16 Strategies to increase sales performance – Part I
In the next two issues, we shall be exploring sixteen sales strategies that salespeople can employ to achieve increased sales results and sales effectiveness. Today, we look at nine (9) of the strategies.
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Strategy #1:Understand the Pain and Decision-making Process of Prospects
Successful sales organisations and salespeople have a system in place that enables them to understand the pain, decision-making process as well as what causes the prospect or customer pain.
They don’t make what I call “blind spots and assumptions” just because the prospect or customer is being nice or friendly to them and therefore assume they are the preferred choice.
Strategy #2:Contact the Right People
There is a correlation between the role of the person salespeople see and the probability of closing the sale. To be successful, sales organisations must have a clearly defined sales process which ensures that their salespeople are contacting and engaging key decision makers and influencers.
The alternative is that, your salespeople will spend their time selling engaging with the wrong people. The key is getting salespeople to leave their comfort zone and rather sell to those who can get the business done. Remember you require the same amount of time and effort to engage both the wrong or right person, so make the right choice.
Strategy #3:Stakeholder Analysis
Whether you are selling in a B2B, B2C or B2G, it is important for salespeople to recognise the need for a “political strategy.”
Remember, all individuals on any procurement committee or decision-making unit exert different amount of power and the role they play. Successful salespeople have a sales strategy which allows them to identify key players and how they can persuade them to consider their products or lose the sale.
They conduct a stakeholder analysis that identifies power, pain, preference, role and plan. Salespeople and organisations without this kind of information “are just mere spectators – not part of the game.”
Strategy #4: Knowledge of Competitive Strategy
Successful salespeople are able to anticipate, forecast and minimise the impact of competition. How do they perceive us? What do they say about us? Who is their advocate? How do they plan to win in the market place?
In order to get the knowledge, salespeople should use their network of customers who may have been approached by competitors, and/or mystery shop them. Armed with that kind of information, successful salespeople are able to develop and implement strategies which differentiate them from the competition.
Strategy #5: Differentiation – Yourself and Company
In order to be successful as a salesperson, it requires a well thought through differentiation strategy at your level and the company’s level.
At the salesperson’s level, you represent the brand of your company and your interaction with customers create a brand experience which ultimately differentiates you. Salespeople’s differentiation and brand experience consists of THEIR appearance, THEIR voice, THEIR attitude, and THEIR ability to solve problems in a consultative way.
In terms of the sales organisation, emphasis should be placed on the products being offered: are your products of higher quality? Are your solutions a better fit? Or you use consultative selling approach to identify needs and develop specific solutions? Are you delivering value? Or you are much more agile with your customer service delivery.
Strategy #6: Develop an Ideal Customer Profile
Successful salespeople and sales organisations have a well developed “Ideal Customer Profile” to guide their prospecting activities.
This tool acts as a sieve allowing salespeople to focus on only the desirable potential customers. This must be aligned with the segmentation, targeting and positioning strategy of the marketing department.
Strategy #7: Qualification System
Successful sales organisations have developed leads and prospecting qualification criteria to ensure that valuable time and resources are not spent on sales activities which will not yield any result. The approach to qualify lead, prospect or deal differs from company-to-company, as well as types of industry.
A well-defined qualification criteria introduces objectivity in the qualification process, enabling salespeople to qualify out poor leads and/or prospects and rather invest their time on those they have a better chance of winning. At the heart of qualification is questioning skills of the salespeople. Qualification criteria ensure that only quality prospects are in the pipeline.
Strategy #8: Adaptability Strategy
One of the sales strategies which differentiate very successful salespeople from average ones, and for that matter, sales organisations, is their ability to employ adaptive selling strategies. These salespeople and sales organisations recognise that not all customers are the same in terms of how to relate to them.
Salespeople who match their selling style to the individual personality style of the buyer develops a better relationship, bonds well and overall aligns well. With respect to changes in the market place, successful sales organisations are also able to change their processes to align with the trends.
The typical example is the influential role procurement now plays in the buying process and the need to learn the language of the procurement department.
Strategy #9: Coaching Strategy
There are several studies that have been done in recent times to conclude that the “number one investment a sales manager can make to increase revenue is by coaching salespeople”.
For example a research study conducted by The Sales Executive Council revealed that salespeople who received more than three hours of coaching each month performed at 107 per cent of sales goal, with five hours per month, per salesperson as the optimum amount.
Another example is the study reported in the London Business School’s Business Strategy Review where a sales manager of a large insurance company was able to increase sales by five per cent within three weeks just by freeing up two hours a day dedicated to coaching salespeople.
Yet most sales managers appear not or say they don’t have time to coach or don’t think coaching is their job. Coaches can help salespeople choose the battles they can win, and then provide the motivation, support and confidence they need to close the deal.
Until next week when we look at the rest, have a successful sales week.