Specifically, to hit your 2016 number, corporate, product, marketing, and sales strategies must align. This starts with corporate strategy and moves across the value chain to sales strategy.
But when it comes time to create and connect strategies, where do you start?
Here are the three keys to success.When it comes time to create and connect strategies, there are three keys to success.
1. Strategy is about making choices:
To win, a company must choose to do some things and not others.
We conducted exhaustive research for 12 months to produce our 2016 report. During that time, we discovered something interesting.
For successful companies, a renewed emphasis on strategy over tactics has emerged.
Where many companies go wrong is in the strategy and tactics area. They mistake a collection of tactics for strategy. This creates a reactive (instead of proactive) environment.
Scattershot and one-off efforts will not help you succeed in 2016. Choosing which tactics to execute should be part of an overarching strategy.
The lesson: Review strategies regularly. Identify which tactics worked well and which ones didn’t. Then improve functional strategies with each round of reviews.
2. Strategy is about increasing the odds of success :
There is no such thing as a perfect strategy.
Collaboration across functional groups is critical to next year’s success. Each functional area should be prepared to bring products to market. They should all understand and support the go-to-market strategy.
And each area should be sharing information and adjusting their strategy as necessary.
Focus each functional strategy on efforts that have shown success. Remove activities that are wasting resources and/or just not working.
The lesson: Strategy should be reviewed and adjusted continuously.
3. Strategy is about combining rigor and creativity:
Strategy should be creative and scientific, as it involves generating and testing hypotheses grounded in factual data.
Effective strategy – and following that, strategic alignment – starts with research. Arguably, the most important research in revenue growth is market research.
Market research provides an understanding of the market, accounts, buyers and users. It is the first step in aligning your strategy with buyer needs. It also has the benefit of helping you address user problems with your products.
A successful strategy will be different from your competitors’ strategies. Creativity is important, here. Look for gaps and opportunities to differentiate your company.But ground this in data gathered from in-depth market research.
The lesson: Ground your strategy in thorough market research.
A Proven Methodology That Leads to Revenue Growth
These three keys are important to understand before creating your functional strategies. Now follow SBI’s 6-Step Sales Strategy Methodology to create and align those strategies successfully. We created this methodology based on comprehensive research and best practices of leading executives.
In the following weeks, we will dive deeper into this on the SBI Blog. If you would like to get more detail right now, download our full report. Click here to downloadHow to Make Your Number in 2016.