What Is a Sales Strategy: A Complete Guide

What Is a Sales Strategy

We all want a successful and united sales organization, don’t you? There is no secret formula or magic word that will help you grow your business into a huge revenue-generating machine. However, there is one thing that has been proven to align sales teams and enable them to be their best. It’s your sales strategy.

This guide will examine the best sales strategies and programs that work, and show you how to create your own sales strategy.

Let’s first look at the definition of sales strategy:

What is a Sales Strategy?

The B2B Sales team uses a sales strategy to reach sales targets and perform direct selling activities. A sales strategy allows you to determine who and how you will sell it. It is essential for revenue generation in any business.

Implementing a sales strategy has many benefits, including improved team performance and more effective targeting. Also, you will see a higher percentage of closed deals.

Basics of sales strategy

No matter how good your product if you want B2B sales success, you must be strategic.

This means excellent B2B Marketing. However, it also means having a sales process that works so your team can keep track of closed-won or lost deals. The more you plan, the more revenue you will get. This is only one reason why a solid sales strategy is so important. A team of lead generator specialists will be required, which could include:

  • Sales directors: They plan, set sales goals, and communicate the overall strategy to their colleagues.
  • Sales leaders: They are responsible to manage and train your sales team.
  • Business development managers (BDMs): They offer demos, negotiate contracts, and close business deals with prospects.
  • Sales development representatives (SDRs): They assist in generating new leads by making contact with them first and then booking meetings.
  • Marketing development representatives (MDRs): They follow up with targeted leads generated from the marketing team and the content produced.
  • Sales operations: They are responsible to implement new products, solutions, and processes.

After you have assembled your SaaS sales team, you will need to decide what type of sales strategy you want to implement.

Also read: What Is SaaS Sales A Complete Guide?

Different types of sales strategies

There will always be two types of sales strategies, regardless of the industry or organization you work in.

Outbound and inbound.

You can choose one or both, or both. Let’s take a look at what each means:

Inbound sales strategy

Inbound is a strategy for marketing because it catches a buyer’s eye. This allows them to know the company’s products and services, and then they can enter the sales funnel more warmly than outbound leads. The content is used to educate, inform, and nurture prospects throughout the decision-making process.

Outbound sales strategy

Outbound lead generation focuses more on cold calling and emailing prospects. These buyers are not interested in your company and don’t often know much about it. Your rep must convince them that your solution is a good fit.

Sales strategy in 5 steps

A B2B strategy that is effective in generating business for clients is composed of many elements. However, they all have a common purpose. Every part of the strategy can be connected to create a feedback loop that drives efficiency and improves performance.

These are the five elements that make a great sales strategy.

1. Establish a sales process

This is the first phase of a B2B marketing strategy. You can take a step back to see where your business is at the moment. You can look back at analytics and set goals, metrics, and KPIs to plan your journey. Here is a quick overview of how to set up your sales process.

Setting B2B sales goals

Start with revenue generation. What amount would you like each quarter or year to bring in? Next, build your strategy around this number.

Building a sales model that drives growth

Your sales generation KPIs, and metrics, are the foundation of your sales strategy. B2B sales metrics will be the numbers that you track to ensure you’re on the right track.

Sales techs will generate an avalanche number of numbers – it’s impossible to keep track of them all. It is your job to find the most important metrics. You should focus on the metrics that matter and then work towards improving them. You must take action if you notice the numbers falling.

Identifying your ideal customer

Create a profile to identify the customer who will benefit the most from your solution. This is your ICP. Consider factors like their company size, quality data, buying process, and other relevant information. Next, describe how your product will solve the problems of your target customers.

Determining your Total Addressable market

What number of potential customers are available to pitch you right now? This information can be gleaned from a TAM calculation.

Building and maintaining a sales pipeline

This involves identifying potential customers and initiating contact with them.

2. Implement Sales Tactics

Tactics are the application of a sales strategy to a practical level. Now that you know what you want to sell, you must ensure that every step of the sales process is successful. What messaging and how are you going to reach your ICP?

To help you decide which channels to use, create buyer personas and then create a selling process playbook for the best results.

If you believe that cold calling is the best way for prospects to get in touch with you, then create messaging that salespeople can use. It should relate to their pain points and position your product as the solution. Here are some tips to help you implement your sales strategies:

Lead qualification

This is the process of learning more about your ideal customers to determine if they are a good fit for your product.

Cold calling

SDRs’ core activity is selling. Cold calling is the act of speaking with qualified leads by phone and convincing them to schedule a meeting.

Outbound mail

Your digital companion to cold calling. SDRs can contact prospects via outbound mail by sending them electronic messages.

