How to Develop a Sales Strategy
1Set up sales strategy and starting from a milestone
It’s completely impossible to set up an effective sales strategy template without stepping back and taking note of where you and your business are sat currently.
Imagine you were trying to run a 100m sprint. Without looking around to see whether you’re on the starting line, 50m in or 200m behind, how are you going to know what you need to do to win?
Start by referring to your existing sales reports.
How many sales did you make last year?
What revenue you did you take and how much profit was that?
Were most of your sales one-off purchases or did you attract a collection of long-term clients?
What was the longest, and the shortest, sales cycle that your clients had with your business?
Which members of your team made the most sales? To whom did you sell the most?
Which of your clients brought in the most revenue?
Where should you look for growth?
What will your team need to achieve your new goals?
These successful sales strategies template includes looking at crucial sales metrics such as:
Opportunity win rate — The percentage of sales opportunities that your sales team converts into customers. Having an idea of your average opportunity win rate will allow you to produce more accurate sales forecasts, as well as set challenging sales targets to motivate your team.
Sales pipeline coverage (SPC) — A metric that shows if your team has enough opportunities to meet sales quota for a given period. Knowing your SPC allows you to understand how many opportunities your sales team needs to have at any given point.
Sales velocity — Shows how quickly leads are moving through your sales pipeline (i.e. how fast you’re making money).
2Create detailed target customer profiles
Statistically speaking, the majority of customers will get 80% of their revenue from 20% of their client base. Hand in hand with the consideration above, referring to your client reports so you can build up an accurate representation of your ‘dream’ customer.
You can do this by seeing which customers spent the most money in your business. This shows you clearly which customers are top and what they are looking for in your business.