How to Increase Sales Marketing Strategy In A Turnaround Situation 💵
At the core of any business is selling. There is no other role more important than that of a salesperson. As Henry Ford puts it, “Nothing happens until someone sells something.” So, how can you increase your sales marketing strategy?
As buyer behaviour constantly changes, salespeople also need to adapt to these changes. Researching and understanding a constantly evolving demand in the market is a successful practice to continue customer dialogue. The focus towards buyer experience went up by 80% and is as important as the product or service itself, according to a Salesforce 2018 report.
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In this article, we will discuss how the intelligence quotient is just as crucial as emotional intelligence in the role of sales. As we compare the two abilities, we will also know more about how to increase sales and marketing strategy. We will also discuss the pivotal role of sales managers in sales coaching in growing and developing a sales team.
Successful sales teams do not only know how to sell products and services. They must engage and understand customers with the intention of solving their problems. They constantly gather, analyse, and share information relevant to redefine and innovate business and pricing strategies.
What is a Sales Strategy?
A sales strategy summarises how a sales team should be selling their products and services. The entire approach includes its prospects, presentation, and policies.
It should answer the questions:
- What are we selling?
- Who should we sell this to?
- What methods should we use to sell our service or product?
To increase sales and marketing strategy, a structured sales team must identify its target market, research and analyse trends so that it can determine pricing methods and promotional offers.
Types of sales strategy
1. Inbound sales strategy relies on buyer actions as its sales process by identifying customer needs, interests, and goals. It creates a personalized sales method that will cater to each prospect. Hence, it does not push customers to make a buying decision. In the decision-making process, the method revolves around informing and educating prospects. The best way to execute this is to include automated systems that gather customer data – for example, via online conversations to support the customer’s journey.
2. Outbound sales strategy relies on the seller’s actions by using methods like cold calling and emailing prospects, actively seeking them out. These actions directly inform a large group of customers about a company product or service. Compared to an inbound strategy in which you let your leads come to you, an outbound strategy focuses on contacting prospects. With this, it allows prospects to give feedback and results right away and once you identify what tactics works best, you only need to contact more prospects.
How to Increase and Implement Sales and Marketing Strategy: What to Consider
Both strategies have their pros and cons for B2B companies. That’s why it’s best to use a mix of both to increase sales and marketing strategy. More importantly, generating revenue simply requires a well-planned sales method. For example, new customers will need more information about a product, while existing customers may need other types of support and assistance with product malfunction. Therefore, there should be a system that addresses customer needs throughout their experience within the sales process.
Hiring the right sales team is key to a successful sales process. This helps to identify which people can help you achieve the same goals considering their strengths and weaknesses. It’s a must to understand your target market and why prospects will buy from you. Along with this, you need to communicate value to your prospects by identifying unique selling points and promotion tactics to get ahead of the competition.
More importantly, your purpose in increasing sales and marketing strategy should focus on three things:
- Converting prospects into customers
- Turning new customers into regular customers
- Retaining existing customers
Analysing sales reports is a must to increase sales and marketing strategy.
- You need to look at the number of sales that have been made in the previous year.
- Which type of customers generates the most revenue? Is it from one-time purchases or long-term clients?
- Analyse the shortest and longest sales process that you had with customers.
- Which members of the sales team hit their sales targets?
- Identify opportunities for growth.
- What does the sales team need to achieve new targets?
How to Set a Sales and Marketing Strategy
Establishing an ideal customer profile will help you focus on high-quality prospects. In effect, it allows room for improvement in sales and marketing methods. The ideal customer profile is also an opportunity to create customer referrals – this is why customer satisfaction is crucial, as they will often mention their experience with others.
The SWOT analysis of strength, weaknesses, opportunities, and threats is a tool that any business must implement. This helps you assess the overall state of your business. So, it’s important to be as detailed as possible when creating a SWOT analysis to find out.
- Strengths tell you your unique selling point as a team, in your brand and products. You need to identify what customers love the most about your services, then assess the things that you do better than your competitors. For example, your company may have an advantage over technological advancement. You may have a solid relationship with customers and vendors because the business was the first of its kind and has existed in the city for decades.
- Weaknesses may include pricing and affordability, or a limited budget. A competitor might be able to sell for a price that is a lot less, while your company cannot do so at the moment. Pinpoint the things that customers dislike about your service or products. They will usually mention these in reviews and feedback when they share their experience. Similarly, analyse the most common reasons why customers stop using your services. Also, it’s just as important to check if you lack skilled employees.
- Opportunities may come from small competition over a specific service. It can also come from frequent training for new skills and retraining skill gaps to improve sales team performance. You should also keep discovering other ways to engage customers and the tools that you can use to do this at full capacity. Examining strengths and opportunities help you know how to increase sales and marketing strategy.
- Threats include all types of risks such as financial and competitors. For instance, you may not be able to afford a large advertisement yet, unlike your competitor. It’s useful to pinpoint as many threats as you can, so that you can keep an eye out for anything that would endanger and jeopardize the business. However, you must bear in mind that there will always be external and internal threats. This is why it’s important to identify them so they can be addressed immediately.
