During due diligence your team identified opportunities to grow revenues and reduce costs through a sales transformation. Now your value creation plan must be updated to sync with the opportunity. Begin with your sales strategy methodology in the proper sequence. Following this framework, you need to revise your value creation plan to include the sales transformation. A best practice plan comprises the following four elements of sales force effectiveness:
- Plan: What is needed to realize the sales transformation? This phase covers the five-step sales strategy methodology shown below, including but not limited to planning, engagement, organization, execution, and support.
- Cost: What will it cost to complete the sales transformation? Factor in all costs, including third-party consultants, internal resources, training, and so forth. •
- Impact: What is the expected impact of the transformation? Account for growth from new segments and upsells/cross-sells to customers, plus the costs of disrupting customers. •
- Time: When are results expected to be achieved? Be realistic about the level of change required. It may call for completion of a full sales cycle, ramp time for new hires, and other considerations.
Once the value creation plan is drafted, you need to make sure you have people who can execute the plan. That also means handling ongoing support and maintenance after the transformation is complete. There is no substitute for top talent. Early success will build morale and momentum. In many ways, the transformation must be ongoing to ensure it has a lasting impact.
With your plan and your people in place, it’s time to measure. You can’t drive the business forward while looking in the rearview mirror. Keep key indicators on the radar. Behavioral indicators tell you what behaviors show the transformation is on track. Leading indicators determine what early results are predictive of success and can be measured. Lagging indicators track what business results or financial metrics need to be realized.
You now have a value creation plan that includes the sales transformation you identified during due diligence. With the plan, the people, and the measurements in place, you have all the necessary ingredients for a successful outcome.