our research is the classic framework that companies use to develop and deploy a sales strategy. They are the 3 “C”s: Costs, Competitors and Customers. Evaluating decisions against these will allow you to be laser focused on the things that can make an immediate (this fiscal year)impact, as well, the work you need to embark on for next year’s plan.
At this moment there are 2 lenses to look at your Sales Strategy through:
- Short Term decisions that can be made NOW that will impact the balance of this fiscal year’s performance.
- Long Term decisions that require strategic thought, planning, analysis, design, validation in order to be ready to include in next years’ sales strategy. Effort put forth here, will pay for years to come. It’s the foundation upon which World Class Sales organizations are built.
What you choices do you have today?
Allocate resources to opportunities furthest along in the pipeline. You’ve invested heavily already on these opportunities, and this is where an impact can made on this fiscal year. Use the analytics you have already gathered about these opportunities to craft a “win-win” strategy. Think creatively:
- Add value to your offering by adding a sales promotion: training, extra customer service, additional resources for implementation.
- Offer flexible terms on how your product and service gets paid for.
- Engage new or additional resources on these opportunities. Adding another set of eyes will allow new insights to be gained. Leverage these insights in your next customer meeting.
- Put a sales incentive in place on these late stage deals that will impact this fiscal year. Reward and Recognition are incredibly strong motivators.
- Leverage your CRM infrastructure- create and post daily/weekly scoreboard as you win these late stage deals for the entire organization to see.
- Encourage the entire organization to get involved closing these sales that impact this fiscal year.
- Reallocate “lower” priorities activities off your sales leader’s plate and allocate to more rep time in the field. Inspect what you expect.
- Get support from Marketing to help re-engage late stage “no-decision” opportunities with a compelling reason to re-engage and choose your product now.
- Remove any process pediments that elongate the buying process, make it easy to conduct business both internally and externally.
- Infuse new talent, move talent around, and introduce specialized skills to a customer.
Time is of the essence- create urgency against the clock. You don’t have months or days, you have minutes! Sales Strategies are not static, they evolve, get massaged, are adjusted to react to the never ending changing environment we live in.
Good Luck and Good Selling!