Sales strategy vs marketing strategy
When two become one.
When it comes to the world today, there are many levels of disruption businesses are facing. It is essential you have both a sales strategy and marketing strategy as they are the cornerstone for alignment in your business.
Although the two terms are often used interchangeably, sales plans and marketing plans are not identical. Marketing plans are all about identifying your business’ target market and creating strategies for reaching those customers. Sales plans detail the strategies the business will use to sell products and services and increase revenue. Your sales plan therefore often feeds intrinsically into part of the larger marketing strategy.
In order to be successful, every business must develop a sales strategy that allows them to focus on their customers and how to communicate with them, so they buy your product or service. Every sales team needs sales strategies and initiatives. A strong sales strategy creates the foundation for a cohesive, successful sales team and organisation.
Sales strategies are typically driven by specific underlying principles that are based on a company’s competitive advantages, with the aim of acquiring new customers and growing existing ones. With this in mind, there are key points that are valid across all industry sectors and target audiences. Sustainable traction in your target market — and increasing sales is key to everyone’s success.
Sales during a time of change
Routine sales meetings and business travel have been affected by the recent situation and so closing a deal, especially for B2B sales where a face to face discussion with key stakeholders would have been essential, is simply now not viable. Likewise, if you normally meet your prospects at a conference or trade show, then now is the time to think laterally and do it virtually.
There are dozens of zoom conferences and webinars hosted daily, join them, participate, make and nurture new connections. Be poised and ready for the rebound market.
Have you used this time to upskill or learn about a new sector or industry that you previously did not cater for? Also, it is time for research, so you can build a sound knowledge of your clients’ business. This will allow you to stand out amongst your competition. This is an ideal opportunity to reinvest your time, build your sales funnel and reap the benefits further down the line.
Why not start a newsletter or a podcast, and share success stories of how your other customers are finding success with your product/solutions. This will keep you top of mind whilst showing your company is still alive and kicking and perhaps thriving! Also take this time to re-educate your customers, a drop in demand from clientele in certain sectors like travel, hospitality, and aviation may have forced you to readdress your existing sales strategy.
Think long term, just because prospects aren’t customers now also doesn’t mean they can’t provide valuable feedback. As you move prospects through your sales funnel and (especially) when they drop off, ask for candid feedback about their experience with your team and products. You may learn something that can help convert them or your next prospect.
“Put simply, your sales strategy is how you grow your business’’
How to start building your sales strategy:
- Understand what it takes to attract your target customer.
- Define your ideal customer profile.
- Look for diversifying your clientele, perhaps sell to the sectors in a more advantaged position right now.
- Act as a consultant and advisor to your prospects.
- Stay close to existing customers to protect the revenue you can if your market is declining.
- Capitalise on growth areas.
- Build a powerful value proposition in your messaging.
- Tell a compelling and memorable story.
- Create the urgency to buy.
- Experiment with your sales strategy before you pivot and revise your commercial model and re-align resources if you need to.
Book a 30 min sales strategy session with one of our team to find out how we can help you reach your sales goals.