Business readiness

Sales Strategy

What is a Sales Strategy?

A sales strategy document outlines your company’s sales objectives and targets with the steps and processes to achieve them.

It covers:

  • Objectives: Short and long-term sales goals and targets of your company for a predefined period
  • Timelines: Milestones and sales process lifecycle to be followed by your company to achieve your sales objectives
  • Strategies and Tactics: Strategies and steps formulated by your company to achieve your sales objectives
  • Sales Team: Structure and size of your sales team, their roles and responsibilities, training, sales quotas, compensation structure and performance incentives
  • Channels: Key sales channels and partners used by your company
  • Customer and Market Focus: Target customers and markets of your company
  • Budget: Expected expenses that your company will incur to achieve your sales goals and objectives
  • Performance Assessment: Methods and KPIs used to track and evaluate the performance of your sales strategy

Why is a Sales Strategy important for business today?

A sales strategy document enables your company to:

  • Define and communicate the short and long- term sales objectives and timelines within your company
  • Implement a sales strategy that is most suited to your target market and train your sales teams accordingly
  • Plan the allocation of budget to achieve your sales objectives
  • Map out your sales lifecycle and understand customer acquisition and retention strategies
  • Develop a baseline estimate of resources required to sell your business offerings

Why is a Sales Strategy important for an event tomorrow?

A sales strategy document is important for an event tomorrow, as it helps:

  • Understand the sales process of your company from lead generation to conversion and retention
  • Assess the roles and responsibilities of your sales team, their performance and efficiency in meeting targets
  • Identify key target markets and your company’s customer base
  • Assess historical sales targets, strategies adopted and the timelines to achieve them
  • Understand the reasons behind any volatility in sales performance
  • Analyze the financial and operational risks in your company’s sales strategy
  • Benchmark the sales goals and targets of your company against those of competitors

Pros of addressing a Sales Strategy

  • Facilitate the acquisition of new customers and retention of existing customers
  • Position your business offerings to different customer segments effectively
  • Monitor and track expenses related to sales strategy implementation
  • Realign your sales strategy by periodically tracking sales goals and preparing for any volatilities
  • Helps plan the structure and size of the sales team and assign them targets as per their capabilities and potential
  • Improve decision-making by outlining your company’s sales goals, strategies and timelines

Cons of not addressing this topic

  • Increase in risk of customer loss due to lack of clarity on retention strategies
  • Difficult to track marketing and sales performance as performance metrics are not defined
  • Restricted ability to identify and analyze your target market and customer base
  • Potential duplication in the sales team efforts with lack of clarity on strategy and relevant coordination required to achieve goals.

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