Sales Strategy Software
Ensure your Sales Strategy success with Convin
Real market intelligence, deal intelligence, competitor intelligence, and people intelligence - all insights you need to implement your sales strategy.
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Button TextHow should we create an effective sales strategy?
It is the question every sales business struggles with. The very first step, finding accurate and real-time insights about your business, teams, market, customers, and competitors, becomes a huge blocker.
Most of the time, the sales strategy is based on half-cooked insights and assumptions, making the sales strategy not as effective as it could be. The real issue behind the poor sales performance is most of the time left unnoticed.
Only 15 percent of sales calls add enough value, according to executives surveyed - Forrester.
The number-one inhibitor to sales achieving quota is an “inability to communicate a va
lue message. - SeriusDecisions
A sales strategy tool like Convin helps you uncover the real reason behind the poor performance of your sales team and create a well-documented and real-time insights-based sales strategy. But before we get more into how Convin can help you create a sales strategy focussed on increasing sales and revenue, let us understand what you mean by a sales strategy.
What is a Sales Strategy?
In simple terms, a sales strategy is a plan to achieve the sales and revenue objectives of a business. It defines the goals, decisions, actions, processes for the entire sales team and individual reps. It acts as a guide for the entire business’s sales plans.
In lean startup terms, sales strategy is referred to as “customer development strategy” because it defines how a business will win, retain, and develop new customers.
Types of Sales Strategy
There are mainly two types of sales strategy; Inbound and Outbound.
- Inbound Sales Strategy
Your inbound sales strategy and inbound marketing sales strategy are connected. Inbound sales strategy is basically attracting clients through online and offline media to cumulate leads. Mediums could be a website, social media, newspaper, tv advertisements, etc. - Outbound Sales Strategy
Outbound sales strategy mainly focuses on cold reach out to the customers. You reach out to the customer over email, SMS, WhatsApp, social media, and phone to make them interested in your product or convince them to buy your product.
Why should a business have a sales strategy?
A sales strategy helps a sales representative in understanding his and business goals and communicating effectively with customers. In most businesses, the company is hyper-focused on developing the product, creating the right marketing message, and hiring new sales reps. But what they forget is creating a scalable sales strategy.
Let’s say you have a fantastic product, but your sales team does not know how to communicate or when to communicate what features to the customers?
Or your sales team is facing a crunch at the content front in convincing clients?
A good sales strategy tool will help you uncover these details and create a successful plan that could help sales reps at every stage of the sales journey. An effective sales strategy helps businesses in facing 6 challenges:
- New product launch: Your team can be up to date with new features, services, offers, and products and convey the same to the customers.
- Stagnant sales revenue: Find out why your sales reps are not performing; are they having issues from a product front, marketing front, competitor, pricing, or any other soft skill-related issues
- Merger of Salesforce: Align big sales team and their goals. Make the entire sales process transparent, so everyone knows what is happening or how they deal with customers of their accounts.
- Sales Reps performance and Incentives: Using sales strategy software, you can regularly evaluate your current team’s performance with no extra effort and set goals and incentives.
- Expansion to new markets: If your company is expanding, your sales strategy should accommodate the insights and data of the new market.
- Competitors: An effective sales strategy also makes your seller aware of competitors’ product features, pricing, etc.
Key Elements of a Successful Sales Strategy
Your building has blocks that keep it stable for you to live in similarly; your sales strategy has a few blocks that you should focus on for building a successful sales business.
◼️ Goals and Objectives
The first step or block you need to define for your company is short-term and long-term goals for the overall business and teams. The goals should be such that they should be quantifiable and measurable. For example, if your overall goal is to increase the ARR of the company by 5%.
- How many leads the marketing team has to bring in for the sales team to reach out?
- How many new customers do you need per month?
- What many customers do you have to retain?
- The new opportunities?
By answering these questions for your business quantifiably, you can set up the KIPs of every sales rep.
◼️ Target Market
In this stage, you evaluate the market to understand which group, demographic, and area would be the right fit for your business. You consider the following for setting up the target for your business:
- Competitor’s selling market
- Job profile
- Industry
- Demographic
- Age group
You try to understand your ideal customer profile, as they are the ones finally you will be reaching out to. Along with this, you will also need to evaluate the evolving buying behavior of your customer.
◼️ Products and Services
Help your entire company understand a to z of your product. Answer for your sales team and document it for future reference:
- What product are you selling to your customers?
- Why should your customers buy your product? - Features
- Why is it different from the other products in the market?
- What is the sales value proposition?
