I Don’t Have a Sales Strategy
Big brand company formed over 200 years ago loses 97% of its value in the space of 3 years, going from a value of £900 million to £20 million.
What went wrong?
Find out in this article and read about the pitfalls they faced and how you can overcome them regardless of the size of your business.
I’ve focused on 3 key frustrations that they would have faced and didn’t take as seriously as I believe they should have.
For the purpose of this blog I’m going to refer to them as ‘ABC Company’, naming the company only at the end. See if you can figure out who I’m talking about.
“I’ve learnt that I don’t have a sales strategy.”
What is your approach to your business strategy?
Is sales included as an aside or is it the main skeleton of your business strategy?
Do you have a ‘wing it’ approach or is it stored in your mind?
Perhaps, you don’t have a sales business strategy at all?
If the latter applies to you please use this time now to make your own, and check out my free Sales in your Business Strategy model of my Accelerator course to understand more.
The drawbacks of making a business strategy are time, effort and applied thought but these are temporary and the benefits outweigh these.
I can’t reiterate enough how important sales is in your business strategy.
ABC Company had too many sales days so customers became familiar with them and held off buying the goods they wanted until the next sales day came around.
In this example, having sales in your business strategy will help you identify how best to organise any discounts or promotions so that you don’t become a victim of them.
“I’m not sure who my ideal client is.”
Going back to ABC Company they had lots of costs from rents, rates and leases but didn’t have any clear direction on who their audience was.
They initially attracted customers through staying on top of trends and refreshing its goods as needed.
However, as competitors grew it began to stagnate and lag behind when it came to what was hot.
Their goods became dated and sales became static.
Picking up on who is your customer is crucial to your business staying power.
I’ve had people tell me everyone is my customer.
Let’s break this down a little;
If you are a plastic food storage company with modern solutions for lunches on the go, you might decide that your ideal client is a young parent.
Aged between 25-40 who has young children up to the age of 8 who have packed lunches at school lunchtime.
This level of detail will really help you be clear on your approach to selling e.g. whether to attend exhibitions or not, if networking will help, or focus on Instagram and so much more.
Could you give a breakdown of the description of your ideal customer if you were put on the spot right now?
I’m struggling to change strategy
One of the factors along with spiralling costs that brought the demise of ABC Company is that it didn’t adapt to changing market forces.
We are all going through something that our generation has never lived through before so there isn’t a guidebook of how to react to these huge changes.
The competitors of ABC Company were moving to the digital world and opening online stores with the introduction of the first ever iPhone.
This revolutionised shopping for customers, providing functionality and ease.
Whilst ABC Company did join the world of online shopping giving customers the opportunity to buy from their website the sales just didn’t match their competitors sales.
You can avoid this cautionary tale by taking stock of your business and the situation we find ourselves in.
For example, if you’re a medical training company can you offer online courses for your most popular courses utilising video.
If you’re a decorator could you offer a virtual quote via a video call, granted the customer is happy to show you around their home.
So who was it that learnt that they didn’t have a sales strategy.
Don’t let a lack of sales in your business strategy be the reason you stop trading. You’ve probably guessed by now but the big brand company mentioned in this blog post is Debenhams.
They opened in 1778, and in 2006 they had 165 stores with plans to double this number.
Just 10 years later they went from a value of £900 million to £20million, and at the time of writing had slipped into administration for the second time in 12 months.
But I believe a clear sales strategy with a focus on customers, trends and new technologies with a control on how they pivoted through tough times could have helped them.
Whether the value of your business goes from £900 million to £20 million, or £9000 to £2000 the value is relevant to the size of your business and would have the same effect.
Please take note of how Debenhams we’re late to react and instead create a business plan with a sales strategy at the heart of it.
More The Sales Mindset Coach resources
If you want to know more about what you can do today to make a difference, to stabilise your sales, future proof your business and avoid unnecessary pivoting during the global pandemic join my free Facebook Group ‘The Sales Mindset Group’ and interact with other like minded individuals who are on exactly the same journey.
You can also read my latest book, Funnel Vision, and get a grasp on how to build a sales funnel and the importance of doing so.
More reading on Sales in Your Business Strategy