| "You've Got the Order." The words we love to | | | | 4. Now Build Your Sales Territory Management |
| hear. They're Priceless!! | | | | Action Plans |
| Everyone wants more sales. So here's how. | | | | Your first mandated action is to keep the existing |
| Manage your sales territory better. Bring in more | | | | business. This is where my book - TAKE ME TO |
| prospects. Improve closing ratios, or do both. | | | | YOUR LEADER$ will help. It shows the actions |
| Now increasing closing ratios is by far the easiest | | | | needed to develop the relationships and leverage |
| if you; | | | | to retain and grow existing volume, as well as, |
| 1. Go after the right prospects and opportunities, | | | | get their other opportunities you don't have. |
| and | | | | 5. Now look at all the other accounts you don't |
| 2. Go after the right prospects and opportunities. | | | | have in the rest of the region. It's overwhelming |
| Probability and Process | | | | I'll bet. So start prioritizing based on the statistics |
| Any successful person learns process and | | | | above. Note how much business is available from |
| probability - business person, athlete, gambler, | | | | existing customers, either the competitors' share, |
| sales person, etc. | | | | or services they do themselves that you could |
| Process -- What's the strategy; what's the game | | | | sell. Then look at the rest. This visual with be very |
| plan; what's the method/system/...? | | | | revealing and motivate you to prospect. |
| Probability - Based on conditions presented, what | | | | Knowing the inventory of sales opportunities will |
| action has the best probability of success? | | | | give you a handle on growth. You can now build |
| Let's apply this to closing ratios or going after the | | | | action plans for keeping existing business and |
| right prospects and opportunities. | | | | capturing other potential opportunities. Cover |
| Here are the probabilities for making sales:o | | | | every opportunity in every marketing/selling |
| Existing Customers - Existing Products/Services - | | | | phase. The farther down toward the sale the |
| 67%o Existing Customers - New Products and | | | | more energy/time you should allocate. |
| Services - 50%, (80% if they helped develop it | | | | For example with a new customer you may want |
| with you)o Old or Lost Customers - 40% Existing | | | | to do a low cost mailing campaign - minimal |
| Products/Serviceso Old or Lost Customers - 25% | | | | energy. For a competitor's customer, you may |
| New Products/Serviceso New Customers - | | | | want to do some phone research to find the right |
| Existing Products/Services - 25%o New | | | | people and then contact them (phone or in |
| Customers - New Products/Services - 5% | | | | person) to learn their likes and dislikes of the |
| This tells you how to manage your sales territory. | | | | competitors. For existing customers you should be |
| That is, spend more time prospecting with | | | | spreading through that organization like a virus, |
| existing customers. To be more exact, spend | | | | meeting all the people impacted by your products |
| 50% of selling time with existing customers, 30% | | | | services, especially all the senior managers to |
| with old or lost customers and 20% with new or | | | | learn likes/dislikes, issues, opportunities - high |
| competitors' customers. Readjust your time | | | | energy. |
| allocations to the above and watch your closing | | | | 6. Now assign an action to every opportunity, |
| rates go up. That was easy - wasn't it. | | | | even the 5 %'ers, and a date of completion. Use |
| Now let's talk process for selecting prospects and | | | | another excel spread sheet with a column for |
| opportunities | | | | Opportunity, Action and Completion Date, and |
| Sales Territory Management Starts with Building | | | | Who's Responsible. This is your accountability or |
| Your Opportunity Matrix | | | | tracking document. Without this, opportunities will |
| 1. Using an Excel chart, list who buys, and what, | | | | be overlooked and ripe for competitors. Make |
| and who doesn't buy. Enter all existing clients (and | | | | different people responsible for different types of |
| their divisions and locations) down the left column. | | | | actions. |
| Across the top row, list all the products and | | | | For example, Marketing does the mailing for the |
| services you sell. Include new or potential | | | | specified list of low potentials. The sales person |
| products as well. Use categories if there are | | | | calls the competitors' clients. Customer Service |
| many products. Check off with a "+" the | | | | Engineering/Technical Support practice effective |
| products/services existing customers buy and | | | | listening and get the sale person introduced to the |
| note your percentage if they also buy the same | | | | clients senior managers. The sales person should |
| from competitors. Leave blank (for now) all the | | | | be the lead and coordinator to make sure each |
| services and products they don't buy from you, | | | | action by others is accomplished. |
| but could. Indicate with an N/A's those boxes that | | | | Managing the Sales Territory Management |
| don't apply or fit at all. Don't use dollars or | | | | Process |
| quantities. You just want a simple visual. | | | | Sale management should review the Opportunity |
| 2. Now list all the old customers. Here the rows | | | | Matrix and Funnel of Actions for each sales |
| will be empty. Make a note of what they use to | | | | person to be sure all potential opportunities are |
| buy from you with XX's. Then list competitors' | | | | covered and people are assigned for the |
| customers. Note what they buy from the | | | | scheduled actions. Managers should also review |
| competitor with YY's, and things they don't buy | | | | time allocations to be sure sales people are |
| from anyone, but could, or do it themselves. | | | | spending time on each category of opportunity in |
| Finally list those that do everything themselves or | | | | the right proportion. |
| you're not aware who/if they buy from. | | | | I often hear, "We do this at the beginning of each |
| This is your Sales Territory Management | | | | year." or "We have to report this every month." |
| Opportunity Matrix - a visual of all the sales you | | | | My question is, "Do you forecast every month? |
| could theoretically be making. | | | | Do you track the actions you'll do to insure the |
| 3. Now identify each opportunity by chance of | | | | forecast will happen?" Usually it's the former. The |
| them needing it - Way Out There (M1) to Out | | | | focus of management has to be how well the |
| There (M2) to Likely Candidate (M3) to They | | | | opportunities are being attended - not forecasted. |
| Showed Interest (M4) - these are the marketing | | | | Besides, low and moderate potentials should never |
| phases. Once a prospect gives you a good verbal | | | | be forecasted. |
| indication there will be a purchase, prioritize into | | | | The Opportunity Matrix and The Funnel of Actions |
| the selling phases - Qualify (Q), Proposal (P), Close | | | | for each sales individual or territory will produce |
| (C). Fill in the Opportunity Matrix with the | | | | (1) a reality check of whether the sales will be |
| appropriate abbreviation. | | | | made as forecasted; (2) an appreciation of selling |
| Create this Matrix with your Customer Service | | | | skills / deficiencies for each sales person; and (3) |
| Engineering/Tech Support/Operations people. | | | | a vision about the future - where will next year's |
| These people usually know more or have easier | | | | business come from. The manager can then begin |
| access to the client's people than the sales person. | | | | directing, coaching and/or correcting before |
| They can be a wealth of information about what | | | | expected sales are lost or not met. |
| going on inside your clients' organizations. Later | | | | This is probability and process. This is how to |
| they can be a great network for introductions to | | | | select the right prospects and opportunities. This is |
| high level people. Managers should thoroughly | | | | what will dramatically increase closing ratios and |
| review this at least twice a year, but sales people | | | | this is what will increase sales. |
| should update it monthly. | | | | And now I invite you to learn more. |