This sales strategy example can also act as a template to document your sales plans and goals. Developing a robust sales strategy, one that can be implemented and measured is a vital cog in every company’s growth plans. Regardless of the service or product, business survival and success hinges on the ability to generate profitable sales. The resulting revenue that is generated from the sales activity is a direct result of the effectiveness of the sales strategy. In a cluttered, time poor word, selling a product or a service into the B2B or the B2B markets needs purposeful sales strategy with clear implementation guidelines.
Before we go into a sales strategy example, lets cover four important pre-planning actions.
- Take Time to Think
A business needs strategic thinking before any strategic sales planning. “If today was the last day of your life, would you do what you are about to do today” Steve Jobs
With this quote in mind, take the time to think and visualize what you want to achieve, and the things you need to do to achieve your end goal.
- Ask and Answer
Ask and answer strategy questions such as;
- The purpose of the business
- Strength of the Business
- Strength of the sales team
- Current sales effectiveness
- Financial resources of the company
- Target market trends
- Current market position
- Know Why
Know your why, because real sales planning and sales growth strategies are founded on “Business Purpose”.
- Vision: where the business is going in the long-term
- Mission: the business purpose and reason WHY for existing
- Values: Who and what the business stands for
- Business Mission
Think about your Business Mission. Your business mission concentrates on the here and now. A mission statement defines the fundamental purpose of any business. It identifies who the company is, what it does, and who it serves.
Sales Strategy Example – 4 Choices.
Die Quickly, die slowly, Survive or Thrive
“A poor plan executed well”
“ A great plan well executed”
“ A poor plan executed poorly”
“ A great plan executed poorly”
The sales strategy example to follow is “Thrive”.
- Start with sales goals – what do we want out of this business?
- Create a vision of what the business needs to look like in order to accomplish your goals.
- Create a business mission to guide you along the way.
- Develop strategies to get you from where you are now to where you want to be in the future. Strategies require investments – which means budgets, resources and timelines.
Strategic Sales Planning
Strategic sales planning is the process of determining the primary business purpose (the “WHY”), putting in place goals and tactics, then adopting courses of action and allocating resources to achieve the selected goals and tactics.
Building Blocks for a Successful Sales Strategy
- The Team
- The Product or Service
- The Market.
Each factor or a combination will most likely determine the success or failure of any sales strategy with a particular focus on the product to market fit.
What causes sales success?
Has history shown us that the No.1 sales and business killer is lack of market. When a great sales team meets a stagnant market, market wins. When an average sales team meets a great market, market wins. But when a great sales team meets a great market, then something special happens.
The Ideal Sales Strategy Example Plan
- Differentiated Business and Sales Strategy.
- Desirable products or Services.
- Big enough market to target.
- An economical way to target and serve it.
- A Strategy borne out of your greatest strengths.
Note: Product quality will not create market size; Steve Jobs learned that lesson with his NeXT business.
BUSINESS SALES STRATEGY OPTIONS
How do you Differentiate from your competitors? Select your sales strategy that fits.
Your Strategy Drives Your Plan
A sales strategy usually pivots on 1 or 2 of four options. In this sales strategy example these are;
- Market Penetration – selling more of the same things to more of the same customers
- Market Development – selling more of the same things to different customers
- Product Development – selling new products or services to the same customers
- Diversification – selling new products or services to different customers
Market penetration is the name given to a sales strategy where the business focuses on selling existing products into existing markets.
- A market penetration sales strategy is about focusing on markets and products you know well.
- Maintain or increase the market share
- Secure dominance of market
- Driving or buy out competitors
- Increase Customer Usage
- Cash Cow – Lower Risk – Smaller Growth
Market development is the name given to a sales strategy where the business seeks to sell its existing products into new markets.
- New geographical markets
- Product variations
- New distribution channels
- Different pricing to attract different customers or create new market segments
- Investment – Higher Risk – Bigger Market
Product development is the name given to a sales strategy where a business aims to introduce new products into existing markets.
- Product to Market Fit!!
- Research & development and innovation
- Detailed insights into customer needs
- Being first to market with new product
- Investment – New Competencies – Big Enough Market
Diversification is the name given to the sales strategy where a business markets a new product into new markets.
- Product to Market Fit!!
- Research & development and innovation
- Market research and customer acquisition
- Team execution and sales tools
- Skill upgrading and sales transformation
- Bigger Investment – Time – Highest Risk – Biggest Rewards
Remember, All Sales Strategies need Resources.
- Budgets – To fund activities, product, materials and resources
- Information – Market and product research, market trends, market size, customer profiling, customer acquisition
- People – The right sales team needed to facilitate the growth plan, to execute the plan, to manage the results.
Every sales strategy example could include IDEAS. A 5 Step Planning Process.
Imagine – what products or services to sell
Dissect – data and customer feedback
Expand – market research and tasks
Analyse – results, information, investment
Sell – customer acquisition, marketing, sales
Test the Plan
Develop a “strategic hypothesis” and test it out making very small bets. Try to sell the idea to a customer before it’s built, look for a supplier, ask a mentor or advisor who has some expertise in the new area.
Strategy Planning Tactics
Sales Strengths to Leverage: Three to five key strengths you will need to use to achieve the plan.
Sales Strengths to Develop: Three to five strengths you will need to develop to achieve the plan.
Sales Priorities: List out the priorities you will focus on to Thrive
Tactical Sales Priorities: Three to five monthly priorities that support the sales and business priorities.
SMART Objectives: Projects and/or tasks that are required to accomplish the monthly priorities.
Establish A Rhythm for Success
Any sales strategy is really a series of investments, this is about deciding where you want to spend the time, money and energy for sales success. Schedule a steady rhythm of productive sales meetings— quarterly, monthly, weekly and daily. Evaluate the plan, what’s working and what needs to be adjusted. Grounded in your Business Purpose, a solid sales strategy example will also cover sales training, sales enablement, sales skills training or even a sales course to refresh the team. In this sales strategy example, the final output is a plan of action to maximize your likelihood of success in achieving your vision.