Strengths and weaknesses are internal factors because they are a direct result of the decisions you make. While opportunities and threats are linked to external outcomes because they are not in your control. By taking advantage of SWOT analysis, it tells you how you can expand as a company, make the most out of a team’s strengths, opportunities, assess threats and weaknesses so you can move forward. These are all factors that will help you analyse how to increase your sales and marketing strategy.
At Taylor Wells, we believe that every sales planning comes with an efficient pricing strategy and model. Sales targets should come with pricing plans that also project revenue.
At the end of this article, you will know more about the successes behind an adept sales team in increasing sales strategy. To create a successful salesforce team, it must be backed up by coaching from sales supervisors. Moreover, managers should encourage and support a culture of coaching in the work environment.
How to Increase Sales and Marketing Strategy: Template
- Choose a smaller market. It gives a business the advantage to analyse specific customer goals and needs. As a business, it allows you to tailor your services to a specific audience, thus making it easier for you to attract them.
- Create a story. Storytelling is a unique way to sell and explain your products to the audience. It’s an opportunity to engage customers emotionally on a relatable level to set yourself apart from competitors. This way, you’re making it easy for prospects to understand and remember you.
- Communicate the end result. Customers are interested in results. After all, that’s the reason why they want to use products and services in the first place. Communicating the end result should explain what your products deliver. Therefore, grab their attention and show what’s in it for them after they sign up or purchase. Similarly, your marketing strategy must be centred on problem-solving. A genuinely helpful intention will earn customer loyalty and trust, simply by offering creative and personalized solutions.
- Follow up with leads within 24 hours because most buyers will compare your services and products with competitors. Since they are often highly informed, getting back to them quickly will let you address their concerns, questions, and objections. This way, you can communicate why your products meet their needs. Therefore, you’re reducing the risk of them choosing a competitor.
To increase sales and marketing strategy, some companies like Shopify use a science-based approach. They track customer data, the number of calls made by sales agents, and lead-to-conversion rates.
In identifying a lead, you should consider:
- the problems that a lead is experiencing and if the product can solve them.
- if the lead’s budget falls within the product price point.
- direct or indirect involvement in the lead’s decision-making process and describe buying process.
- how likely they will be converted into customers within a specific time frame.
Inside Sales E-mail Strategy
Ever since the pandemic, virtual communication has become the new normal, upturning new market platforms like never before. So, if you’re a salesperson in the e-mail department, sending messages to prospects, it means that you are competing with overflowing inboxes. With this, there are two main trends that make it difficult for sales email to stand out.
A Harvard Business School study showed that 20% of meetings are now becoming shorter. This means that conversations are shortening and meetings that should be done in discussions have transitioned into emails instead. It also showed that more emails are being sent during the pandemic and frequently after work hours. With these factors, a salesperson must know how to capture the attention of readers who are drowning in a sea of emails.
Content and style
- Keep the message short. Expect that your customers and prospects are overwhelmed by the number of emails they receive and skim through daily. Hence, they have a short attention span. So, it is best to be direct and write fewer words in a less formal tone to make it quick and digestible. According to sales executives, mention only one or two important things (two sentences tops) to get an answer. This doesn’t give room for the reader to think of getting back to it later. Previous to the pandemic though, writing up to five questions or call to action items were the norm. Now, just because there are fewer words doesn’t mean that there is less work involved in writing a sales email. You’ll have to prioritize and think hard about the actions you want from your prospects. Then, the rest of the content can be reserved for later.
- Use a template. Templates focus on the most important message. You can revise and personalise them for each customer and share this template with the team. Then, test out different templates to see which ones receive the most responses or reactions.
With the new normal of working remotely, you need to communicate thoughtfully in terms of email engagement. We are prone to an overload of digital information, stress, and eyestrain more than ever. So, to succeed with prospects, you must consider the content, when and how often you send emails. With persistent effort, you should make it easy for customers to move to the next step.
- Calendar integration. You want to make it easy for your customers to schedule a meeting with you. So, integrating an e-mail calendar makes it convenient for customers to choose their preferred time with a single click in the email.
- Choose the right time. Emails that are sent at the wrong time get buried down the line and reduce the chances of being read. Mornings and after lunchtime are the best time to send emails because this is when people check their emails the most. An email scheduler that sends emails at a set time will help you gain responses. Also, avoid sending on overly busy days, rather, choose midweek days and fewer Mondays. The time of response to emails is just as important. For example, you wouldn’t want to respond to a customer during the weekend because most people don’t appreciate evening or weekend work emails. Nevertheless, it should be intentional with your account, purpose, and the time. Making it easy for prospects to respond is a small but important step into building lasting relationships with them.
How to Be a Top-Performing Salesperson
Emotional intelligence is the ability to identify emotions, relate with others, and socially communicate.
Intelligence quotient refers to our general and quantitative reasoning, memory, and how we process information visually.
Although emotional intelligence has always been a prerequisite for a salesperson’s role, IQ has never been more important in the course of the pandemic. Lately, selling has become quite a challenge and the traditional sales approach has been overturned.
