The sales strategy of a company is an essential factor in its growth and companies must have an exceptional sales strategy. Before mentioning the ways to sharpen or to improve the sales strategy, first of all, it is essential to know the meaning of sales strategy.
Meaning of Sales Strategy:
Sales strategy can be referred to as a plan of action designed by a company to increase its sales and revenue, which in turn will help in increasing the profitability of the company. A sales strategy includes various things like a sales target, ways to achieve the desired target, target market, etc. The more accurate the sales strategy of a company, the higher the revenue of a company. While designing a sales strategy for a company, it must be kept in mind that this strategy has a direct impact on the performance of the company. So, the company should keep in mind its ultimate aim at the time of making strategy. It is essential to revise sales strategy from time to time.
How to sharpen sales strategy?
The ways to sharpen or improve the sales are mentioned below:
- Keep in mind the attitude of the team: Attitude of the members of the sales team is an essential factor for achieving excellent sales performance. It should be analysed how they look at things. Many times it happens that they have to hear “no” from the prospective customer and they get rejections. But, how they take that “no” or rejection is important. Are they making all the necessary efforts to convert “no” into “yes”? Are they analyzing where the problem lies and taking the appropriate solution to overcome the problem? There are various features that a sales representative should have like patience, positivity, goal-oriented, capacity.
- Follow the customer-centric approach: Do not just design product/service and then try selling it by creating its need in the mind of the customers. In other words, do not follow push sale strategy. A company should first find out what the customer wants and then make product/services accordingly. This will attract the customer and make them feel that they are essential for the company.
- Align the sales strategy as per the vision and mission of the company. The sales strategy of the company should be in alignment with the goals of the company as a whole. Vision and mission statement of the company should be kept in a while formulating sales strategy. This will help in making a realistic strategy as it will take into consideration the goals of the company. Sales strategy should not be stated in layman terms.
- The “Art” and “Science” of selling: Selling is both an ART and a SCIENCE. While making sales strategy, it should be kept in mind that people of the sales team are well equipped and well trained in both art and science of selling. As an “ART”, sales require careful consideration, excellent interpersonal skills, ability to understand & prioritize goals of the company good relationship with customers. As a “SCIENCE”, it requires that sales goals are set at a realistic level. Hypothesis testing should be done. Also, it includes measuring progress, deciding measures to achieve sales target, finding key performance indicators. This will ensure that sales targets are achieved without fail.
- Self-analysis and self-guiding: It is an important measure. It does not matter what and how much others tell you (sales representative) about the strengths and weaknesses. One must set its own benchmark and analyze the level of performance in context with the set reference. After careful analysis and critical thinking, steps can be taken by personal to improve the performance. This will contribute to making a powerful sales strategy.
- Take into consideration the season (timing): While preparing a sales strategy, schedule or duration for which strategy is prepared must be taken into account. If it is for the festive season, then appropriate discounts and offers must be planned for different categories of customers. This ensures customer satisfaction.
- Try to provide personalized services: These days, every person wants customized services. So, while preparing plans, it should be ensured that the facility is made for providing customized and personalized product/services to customers.
- Reward program and add-ons: Sales strategy should take into account the loyal customers. It should provide for some benefits (like membership cards for permanent customers, loyalty points) for regular customers.
- Make use of all the channels, including digital platform. While preparing a sales strategy, it should be ensured that it chalks out measures for sales through various platforms so as to ensure deeper penetration in the market.
- To use sales CRM software and to provide free CRM service.
- Inter-departmental alignment and co-operation: Goals of other teams (like finance, operations) should also be considered while preparing the sales strategy.
- Make them feel important: While preparing a sales strategy, it should be ensured that there is some flexibility to put into effect.
- Stay in touch and provide excellent customer support service
- Do not copy; be original: Do no imitate competitors.