Strategic Sales Plan Component #2: Sales & Marketing Strategy

This is the second in a series of blog posts where we will focus on the various components that make up a good Strategic Sales Plan. Look at these components as the table of contents of your Strategic Sales Plan. The first component we started with was "Sales Performance Indicators".

The second component we will focus on is your "Sales & Marketing Strategy". Your "strategy" is how you will go-to-market and identifies the high-level components of your overall sales and marketing approach. Strategy refers to a plan of action designed to achieve a particluar goal.

According to Wikipedia.com, in military usage strategy is different from tactics. Tactics are concerned with the conduct of an engagement, while strategy is concerned with how different engagements are linked. How a battle is fought is a matter of tactics while the terms and conditions that it is fought on and whether it should be fought at all is a matter of strategy.

For example, narrowing your target market focus to three specific industries is a strategy. Determining exactly how you will approach the three target market industries is also part of that strategy. Determining you will join relevant industry-specific associations to closely interact with industry contacts is also part of that strategy. But once all of that (i.e. the terms and conditions) is determined, actually joining the associations and attending the meetings on a regular monthly basis are tactics that roll up underneath that overall strategy. This is just one small example of the difference between strategies and tactics.

Other examples of strategies can include (but are not limited to): Social Media Marketing, Becoming a Niche Specialist, Demonstrating Thought Leadership through Speaking, Writing and Leading, Event-based Marketing, etc.

So, in order to put together a solid Strategic Sales Plan, you will need to determine all of your relevant strategies first. Then after you determine your strategies you will need to determine all possible tactics for each strategy that you can execute on a regular basis (at least monthly if not weekly). That will be the topic of my next blog post - "Sales & Marketing Tactics". Stay tuned!

If you have questions about Sales & Marketing Strategy, creating a Strategic Sales Plan, or Sales Coaching services to help you achieve your strategic sales goals and objectives, then feel free to post your questions below this blog. If you have a more personal and specific need then contact me directly through our website at http://www.salesintegrity.com/contact. Sales Integrity also hosts a monthly Sales Achievement Roundtable where we cover the topics addressed within this blog in more detail in a group setting. To learn more about that group, and to register and attend our next Sales Achievement Roundtable, please visit: http://www.meetup.com/salesintegrity.

Strategic Sales Plan Component #1: Sales Performance Indicators

Sales Integrity's most popular service thus far in 2010 is our Sales Coaching service. Whether we provide outsourced Sales Coaching services on a monthly basis for an entire salesforce of a company, or provide Sales Coaching services directly to individuals who invest in their own personal development and success, the first place we start is with Strategic Sales Planning.

Strategic Sales Planning is akin to goal-setting for sales professionals and is the basis of sales coaching for sales managers. Operating without a Strategic Sales Plan is like a business owner operating without a business plan. It happens more often than you think. But the best of the best - those sales professionals and managers in the top 5% - are goal-setters and more specifically put together, execute and consistently measure against a well-thought out Strategic Sales Plan.

This is the first in a series of blog posts where we will focus on the various components that make up a good Strategic Sales Plan. Look at these components as the table of contents of your Strategic Sales Plan. The first component we will start with is "Sales Performance Indicators".

Sales Performance Indicators (SPI's) derive from sales activities you conduct on a regular basis that contribute to you achieving your sales goals (quota, budget, target, etc.). Look at SPI's as metrics crucial to your sales success that you need to monitor on a monthly basis (if not a weekly basis) to determine whether you are on track to achieve your sales goals or not.

What are some examples of SPI's? They are different for everyone depending on the specific role (i.e. inside sales, outside sales, account managers, etc.). However, some examples include: number of phone dials, number of phone conversations, number of prospect meetings, number of sales proposals, total dollar value of sales pipeline (possibly broken down per stage of the sales cycle) and most importantly - amount (or dollar value) of closed business (sales). There are many other examples but these are just a few of the popular SPI's.

If you determine the right SPI's, and consistently track them, then you can start to develop some good trending information to determine whether you need to keep doing what you are doing or quickly make some changes to correct the course of action. Do you feel like you meander your way through each sales day and sporadically work on whatever grabs your attention at the moment without a method to your madness? If so, then it's probably a good idea to determine your specific SPI's, document them, and begin tracking your progress against them on a regular basis. That's the first step in creating a solid Strategic Sales Plan and will provide clarity as to what you should spend your time working on each day, week and month.

If you have questions about Sales Performance Indicators, creating a Strategic Sales Plan, or Sales Coaching services to help you achieve your strategic sales goals and objectives, then feel free to post your questions below this blog. If you have a more personal and specific need then contact me directly through our website at http://www.salesintegrity.com/contact. Sales Integrity also hosts a monthly Sales Achievement Roundtable where we cover the topics addressed within this blog in more detail in a group setting. On Thursday, February 4, 2010 in Dallas, Texas our Sales Achievement Roundtable topic is "Strategic Sales Planning" where we will provide a template and discuss in detail how to apply Strategic Sales Planning to your business. To learn more about that event, and to register and reserve your seat, click here.

