Building and sustaining your sales strategy at time of adversity.
Over the past few weeks I’ve taken you on a journey, explaining about the benefit of having sales within your business strategy, what this can do for you and what it’s done for others who’ve started in the same position, such as Phil Knight of Nike. I’ve also explained what happens when it all goes horribly wrong, as in the case of the UK retail giant Debenhams.
So to end the chapter ‘how to build and sustain a sales strategy’ I’m going to highlight 4 things that you should be considering or implementing when creating your own sales plan.
Have a consistent strategy
When starting out and creating your first sales or business strategy don’t expect an all star and stellar version that’s going to have a clear multi million pound vision, it will and should be a working document. But by starting you’ll have a good strategy to propel you forwards. As mentioned in last week’s blog ‘I have an idea’ having the building blocks of a strategy will allow you to come back, adapt and improve. Don’t let it sit collecting dust in a file, don’t let it become outdated, adapt as your knowledge and the understanding of your products and your customers deepens. Making changes that are relevant based on what you know will improve your sales and business strategy.
Don’t make random changes or changes just for the sake of it as this will confuse you and your prospects. Your communication with your prospects needs to follow your business and sales strategy, it needs to make sense.
Let your strategy be your guide
Use your sales and business strategy to invest your time, effort and finances wisely. Let’s say you have a £10,000 grant from the government, maybe it’s the Coronavirus business rate relief grant, instead of buying things that you think you might need, look at your strategy to see where this grant should be used to most help your business move forward. In another scenario it might seem enticing to spend money and time upscaling to a new office, but think and analyse your business plan. Is your current sales volume really too big for the location you are at or perhaps, the grant would be better spent on innovating your product and adapting to future needs. The question to ask yourself is “What does your sales and business strategy suggest you need to do next?” Don’t be like the magpie chasing shiny objects.
Review and adapt your strategy
Creating your sales and business strategy will help you to focus on where you want to be by the end of this quarter, the next 6 months, and in 12 months’ time. Your sales strategy could quickly become irrelevant or outdated because of changes to the economic environment, competitors, innovation, etc. As a business owner you can test if your strategy is fit for purpose by reviewing it against what you know about your product, your market and your customers. What has your feedback been? How many sales have you made this quarter? What is your churn rate? Close rate? You can get ahead of problems in the marketplace by constantly going back to your sales and business strategy and asking “Am I succeeding?”
Move forward with the market
Know your marketplace, the changes affecting it, the overall economic climate as well as customer needs and demands. Look at your sales and business strategy and change it as needed. This might include changes to the route to market in the short, medium or long term. You can have the confidence to make these changes knowing that you can use your sales and business strategy to measure the impact of these changes, and if it’s not working for your or your customer you can change things. The real success in having a sales and business strategy is being able to use it to move forward, make changes and continue succeeding.
Additional Sales Mindset Coach Resources
As mentioned at the start, we’re now coming to the end of ‘How to build and sustain a sales strategy’ so if you’ve not yet had a chance, take a moment to grab some of my content, starting by joining me in Facebook group ‘The Sales Mindset Group’.
You can also grab a copy of my latest book “Funnel Vision, Selling Made Easy” from Amazon.
It’s available either as a digital download or in paperback, and benefit from my vast experience in sales from working at Shell to setting up and running “The Sales Mindset Coach”.
And new on the Sales Mindset Coach YouTube Channel is a FREE short six part course that explains all about Sales Funnels and SPANCOP.
And a little more reading taking inspiration from the big brands on Business Planning and Strategy