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Effective Sales Strategy

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Sales Strategies to Increase Your Cashflow

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Top 10 Sales Strategies

A sales strategy is defined as a documented plan for positioning and selling your product or service to qualified buyers in a way that differentiates your solution from your competitors.

Sales strategies are meant to provide clear objectives and guidance to your sales organization. They typically include key information like: growth goals, buyer personas, sales processes, team structure, competitive analysis, product positioning, and specific selling methodologies.

To truly be effective, your organization’s sales strategy needs to focus on customer conversations. These skillfully delivered conversations are what creates a distinctive purchase experience, creates value for your buyers, and separates your company from the competition.

With that in mind, here are 10 things to keep in mind when creating a sales strategy.

1. Build a Powerful Value Proposition in Your Messaging

Most prospects either don’t recognize or can’t articulate the root challenges they struggle with on a daily basis. So, even if you sell a truly remarkable product, your buyers probably won’t recognize the real value you offer to their organization. That’s why you need to create your value with a powerful and persuasive message.

2. Create the Urgency to Change

Most companies unknowingly position themselves for a competitive bake-off of features and benefits. They answer the “why should I choose you?” question for their prospects. But in doing so, they miss a critical first step.

The truth is that the majority of buyers prefer to do nothing instead of change. In fact, 60 percent of deals in the pipeline are lost to “no decision” rather than to competitors.

Staying the same is safe and comfortable, while change is associated with threat and risk. To break through status Quo Bias and get prospects to leave their current situation, you need to tell a story that makes a compelling case for why they should change, and why they should change now.

Successful sales strategy requires you to understand your real competitor—the status quo. Help your prospects make the decision to change before you help them make the decision to choose you. Answering these questions are what creates your unique value, differentiates your solution, and sets the tone for your buyer’s entire Deciding Journey.

3. Tell a Compelling and Memorable Story

When salespeople prepare for conversations with prospects, they usually focus on getting all the facts straight about their offerings. But the most accurate information in the world won’t resonate if you can’t connect with your customers in a memorable way.

Telling personal stories and using metaphors and analogies helps bring your message alive in a more compelling way than simply reciting facts and data. Storytelling paints a vivid picture for your buyers, illustrating the contrast between their current situation versus what’s possible, and connecting what you offer directly to their unique situation.

4. Speak to the Deciding Journey, Not Your Sales Process

A sales process is a set of repeatable steps that a salesperson uses to lead a prospect to purchase. Typically, the sales process involves several steps like prospecting, qualifying, discovering needs, negotiating, and closing. This would be an ideal checklist to follow if all your buyers were robots being taken through an assembly line. But that’s just not the reality.

Marketing and selling today isn’t a predictable progression that you’ve decided is how your prospects and customers should buy. What you’re really up against today is a customer deciding journey - a series of key questions your buyers are asking as they look to address specific business goals.

5. Don’t Rely on Buyer Personas in Your Sales Strategy

Customer profiles and buyer personas sound good in theory. The idea is to collect common demographic attributes, attitudes, and behaviors of your target audience to help frame and target your messages.

The real drivers behind behaviors and behavior change are the challenges within your buyer’s situation, not their professional disposition. So, instead of focusing your sales strategy on a lot of inconsequential attributes, speak to your buyer’s situation and why their current approach is putting their business at risk.

6. Avoid the “Commodity Trap” in Your Sales Strategy

Too often, sales people base their Marketing messaging on the needs that prospects tell them they have. Then, they connect those identified needs to corresponding capabilities, in standard “solution selling” fashion.

The problem with this approach? You fall into the trap of commodity messaging along with your competitors, who are likely constructing their value message in response to the same set of inputs. As a result, you sound just like everyone else, leaving your prospects indecisive and without any real urgency to change.

7. Lead with Insights, Not Discovery Questions

Many salespeople try to be a “trusted advisor”—asking their buyers discovery questions, diagnosing the customer’s needs, and then presenting a solution that fits the criteria. But this approach does you and your customer a disservice.

To be of real value to your buyers, it’s not enough to say, “Tell me what you want; I’ll get it for you.” Buyers want salespeople who will tell them what they should want. They want you to sift through all the information that’s out there and deliver insight into what they’re missing that will improve their performance.

This means more than just finding data and statistics online. A fact without a story is just a data point. To make it real for your buyer, wrap your insights in a story that connects the dots for them and provides context within their world.

8. Align Sales and Marketing

Too often, sales and marketing are siloed departments, each with individual goals that appear compatible. Marketing creates sales messaging and tools and generates leads for the sales team. Sales teams use the messaging and tools to transform those leads into revenue.  

You might hear the following complaint from both sides: “We’re doing our job, but they just don’t get it.” The problem with these goals is that they foster an us-versus-them attitude and miss the big picture. Sales is a design point for better marketing. If Sales is the storyteller of your organization, then Marketing is the story builder.

9. Tailor Your Sales Strategy for Customer Expansion

Most sales and marketing teams spend the majority of their budgets and effort on customer acquisition and demand generation. Meanwhile, the majority of your annual revenue likely comes from your existing customers, through renewals and upsells.

Nearly half of the companies surveyed by corporate visions invest less than 10 percent of their marketing budgets in customer retention and expansion. Clearly, your customers are highly underrated yet powerful growth engines within your company. And you shouldn’t overlook the potential of this untapped revenue stream.

The challenge is, retention and expansion require a distinct messaging and customer conversation approach. Existing customers are in a different position than your prospects—one that carries a unique buying psychology.

10. Enable Ongoing Situational Training

Most training and learning efforts are based on a collection of competencies, supported by a curriculum and catalog that gets scheduled on calendar-based interest and availability. But what does that have to do with helping the company’s business strategy, responding to shifting market demands and intervening to fix emergent needs when they arise?

To be as effective and efficient as you need to be today, your sales training has to rise to a new level of flexibility, customization, and situational relevance. Using a flexible, on demand training model enables you to deploy it at a moment’s notice to solve problems as they occur, and tackle initiatives as they arise. Training your sales team for situational agility equips them with the messaging and skills they need relative to the customer conversations they’re having.