Do You Have a "Backup Plan" For Your Sales Strategy?

I was recently speaking with a friend of mine, Will Baccich, CEO of Global Data Vault. I was pleased to hear Will's business is thriving and growing. Global Data Vault (http://www.globaldatavault.com/) provides Advanced Data Protection, Online Backup for Servers, and Online Backup for PCs. In an uncertain world many companies and individuals are protecting their greatest asset - the information (in its many forms) they use to run and grow their business.

That got me thinking how Global Data Vault's success applies to my world of sales. My entire business of sales coaching, virtual sales management, and sales process automation services are all based off of tools, templates and documented techniques which have captured nearly two decades of entrepreneurial, sales and sales management experience. These documents allow me to "systemize" my services so I can sell more effectively, operate more efficiently, launch new clients, customize approaches to addressing specific client issues, and save time no matter what task I am conducting (whether billable client work or non-billable administrative work).

If I were to lose my data, then that would severely affect my ability to run and grow my business. So I recently signed up for PC backup services and have been very impressed and pleased with the quality and ease of use related to Global Data Vault's services. I now have a solid backup plan in case I lose all of my data due to my laptop getting stolen, corrupted or worse yet simply crashing without hope of recovery. In a sense what I purchased from Global Data Vault is "peace of mind".

The same "backup plan" principal applies to the profession of sales and sales management. Many business owners, entrepreneurs, sales leaders, and sales professionals come up with a strategy for how they will grow the business and achieve their sales goals and objectives. However, for most of these individuals that plan resides in their head and is not well-thought out and documented. In the beginning of each year this new "plan" is developed, numbers are verbally communicated to all relevant parties, and off we go! After just a couple months these same individuals are frustrated and not exactly sure how they will execute the plan from a tactical perspective to achieve their sales goals and objectives. It's easy to get distracted with daily emergencies and then enough time passes by that you forget exactly what you came up with for a sales strategy just a couple months back.

To address this issue, Sales Integrity provides a Strategic Sales Planning template and systematic approach to documenting, executing and achieving your sales (and income) goals and objectives. We recognize that coming up with sales and revenue targets is one thing but having a documented plan that helps you understand whether your targets are realistic, as well as help you understand the specific tactics you should employ to achieve your targets, is imperative to your sales success. This plan provides you the same "peace of mind" that Global Data Vault's backup services provide their customers.

Look at a Strategic Sales Plan as your "backup plan" (or a plan to back up your strategy) for how you will succeed in achieving and exceeding your sales and income goals. It is a plan you can execute from and refer to on a monthly basis to keep you on track. If you start to get off track you then take a step back (i.e. backup), refer to your plan, and make sure you are executing the plan the right way and not missing anything. Essentially, you should always have a documented plan to back up your daily, weekly and monthly activities and time spent towards achieving your sales goals and objectives. Otherwise you are wandering aimlessly throughout your sales day/week/month and just hoping you will hit your numbers.

So as a next step what should you do? First of all, determine if you have a well-thought-out sales strategy, with documented tactics, to help you understand whether your sales goals and objectives are realistic. If you don't have a plan then develop one. Once you have a plan developed, then share this plan with someone who will hold you accountable (known as an accountability partner).

Your accountability partner can be a CEO/Entrepreneur/Business Owner peer, your sales manager, a sales peer, a good friend or family member who understands your business enough to ask tough questions and push you to achieve your sales goals and objectives, or a sales coach you or your company has hired. Finally, schedule a recurring monthly (if not weekly or bi-monthly) meeting with your accountability partner to review where you are at versus your plan and to possibly adjust the plan based on what's going on in the market. This will ensure you are not forgetting valuable components of your plan and that you are doing everything necessary to achieve your sales goals and objectives.

If you want specific examples of how to accomplish these next steps, or have questions for me regarding Strategic Sales Planning, then feel free to post your questions below this blog or contact me directly through our website at http://www.salesintegrity.com/contact. Sales Integrity also hosts a monthly Sales Achievement Roundtable where we cover the topics addressed within this blog in more detail in a group setting. On Thursday, February 4, 2010 in Dallas, Texas our Sales Achievement Roundtable topic is "Strategic Sales Planning" where we will provide a template and discuss in detail how to apply strategic sales planning to your business. To learn more about that event, and to register and reserve your seat, click here.

Don't Sell Anything - Help Customers Buy!

To be successful in sales your customers need to feel that you have their best interest in mind. How do you do that? The advice I always provide is to not sell anything. Instead you should help customers buy.

That advice may seem counterintuitive to some and obvious to others. However, the mistake many inexperienced (and/or ineffective) sales professionals make is thinking what they are going through with their customers is a "sales cycle" when in reality it is a "buying cycle" for their customers.

