Sales have been tough due to COVID-19. Many reps and leaders have learned to do more with less. Sales leaders need to zero in on where they are and how they can increase efficiency, manage risks, and drive revenue. You need to focus on the best markets, accounts, and decision makers to pursue. Luckily, you can do most of this with resources that you already have. This is why we pulled together a few tips to help you drive sales growth with resources you already have.
For high-priority accounts, develop strategic account plans to uncover new sales opportunities
Your account plan does not need to be a novel. However, a minimum should include an executive-level account overview, key sales goals and objectives, top opportunities for the year, and a relationship plan. You should include the account team roles and responsibilities, a meeting schedule, and an overall action plan. At a minimum, sales leaders should review the plan on a monthly and quarterly basis.
Improve business systems and processes
You need to outline each system or tool that’s involved in your sales process. Also, you should determine how much each tool is used during the sales process to help determine their value. If there is a tool you rarely use, you should consider saving yourself some money and getting rid of it. You should also look for any overlap between your systems. If there is any, you can get rid of them to help save money, reduce complexity, and improve your seller’s experience.
Manage business risks
Without a surplus of financial resources, there are increased risks. There is no room for error on bad acquisitions or to launch new marketing campaigns. Below are a few areas that bring risk that you should pay attention to:
- Talent: In tough times, your best sales managers and sellers may be at risk of leaving. It’s important to evaluate your sales talent and execute any necessary retention strategies.
- Customer: Looking at data, such as past buying behavior or service issues, can help you predict which of your customers are at risk of shifting their spending.
- Reputation: How a company reacts in challenging times will often be a defining moment in how they are perceived by a cross-section of stakeholders. Short-term headcount reductions may ultimately prove to be unproductive and costly.
While everyone loves to get a large client, you shouldn’t always have you focus on that. You can help minimize your risks by focusing on smaller acquisitions. These can help contribute to immediate revenue growth and prove to be a strong fit with your company. Also, you’re able to quickly welcome these new customers while maintaining your customer-focused reputation.
The ability to drive sales and growth during tough times ultimately makes you return to your basics. You need to remain single minded about everything that contributes to revenue growth. Companies that can adapt to a changing marketing and adjust their strategies and process will perform better during a downturn. Also, they will set themselves up to thrive and grow once the market returns.