Sales strategy defines how you will hit the growth objective by aligning resources to the top market opportunities and building a predictive system to consistently achieve your goals.
A successful sales strategy provides an operating plan for a company’s sales teams, to ensure execution of the revenue growth strategy. Leverage the plan to allocate resources in the most effective and/or efficient manner, so that teams can grow revenue from new and existing customers. The sales strategy optimizes the sales function to achieve revenue growth objectives consistently.
Sales Coverage & Organizational Structure
Prioritizing which portions of the market will be covered, and the type of resource(s) applied to each segment helps companies optimize customer acquisition cost and customer lifetime value.
- What It Is – Cover the market potential with the right direct and indirect sales channels.
- Why It’s Important – Design a coverage plan to capture the targeted segments, serves the needs of prospects and customers at the right cost.
- How to Use It – Use the best channel to acquire and penetrate targeted accounts to maximize lifetime value and minimize customer acquisition cost.
Buyer-Driven Sales Process
Deploy a consistent process to identify and win more opportunities, at larger deal sizes, and advance them through the buyer’s journey more effectively.
- What It Is – A consistent sales process allows sales reps to turn opportunities into revenue. Having an opportunity management process also allows for best practices sharing and effective coaching. Sellers who consistently follow a process achieve results 20-25% higher than their peers.
- Why It’s Important – Having a buyer-driven sales process allows for best practices sharing and effective coaching. Sellers who consistently follow a process achieve results 20-25% higher than their peers.
- How to Use It – A disciplined buyer-driven sales process is implemented throughout the sales organization, and reinforced via coaching, reinforcement, and embedded in technology.
Selling virtually is more important than ever in a crowded market. Buyer preferences for virtual interactions have accelerated as the world has become more virtual. Market leaders leverage the ability to sell virtually to increase efficiency and effectiveness.
- What It Is –Many companies have dedicated virtual sales teams, but even sellers who have operated face to face for most of their career need the capability to sell in a virtual manner. These teams are digitally enabled to better serve clients virtually. These teams deploy tools that allow them to collaborate with prospects and customers more effectively.
- Why It’s Important – In the current environment being able to pivot from face to face, to virtual selling quickly is vital in order to maintain access to buyers, generate and advance pipeline, and ultimately close business. Customers are expecting to complete more of their journey digitally than ever before. This includes digital content to learn about solutions, configure the solutions, and in some cases, transact digitally.
- How to Use It – Determining the most effective manner to allocate the Virtual Sales team, and to quickly scale the capability of legacy teams as market conditions demand.
Channel Partner Optimization
In rapidly changing markets, the ability to sell with and through partners is increasingly important, as they can provide access to market segments that may not otherwise be addressed.
- What It Is – Select the right partners, gain their mindshare, and drive more profitable revenue through key partnerships as an extension of your sales team.
- Why It’s Important – A partner strategy ensures a company has the right mindshare with the right partners working for their company.
- How to Use It – Partner Optimization enables companies to cover more of the market in a cost-effective way. Recruiting and enablement of the right partners requires improved mindshare.
Strategic Account Management
Companies must proactively maintain share of wallet in their largest accounts. To do this, they invest additional resources to best serve the different buying centers in these accounts.
- What It Is – Proactive management of the customer relationship to maximize retention, create and execute on cross-sell and up-sell opportunities increases enterprise value.
- Why It’s Important – Allocating resources to the highest potential opportunities increases Customer Lifetime Value, and results in lower customer acquisition costs.
- How to Use It – Ensure the most important accounts are covered by the most effective team. Identify cross-sell and up-sell opportunities that are pursued by the most effective resources.
Territory, Quota, & Compensation
The right territory and quota allocation and effective compensation plans are important tools to reinforce the revenue growth strategy. A well designed strategy can fail if the territories, quotas, and compensations create conflict with the strategy.
- What It Is – Balance customer requirements, company revenue expectations and sales rep workload to grow revenues. Sales compensation plans that enable the company to achieve its revenue targets and maximize incentive compensation to reps that deliver results, without breaking the bank.
- Why It’s Important – Everybody on the team can hit quota, Best-in-class compensation plans align sales performance to corporate strategic objectives.
- How to Use It – Align A-Player talent to your best territories. Provide a data-driven approach to proactively pursue accounts in your markets. Effective quota and compensation plans help attract and retain A-players and drive the desired selling behavior and performance, positioning the company for greater success.
Too many companies waste time arguing about the fact base. Market leaders align their Marketing, Sales, and Customer Success Operations teams into one function that operates on a reliable fact base and can provide actionable intelligence.
- What It Is – Improve the efficiency of the commercial team and provide insightful data
- Why It’s Important – Aligning the commercial team with unified fact base, and enabling front line managers to run their territories more effectively
- How to Use It – Use the outputs of Revenue Operations to allow Management at all levels to make more informed allocation decisions
With the proliferation of different commercial roles, the Sales Enablement function has been forced to expand to serve the various audiences that touch the customer. This includes Lead Development Reps, Virtual and Field salespeople, the Customer Success team, and the Support function.
- What It Is – Drive revenue-per-head up and time-to-productivity down for all key areas of the commercial engine.
- Why It’s Important – Provide the right content at the right time to the field. Improve productivity per head by providing the tools that make the Commercial team more effective. Design learning programs that are sustainable and scalable to keep up with the ever-changing market.
- How to Use It – An effective Revenue Enablement function works across the commercial organization to deliver a great Customer Experience, which results in revenue growth.