Recent research conducted by Korn Ferry finds that most companies have had to rely on their top-performing salespeople to generate revenue and recover from losses due to the pandemic. 46% of the sales talent were reaching their quota, while only 20% were top performers who generated 63% of company revenue. In the study, only 30% of sales leaders believe that they have the right salespeople in their team to succeed in virtual selling. While 46% agree that they have the best talent who can adapt to diverse sales strategies in the future.
How to Increase Sales and Marketing Strategy Through Sales Teams
A successful salesperson is attentive to customers. She or he has the ability to read and connect, influence, and build relationships with customers. Nowadays, about 68% of customers research the products they plan to buy. 60% prefer not to interact with a salesperson, according to a Forrester Global Marketing survey. Instead, they want to collect information by themselves to be inspired to buy without having to rely on even the most experienced salespeople. They usually talk to the salesperson after they’ve made a buying decision. That is why personalizing buying experience is fundamental because customers expect more value in their experience when they interact with a salesperson.
The average salesperson can consistently hit the quota, while a top performer exceeds the month-to-month quota. Skilled representatives are one of the reasons why companies gain customer loyalty and admiration. They know their buyer’s persona, how to handle rejection, and don’t shy away from resolving customer conflict. Instead, they deal with them right away before it blows out of proportion.
Smarketing is a method used by Hubspot in which the sales and marketing team work together to achieve consistent monthly targets. The alignment of sales and marketing strategies is a combination that can gain millions of profits as it did for Hubspot and Salesforce.
What needs to change to increase sales and marketing strategy?
New methods of reasoning and execution fit the changing profile of a top sales agent in which IQ has become a key element for a successful sales pitch. A salesperson needs to analyse data, be fact-driven, share insights, then inform and educate customers in a way that resonates so they can act urgently with a value proposition.
To increase sales and marketing strategy, salespeople must be confident, thorough, and knowledgeable about the service or product that they’re selling. As they exhibit confidence in their product, they gain customer trust – showing how reputable and reliable they are.
A salesperson must let customers know that they have a choice in the experience. This is because as soon as customers feel pressured into a corner, they will resist any recommendations and feel that the sales agent is unsympathetic and insensitive. This is known as reactance in psychology. Salespeople must consider this because the timing may be a factor and when customers reengage in another instance, they will often remember how a salesperson handled the situation or experience.
Your sales team should know how to:
- Empathize with customers. They should be able to understand and put themselves in the shoes of customers so that they can sell efficiently.
- Be a skilled communicator because they spend most of their time interacting with customers in person, via phone, and e-mail.
- Practice self-awareness with their actions, how they think when interacting with others, and their overall influence on customers.
- Remain assertive in taking control of a situation when resolving a conflict or in instances of debating with a customer.
The Role of Managers in Increasing Sales and Marketing Strategy
In the same Korn Ferry survey, 52% of sales leaders say they recognize what sales efficiency looks like. But only 26% constantly examine the reasons why their top-performing sales talent is successful.
The question is, does every team member in the sales team possess these traits and behaviours? For example, Shopify hires people who show high intelligence, competitiveness, strong work ethic, creativity, track record of success, and are interested in entrepreneurship.
By consistently evaluating and improving individual strengths and weaknesses, you identify areas of skill gaps and how a sales team member learns best – because the best part is that most of these skills are entirely coachable. Successful sales teams also take advantage of exams, certifications, feedback, and surveys to check the efficiency of any sales process.
Productive sales coaching creates a huge impact. Supervisors who are efficient in advancing and coaching their sales team can generate as much as a 24% increase in quota achievement than sales managers who don’t. A sales leader’s role is to ensure the accuracy of sales forecasts for any business pricing plan. While a senior management’s goal is to establish predictability in the business.
Coaching a sales team on how to increase sales and marketing:
1. Quality, not quantity – a focus on skills and behaviour is the objective of a sales coach. Most managers insist that there is very little time to coach a large salesforce team. While that may be true, the Korn Ferry survey shows that it’s not about how much time is spent on coaching — rather, it is the content of the coaching that makes an impact.
2. Include data in the coaching conversation. As sales managers have access to statistics that led to a successful sales performance, this helps them influence the future sales projection, instead of simply recounting past mistakes and poor practices.
3. Encourage a culture of sales coaching by valuing growth and development. Sales managers need to think about several factors – such as their coaching methods, use of language, and small wins that are worth celebrating. If a sales supervisor does not prioritize growth and development within the sales team, then sales coaching will remain a periodic performance-managing tactic as managers fail to recognize that it is a powerful preemptive force that drives positive change.
A sales team is the driving force behind any business. Therefore, they must be equipped through sales coaching to generate revenue when interacting with customers. Their growth and development need to be prioritized by sales managers and supervisors.
Every sales planning comes with an efficient pricing strategy and model. Sales targets should come with pricing plans that also project revenue.
For a comprehensive view on integrating a high-performing pricing team in your company,
Are you a business in needs of help to align your pricing strategy, people and operations to deliver an immediate impact on profit?
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