Social Selling

This is a relatively new outbound selling discipline. SDRs can leverage the power and leads of social media platforms to increase conversions.

Sales cadences

A cadence refers to a set of outbound emails that are sent in daily or weekly intervals. This activity is often carried out by SDRs via email.

Negotiating and closing

This is the core of your sales strategy. BDMs will conduct a product demonstration and then they will communicate with other stakeholders until the deal has been confirmed.

Also read: Top 15 Ways To Double Your Online Business Revenue

3. Optimise sales performance

This is the optimization phase of a sales strategy. This is where sales representatives and leaders analyze the results and create inside strategies to improve their work. It includes:

Team structure

The sales team’s organization and organization are key to their peak performance. A typical structure would include SDRs (Sales development reps), AEs Account Executives, and Customer Success. These are the people who make sure that customers are happy after signing on the dotted lines.

Managers may be needed for each group of reps. Separate teams will be created to deal with leads and prospects if this is part of your go-to-market sales strategy.

Time management

How to maximize time and increase productivity It is important to remember that time management is essential for both sales reps and leaders.

Sales skills

Sales teams that excel share winning strategies and knowledge to improve their performance. Although learning and development can be outsourced, it is better to manage in-house.

4. Measure performance

An analytical phase is key to a data-driven sales strategy. Sales leaders should establish goals and KPIs that reps can work towards. To achieve the best results, goals for individuals and teams should be tied to larger company goals.

SDR metrics

These include productivity and success rate, such as the number of calls/emails received, the number of meetings booked, and the number of meetings attended.

BDM metrics

These metrics include MRR and individual metrics. They also include pipeline metrics such as average deal price, closed-won rate, and demo attended to.

Team metrics

These are the overarching KPIs that every sales team must meet. These include the inbound and outside bound conversion rates, and the total revenue won.

5. Adopt sales tech

You will need to choose from the many sales technology solutions that you want to use to support your sales strategy. These are the three types of software that you will need to get going:

  • CRM – Your CRM is the foundation of your tech stack. It keeps track of all interactions with customers and prospects, so salespeople and managers can access all relevant data. Salesforce CRM is the most popular.
  • Sales Intelligence – sales intelligence or B2B Prospecting Tools can help you identify potential customers. You can also find the information you need to contact them, such as email addresses and direct dial phone numbers.
  • Email tools – If email is your preferred channel for reaching prospects, you can use specialist sales automation software to schedule and log emails.

These are just a small part of the vast array of options available. To find the right tech for your sales strategy, research the market. Next, do the following:

Tech audit

Before purchasing a new tool, sales leaders should conduct a comprehensive audit of their current tech stack. Your current tech should be fully utilized.

Sales technology stack

This is the process of selecting and reviewing the right tech for your company. There are many sales tools on the market at any one time. It’s important to do your research.

Tech adoption

The onboarding stage. This is where the sales leader will sign-up for the Sales Automation tool, and arrange training for the rest.

Tech evaluation

B2B sales technology stacks should never be static. They must always evolve and improve. Regularly review the tech you use. Remove any tech that isn’t performing as expected.

Also read: Top 10 POS Software for Small Business

Examples of successful B2B strategies

The secret to the success of some of the best B2B companies around the globe is top sales strategies. We’ll end this guide by looking at how Hupsopt and Shopify have successfully used B2B sales strategies to increase revenue.

1. Shopify: People first approach

Shopify’s revenue has increased 54% over the previous year, enabling them to become the first SaaS company to surpass the $1 billion mark in revenue.

How did they do it?

They believe in people, entrepreneurs, and new hires. They don’t look for salespeople, but for people with great potential when they hire. These traits are exhibited by people who have demonstrated intelligence, work ethic, and a history of success. They also demonstrate creativity, entrepreneurship, and competitiveness.

Their sales strategy must also be based on facts. This means adopting a data-driven approach to prospecting. Each sales rep and the team must track their average deal size and length. They also need to keep track of calls per day and how many deals are in the pipeline.

2. Hubspot: Walking in the shoes of customers

Hubspot is currently worth over $23.81 million and generates approximately $510 million annually in revenue.

Their sales strategy includes the hiring of reps through a consistent and established process. Each individual is assessed on the same criteria, and only the best are hired.

Their second strategy for increasing sales involves encouraging every rep to put themselves in the shoes of their customers. This hands-on approach allows new hires to feel the pain points of customers and find innovative solutions.

3. Cognism: aligning sales and marketing

Cognism is a startup in sales intelligence, that has taken B2B prospecting up a notch. Our B2B sales strategy for software includes a variety of strategies, including aligning sales and marketing.

Our teams were able to generate 190% more revenue than our target by aligning their goals and encouraging communication throughout the business.

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