If you don’t know where your future income is coming from how can you know if your business has a future?
There are many elements of a sale. Some considerations are:
- Who are they, what do they look like?
- What are their painpoints and needs?
- Where are they?
- How do they like to be communicated with?
Your products and services
- What is your unique selling proposition?
- Features and benefits to address their painpoints.
- Pricing and commercial strategy.
- How will you measure probability and conversion rates of your pipeline?
- How are you generating sales leads?
- How do the timings of sales wins affect operations and onboarding of new clients?
Your performance measurement
- What are your sales forecasts?
- Structured pipeline progress reviews.
- Managing sales team performance.
Overall it should align to your business plan and marketing plan.
Let’s bring this to life… A business makes cakes and feels that their business is purely business to consumer. However how about selling the cakes to local retailers, coffee shops etc too? Perhaps even selling your cakes as a local artisan range to a national contract caterer to stock in their catering contracts locally? Each customer type will have their own lead generation approach, unique requirements and pricing strategies.
As you identify each customer target market then you need to:
- Understand their needs and what products and services they want
- What are their buying behaviours – when, where and why?
- What is important to them – price, quality, after sales service, etc?
- Prioritise the groups in terms of probability, profitability, delivery of vision, etc
- How will you target / communicate with each group? For some social media may work, for others it may be cold calling.
- Then set up reporting and monitor sales efforts and results.
In the case of the above example, there are a minimum of 4 sales channels to consider. Each customer type will have different requirements in terms of specification, packaging, pricing, delivery, after sales support, volume, etc. So there are 4 sales strategies to create if the business decides as part of the overall business planning that all 4 are viable and to be targeted for growth.
As you can see, even what may seem like a simple business, there are so many possibilities and complexities to consider to help deliver business growth. In addition, having more than one sales channel / customer group, will help to alleviate seasonal fluctuations, a reliance on type of customer, and improved margins if managed correctly.
If you would like support on creating your Sales Strategy or review your current Sales Strategy and refine it then do get in touch with me, using the Contact Me page.