Establishing a sales strategy regardless of economic conditions

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The current state of the economy – where we’ve come from and where it appears we are heading

This presentation covers what a sales strategy is and why it is important to have one – especially now.

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Establishing a sales strategy regardless of economic conditions

  1. 1. Welcome!<br />The Webinar Will Begin Shortly<br />
  2. 2. Establishing a sales strategy regardless of economic conditions<br />Format of the webinar<br />Smaller group allows for more interaction<br />Feel free to interrupt at any point to ask a question or contribute to the discussion – the goal is to have an interactive discussion so we can benefit from everyone’s experience<br />If you are in a noisy area please put your phone on mute <br />
  3. 3. Agenda<br />The current state of the economy – where we’ve come from and where it appears we are heading<br />What a sales strategy is and why it is important to have one – especially now<br />A tale of two strategies – part 1<br />Components of a sales strategy<br />A tale of two strategies – part 2<br />Introduction to defining and aligning your market webinar on November 4th<br />Plus a homework assignment in preparation for those that plan on attending the next in the 3-part series<br />
  4. 4. The current state of the economy – where we’ve come from and where it appears we are heading<br />We’ve all read the headlines…<br />“jobless rate hits 9.8% but only tells half the story”<br />“full jobless picture is more like 17%”<br />“national debt hurting the country”<br />“US factory orders plunge unexpectedly in August” (reported Oct 2, 2009)<br />“decline in durable goods signals trouble for manufacturing”<br />So with all this bad news what are we as business owners and those <br />responsible for generating sales to do???<br />Perhaps it&apos;s time to take control of what we can control and increase our proactive sales and marketing efforts since it doesn&apos;t appear we&apos;re going to have the luxury of simply being reactive and waiting for business to magically reappear.<br />
  5. 5. What a sales strategy is and why it is important to have one – especially now<br />Strategy is defined as a careful plan or method.<br />Strategy Components<br />The strategy must be specific and detailed.<br />The strategy must be measurable.<br />The strategy must be attainable.<br />The strategy must be realistic.<br />The strategy must be time-sensitive.<br />A discussion on the importance of moving from “reactive” to “proactive” and <br />how a sales strategy can help you achieve this transition!<br />
  6. 6. A tale of two strategies - part 1<br />Company “A”<br />A custom machine tool builder selling to the automotive industry decides it <br />wants to go after the medical market where there is more business at higher <br />profits. Its “strategy” is to bring on a new line of machine tools used in that <br />industry. Buy a prospect list for the sales people to call. Post the information <br />on its website, generate great brochures, and then. . . . .nothing. <br />
  7. 7. A tale of two strategies - part 1<br />Why didn’t anything happen? Because the company didn’t have a strategy to <br />enter this market.<br />How is this company going to change its shop in order to be accepted as a custom machine builder in the medical industry? How is it going to train its operations staff, project managers, sales people, programmers, and installers?<br />What exactly is the company selling and to whom? Who are the contacts? The decision-makers? What is the decision-making process? The buying criteria? The sales process?<br />How will the new line be priced and will it be accepted by the market? What is the competition and what advantages/disadvantages does the competition have?<br />What are the sales goals? How will those numbers be achieved and in what period of time?<br />
  8. 8. Recall the components of a strategy<br />Strategy Components<br />The strategy must be specific and detailed.<br />The strategy must be measurable.<br />The strategy must be attainable.<br />The strategy must be realistic.<br />The strategy must be time-sensitive.<br />Lets take a look at each of these in more detail…<br />
  9. 9. The strategy must be specific and detailed<br />A sales strategy must answer some basic questions such as:<br />What exactly is the company selling<br />To whom? <br />Who are the contacts? <br />Who are the decision-makers? <br />What is the decision-making process? <br />What is the buying criteria? <br />What is the sales process?<br />Who is the competition and what advantages/disadvantages does the competition have?<br />
  10. 10. The strategy must be measurable<br />It’s important to have data points that are constantly being researched and <br />updated as the market changes…<br />My markets are…<br />The demographics of my markets are…<br />The industries within my markets are…<br />There are “x” number of companies in “y” industries within my “z” markets…<br />Of those “x” number of companies, by industry, within market I have/want _% market share<br />My current quote to close ratio is _%<br />Based on the number of companies of _ and my close ratio of _% I need to touch each prospect in my territory _ # of times per year/quarter/month in a proactive manner.<br />
  11. 11. The strategy must be attainable<br />As leaders it is important for us to not set ourselves or our teams up for <br />failure…<br />Have we ever before done what we are proposing be done now?<br />How has the market, my competition or my capabilities changed in order to accomplish this?<br />Do we have tools, technology, people, training and management components to execute this?<br />Am I willing, capable and committed to seeing this through?<br />
  12. 12. The strategy must be realistic<br />Those of us who are entrepreneurially predisposed tend to view the glass as <br />almost full (not just half full)!<br />Focus on the facts<br />Obtain the data<br />Study the data<br />How does my strategy align with the data?<br />What adjustments are needed to align the strategy to the data – not the other way around!<br />
  13. 13. The strategy must be time-sensitive<br />Establishing time-sensitive deliverables or key achievable points is critical to <br />the long-term success of the strategy…<br />I require a complete sales and marketing plan by “x” date<br />Within that plan I will require two inside and one outside sales person and will have their profiles done by “x” date, hired a recruiter by “y” date and have offers out by “z” date<br />My website will have SEO complete by “x” date<br />My direct mail campaign will be initiated by “x” date<br />My sales people will be following up on these mailers by “x” date<br />We’ll be generating “x” new prospect appointments by “y” date<br />Based on my close ratio of _% we will be on target to hit production levels of “x” by “y” date<br />I will review and recalibrate my plan by “z” date <br />
  14. 14. A tale of two strategies - part 2<br />Company “B” <br />A machine tool distributor selling to the automotive industry decides it wants <br />to diversify into medical, aero, and energy where there is more business at <br />higher profits. <br />They begin down the path of educating themselves on these industries in their markets. Trade shows, competition, periodicals, web research, symposiums etc…<br />They obtain the data<br />They formulate a very detailed strategy with all the components mentioned today <br />And then what happens…<br />
  15. 15. A tale of two strategies - part 2<br />Auto is now &lt;60% of their overall business (used to be 95%) and of the auto a larger percentage of it is with the transplants where there was less of a downturn<br />Three record years of sales increases – doubling their annual revenue from the point in time they designed and started executing their strategy<br />While still struggling during these challenging times they have not laid any employees off or reduced working hours due to their diversification<br />In a position to take over market share from their competition who did not adjust and are starting to go under and this is happening at a greater pace right now<br />They will come out of this downturn relatively unscathed, with an increase in <br />market share and the ability to increase margins and leverage competitions <br />lack of capital and grow even more in the years to come!<br />
  16. 16. Introduction to defining and aligning your market<br />Now that we have introduced the why of a strategy – as well as having <br />touched on the what… the next webinar in this series will get deeper into the <br />defining and alignment of your market.<br />Homework if you choose to do it…<br />Review the questions we discussed in this webinar and see which questions <br />are missing from our list and add them. Then make a list of the questions you<br />cannot answer and determine your next steps and timeframes to get the<br />answers.<br />This will position you well for the detail that we will be getting into next <br />month Wednesday November 4, 2009 at 1:00 PM EST.<br />
  17. 17. Q & A<br />Questions?<br />For more information or to just chat feel free to contact me directly at <br />brian@thesalesmatrix.com<br />Thank you for attending and participating and I look forward to working with <br />all of you again soon.<br />
  18. 18. Thank You!<br />I look forward to meeting with you again soon!<br />

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