| Success in sales requires solid knowledge of the | | | | - how can it contribute to our numeric goals? If |
| markets you are selling to, a good understanding | | | | you have done your homework and have |
| of how your products or services contribute to | | | | identified all your advantages, some thoughts |
| your customers success, your ability to express | | | | should come to mind. At this point, we want to |
| the value of what you sell to your customers | | | | link those thoughts to a series of tactics that are |
| (product/service knowledge) and of course good | | | | actionable -this will be our implementation plan. The |
| sales skills - the ability to listen, understand | | | | implementation plan must be actionable, that |
| prospect needs, build trust and present solutions. | | | | means we have identified a series of clear steps |
| One skill often overlooked in sales training and | | | | that will advance our sales strategy and that |
| sales literature is the skill of thinking strategically | | | | those steps or actions are under your control, |
| so you can develop a sales strategy along with | | | | which means you can unilaterally initiate those |
| identifying corresponding tactics to implement the | | | | actions and are not dependent on another to |
| strategy - in other words, an actionable plan to | | | | institute the actions. |
| achieve your sales goals over a defined period of | | | | An example of a tactic or action might be |
| time. | | | | attempting to gain an appointment with the VP of |
| Let's take a look at the fundamentals necessary | | | | Manufacturing at a key prospect company whose |
| to create and implement a sound sales strategy | | | | manufacturing plants align well with the distribution |
| and action plan. Let's begin by defining "strategy". | | | | network for your products as reflected in your |
| A strategy defines how you will gain competitive | | | | competitive advantage outline. |
| advantage in the markets you sell to. A well | | | | The actions you identify are also assigned to a |
| thought out strategy is derived from a thorough | | | | time line so that you can chart progress in |
| understanding of needs and trends in the markets | | | | achieving those steps over weeks or months and |
| you sell to, and how your competitors are | | | | correlate achievement back to your quantified |
| responding to those markets. Your strategy might | | | | sales goals over a corresponding time period |
| address competitive advantage based on your | | | | (quarter, half or full year). |
| knowledge of unmet needs in the market, new | | | | The best way to accomplish identification of |
| products you have developed, a cost advantage | | | | action steps is by thinking about individual |
| your company has gained through lower cost | | | | prospects -those companies that are either key |
| manufacturing, geographic proximity to your | | | | customers or prospects. Review the current |
| major markets, or a host of other capabilities. | | | | status of each target or key customer or |
| Competitive advantage may also lie with the | | | | prospect in the light of your competitive |
| people in your organization - superior customer | | | | advantages and the sales strategy you developed |
| service, better technical support after the sale or | | | | earlier. The action items should be customized to |
| a sales force with extensive industry and product | | | | each target prospect since not all of your |
| knowledge. | | | | competitive advantages will appeal to each |
| Often your competitive advantage consists of an | | | | prospect and every prospect and customer won't |
| integration of several of the above capabilities. | | | | have identical needs. Once you have your action |
| Once you have done your due diligence on | | | | items, assign realistic timelines for completion. You |
| verifying where your business advantages lie, you | | | | want to be realistic in your estimate of time |
| can begin development of your sales strategy. In | | | | required but also be aggressive in pushing yourself |
| addition to the organizational advantages listed | | | | to achievement. |
| above, your sales strategy should incorporate | | | | A tool that will be very helpful to you in planning |
| competitive advantages on a personal level - for | | | | your sales activities, monitoring progress and |
| example, long standing customer relationships, | | | | measuring achievement is the Plan of Work which |
| experience in a specific sales territory or well | | | | I define as a structured "to do" list carved out on |
| honed selling skills. A sound sales strategy should | | | | a weekly basis. The Plan of Work is a simple listing |
| always incorporate both organizational advantages | | | | of action items by account or prospect which you |
| and personal advantages. | | | | have estimated can be accomplished within the |
| Once you have captured all these competitive | | | | next week. The purpose is to give you a visible |
| advantages, begin thinking how they relate to | | | | outline of the priorities you want to tackle and |
| your daily sales activities and how they can be | | | | hopefully accomplish during the week. It provides |
| woven into individual sales calls. This will help you | | | | some structure to help you manage your selling |
| integrate these advantages into your daily selling | | | | time and establishes some hard goals for the |
| activities. The next step is to put these thoughts | | | | week. Don't worry that you have identified too |
| into a paragraph or two which is intended to | | | | many or too few actions to tackle. With time and |
| answer the question - why should a prospect buy | | | | experience you will get better at developing a |
| from me instead a competitor? The answer to | | | | reasonable estimate. Often too, the best plans |
| this question becomes the basis for your sales | | | | get disrupted by the unexpected problems that |
| strategy. | | | | everyone encounters. The objective here is to |
| Once you have answered that question, the next | | | | create that priority "to do" list that helps keep all |
| step is to review your sales goals over some | | | | of us on track as the week unfolds. |
| defined time period - the next quarter, six | | | | Finally, remember that we live in a dynamic |
| months or on an annual basis. Make sure your | | | | business environment - assumptions can be |
| sales goals are clear and defined on a numeric | | | | proven wrong, industries can seem to change |
| basis - such as annual sales revenue, average | | | | virtually overnight and the best information |
| gross margin on a percentage basis, number of | | | | becomes outdated with time. So review your |
| new accounts opened, etc. Now let's link these | | | | overall strategy, action plans and implementation |
| numeric sales goals back to our strategy via the | | | | achievements or failures at least on a monthly |
| competitive advantage statement we developed. | | | | basis and be prepared to make adjustments as |
| Looking at that competitive advantage statement | | | | needed. |