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Real market intelligence, deal intelligence, competitor intelligence, and people intelligence - all insights you need to implement your sales strategy.Empower your sales strategy
How 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.
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.
There are mainly two types of sales strategy; Inbound and Outbound.
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:
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.
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%.
By answering these questions for your business quantifiably, you can set up the KIPs of every sales rep.
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:
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.
Help your entire company understand a to z of your product. Answer for your sales team and document it for future reference:
A sales strategy that is without competitor insights is incomplete or ineffective. Your sales strategy should be backed by data about your competitors like:
The goal here is to know the present and future competition for tackling them with your sales strategy.
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:
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:
Set up the overall resource and skills requirement:
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.
Even if you have set up a sales strategy, how do you know if your sales strategy is working?
A good sales strategy is always measurable. There are 7 main areas that you need to measure your sales strategy regularly.
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.
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
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.