◼️ Competitive advantages
A sales strategy that is without competitor insights is incomplete or ineffective. Your sales strategy should be backed by data about your competitors like:
- Pricing
- Features of the product
- Market they target
- Competitor’s sales and marketing messaging
- Competitor’s product weakness
The goal here is to know the present and future competition for tackling them with your sales strategy.
◼️ Market Launch
Now that you know everything about the product, market, competition, and your customers. Your next step is to figure out how you will enter the market and sustain your sales business. You answer questions like:
- How are you going to reach the market?
- How are you going to sell your product?
- What platforms are you going to use for selling your product?
- How many products do you have to sell every month to staysail?
- What is going to be your product messaging?
- Reach out call script
◼️ Selling Process
Now that you are ready with your selling plan backed by customer and market insights, time to set up the selling process. Your selling process can be set into 5 steps, which basically starts with prospecting:
- Lead Generation
- Introduction call or the “critical hour.”
- Product presentation
- Closing
- Follow up
◼️ Resources and skills
Set up the overall resource and skills requirement:
- Sales budget
- Time
- Skills required by sales reps
- Tools and software
- Number of sales reps required
- Sales training and coaching
◼️ Sales Management
Now that you have your team and sales strategy set up backed by crucial business insights, It is time to set up sales management strategy and tools. And define and convey it to your team as well.
- What is the sales target?
- What negotiation strategy will you be following?
- Review sales performance
- Number of deals and opportunities
Even if you have set up a sales strategy, how do you know if your sales strategy is working?
How to review sales strategy?
A good sales strategy is always measurable. There are 7 main areas that you need to measure your sales strategy regularly.
- Sales by period: Monthly, quarterly, yearly
- Sales by product: Per service/product revenue generated
- Channel (lead source): Number of leads flowing through different channels.
- Sales per account: Number of opportunities created, number of products sold to a single account
- New versus existing customers: Revenue generated by new and existing clients, increase/decrease of ARR
- Sales by previous marketing activity: Number of qualified leads generated by marketing channels
- Sales Reps performance: Quota attainment, call performance review, sales soft-skils review.
Also, you need to decide and communicate with your team how often you should review the sales strategy to modify it to match business needs.
Steps to create an effective sales strategy
Here are 5 steps to create a successful sales strategy:
1. Team Collaboration
Engage with your customer-facing team to understand your customer’s pain points, feedback, and questions. Your customer-facing team or call recordings have all the crucial information required to sense, serve and satisfy customers.
2. Assess the current situation
Understand where you stand. “How much are you selling?”, “What is the current and future market need of the product or service?”, “What is selling and what is not. These questions will help you analyze your current situation and create plans to meet business goals.
3. Create sales strategy canvas
A sales canvas is a visual tool that helps you develop and track sales strategies’ progress. Put down your insights and targets on the canvas. You can even use AI-powered tools to do this job.
4. Prepare sales strategy statement.
To define your team’s goals and selling activities, you need to set up a sales strategy statement based on your sales strategy canvas.
5. Review and adapt
Launch your sales strategy and keep reviewing the plan monthly or quarterly to bring in changes that would increase the sales performance of your sales reps
Create an effective sales strategy with Convin
Most businesses struggle with actually not tracking their sales team’s daily activities and calls because the sales process or activities are not transparent. Apart from the tools that are actually used to track the sales activities, the CRM is never up-to-date—resulting in a team that is not aligned with the business goals or with the sales strategy.
Also, the available information in the market is not cohesive, up-to-date, and not completely applicable to your business. And a sales
Convin solves all these problems for your business easily. Convin easily integrates with your customer-facing mediums and records and analyzes all conversations for crucial insights about your sales reps, market, customer, and competitor.
Sales Performance review: Convin analyzes all sales calls for seller’s soft skills, talk ratio, topics discussed, and based on the scores, all calls. So you can be aware of what your sales reps are doing daily. Here is how Convin helps you create an effective sales strategy:
Insights: Your sales calls are the best source for crucial business insights like market intelligence, customer insights, competitor insights, deal intelligence, and people intelligence. And Convin analyzes the entire conversation and highlights it for you. So you don’t miss anything.
Sales Performance Tracking: Convin reviews and scores all calls so you can measure your own performance or provide help or action where required.
Transparent Sales Process: Convin tracks and records every sale calls and even log it for you in the CRM, thus creating transparent sales processes.
And signing up for Convin is as easy as signing up for Spotify. Sign up now and see for yourself how Convin can help you in sales strategizing.
Create a winning sales strategy with Convin
