Build a Successful Sales Funnel with this Proven Sales Strategy
We all have attended such kind of meetings when someone says, “we can sit around planning always, or we can just start doing something.” Right? It is 100% true that strategy without execution is a complete waste of time. However, execution without strategy is like firing randomly, hoping to hit the bull’s eye.
To increase sales, having a rock-solid sales plan is necessary. If your sales team does not have a clear sales plan and forge ahead without it, then it will lead you nowhere. In short, it is chaos.
Your sales strategy should deliver the following essential outcomes.
• Crystal-clear priorities everyone understands
• Precise results everybody can measure
• Perfect guidelines everyone can follow
• Clear objectives each person can work toward.
Without a strategy, you or your sales team will make a decision that is completely based on what is best at that moment because everyone is unaware of the big picture.
This blog focuses on how to create a successful business strategy.So, read it thoroughly as it will help you build a killer sales funnel in 2020.
1) Evaluate Where You Have Been in the Past and Where You are Currently
Before you begin plan for a successful future, it is significant to look toward the past. So, start with the assessment of the previous year of business and ask the following questions to yourself.
What did you do last year? To know in detail about your sales number, look at the key indicators such as:
• How much did your sales team sell?
• Who sold it, and to whom?
• How many clients will be your repeat customers?
• Which clients had given you the least and most profit?
• Which client had the shortest sales cycles or gave you the highest revenue?
• What additional support your sales teams need to achieve the desired increases?
By assessing and understanding where you have been, you can determine where you should go.
2) Craft a Clear Target Customer Profiles
Generally, most companies earn 80% revenue from 20% of clients. Therefore, to review your previous year’s customer profile is a smart move. It will help you to figure out which client spends the most money, buy more than one product, have the shortest sales cycle, and are the easiest to work with.
To build an accurate representation of your dream customers, you can find out what your top most customers do and make a list of those criteria. List down all the things and create a complete customer profile for your reps. It will provide you with guidelines for your sales reps. So; you can spend your time efficiently on prospects who are most likely to convert and deliver repeat business quickly.
3) It’s Time for a SWOT Analysis
SWOT analysis is an essential tool you should implement in your business. It is not an imaginary exercise, but it should be rooted in reality. The SWOT analysis will help you to figure out how well your company is positioned to grow existing accounts, find new accounts like the ones you are having presently, and land new ideal consumers. To find out all this information, pull your sales, marketing, and product teams together to do the SWOT.
With SWOT analysis, you will be able to identify your strengths to capitalize on opportunities. You can even identify weaknesses, threats, and internal and external obstacles that will hinder your ability to achieve those goals. Try hard to minimize these threats and weaknesses. Try to find out the reasons you are not able to sell more to existing clients. Understand well which products sell well and why. You will need this detailed information to design your successful business plan.
4) Create a Crystal-Clear Revenue Targets
It is one of the hardest parts of creating an effective sales strategy for many businesses. The reason behind it is simple. If you set the targets too low, it will not be challenging. If you set them too high, it will be impossible to meet them. By combining your revenue target with the market strategy you have created based on the evaluation of the past and present situation, you can create realistic goals for territories and individuals.
Think about how you can support your sales team to reach these goals. Get your sales, marketing, and product team together to work on a plan. If without any basis, you handle new quotas to your sales team, then it will leave your customers and all parties disappointed and frustrated.
5) Establish a SMART Marketing Goals
Now you know the bare bones of your marketing strategy. So, do not jump-start. Establish goals with a workable timeline, specificity, and actionable steps. Define goals that you can easily track and measure. When you define SMART Goals, you can work toward something and ensure your marketing strategy is accurate and on the right track at all times. It will also help you in figuring out whether or not your tactics are working.
6) Make Your Sales People Unstoppable With Sales Enablement Tools
If you want your salespeople to work efficiently, you can employ sales enablement tools. These CRM tools help sales teams to do their job more efficiently. The sales enablement tools can positively affect your business’s bottom line and help your sales reps close more deals. When you empower your sales and marketing team with the proper tools and resources, they can sell more effectively and efficiently.
Concisely, when you do careful planning, you will have a much clear vision of what you want to achieve, how you will accomplish it, and a road map to reach there. So, do not make yourself fool by thinking you can just blindly wing it. You will get remarkable results if you clearly define your goals and create a strategy you can follow to achieve them.