To truly help your customers you need to get into the mind of your customers. And keep in mind that their perspective is only from the buying position, not the selling perspective. If that is the case, then you need to help them buy. And what you help them buy must meet three specific critieria:

1. They need it.
2. They want it.
3. It benefits them.

What you sell must meet all three criteria. Think about it. If they need it but they don't want it, then they won't buy it. If they want it but it doesn't benefit them and you sell it to them anyway, then you are the bum that sold them a bill of goods when they realize down the road they bought a product or service that didn't benefit them. Not exactly a recipe for gaining customers for life and winning repeat business with current customers!

So what does this mean in terms of how you sell? Make sure you create messaging and steps in your sales process that are "buying friendly" for your customers. Make sure you address all three criteria throughout the customer's buying process. Translate how your products or services benefit them. Incorporate "influential and persuasive" terminology into your messaging to tap into the "need and want" buying criteria.

So as a next step you should review your messaging to make sure it addresses all three buying criteria. Then you should review the steps in your sales cycle and make sure they align with the typical steps your customers take in their buying cycles to truly align the two to make your process "buying friendly". If you want specific examples of how to accomplish these next steps then feel free to post your questions below this blog or contact me directly through our website at www.salesintegrity.com/contact.

"Do's & Don'ts of Social Media" - SMEI Roundtable Discussion

Sales & Marketing Executives International (SMEI) of Dallas is hosting its Monthly Forum Roundtable meeting this Friday, August 7th from 7:30am to 9:00am. This month's topic is "Do's & Don'ts of Social Media" let by Regina Caffey, co-founder of Wave Integrated Marketing Solutions.

SMEI-Dallas hosts a monthly forum roundtable discussion on the first Friday of each month at the Grand Homes building. This is an opportunity to collaborate and connect with like-minded sales and marketing peers to discuss timely and relevant topics.

There is no formal presentation - simply a facilitator to lead the discussion and keep it on track. However, the true value is learning from the collective knowledge and experience of your peers sitting around the table.

This event is free for SMEI-Dallas members and only $20 for guests. You can register/pay by clicking this link: https://m360.smei.org/ViewEvent.aspx?id=8689&instance=0.

As President of the local Dallas affiliate of SMEI I am extending you an invitation to join us as my guest. I hope you can join us this Friday for this month's discussion!

The Emotional Economy

Unless you have been hiding under a rock you are well aware of the economic "recession" taking place. How can you not be aware of it? Every time you turn on the TV, or pick up a newspaper or magazine, there it is - front and center - top story - breaking news! I am a big believer in the power of your subconscious and superconscious minds. What you feed your brain will root itself deep inside your mind now and manifest itself in reality later. Do you feed your mind with negative information on a regular basis or positive information? It is for that reason that I have not tuned into a news channel or read a newspaper in over two months! Just ask my fiance - a stack of newspapers still in the little plastic baggies sit in a large pile just inside the front door.

I made the decision to "ban" such reading when I realized I enjoy the walk down to the sidewalk to retrieve the newspaper more than I do reading the negative news (I still can't teach my dogs to retrieve them for me - one runs away with it and the other chews it up!). That is when I proclaimed that our house will be an "All Optimism Zone". That doesn't mean we can't have a bad day or not be realistic about how tough the economy is on a lot of people and companies. It just means we have to go take a walk to vent or discuss any negative news. That is the agreement we made.

It is tough out there - I realize that. However, I refuse to let that stop me from driving towards the achievement of my goals and helping others achieve their goals. At least with the Internet I decide the news stories I review. That's how I choose to stay informed of the latest and greatest. And that brings me to my point: YES! You truly can choose your outlook on the economy. You still can choose to shape your own destiny. That never changes - bad economy or good economy!

Believe it or not there are a lot of people and companies doing well despite the economy. Just yesterday in an association meeting I attended (which consists of information technology services firms) two companies stated they had record quarters in the first quarter and many of the other companies are profitable and doing well. I hear stories like this every week in various client/prospect meetings, partner meetings, association meetings, networking group meetings, etc. Every week - I'm not kidding! There is a lot to be optimistic about...if you choose to look for it and learn from it!

So I have come to the conclusion, through my research and experience, that economic recessions and economic booms are very much a very interesting study of psychology. When the masses start seeing trends, such as more and more negative news stories about the economic outlook, then they very much start to believe those stories. Then through one collective self-fulfilling prophecy, people start withdrawing money and holding on to money, which starts the whirlwind of negativity. So if that can occur for the negative, then it certainly can occur for the positive. And that's what I choose to focus on. So...

...let's start a trend of positive stories. I would love to hear all of the positive stories that are going on despite the current economic condition. If enough people hear about all the positive stories going on around them, then they too can believe positive things can happen to themselves. So please post a comment at the end of this blog with your positive stories!

On a final note - I am not the only one with this line of thinking (of course - that's why I asked you to participate and share your stories). Here are a couple links to two outstanding stories/postings that inspired me to write this blog posting and had me saying "Yes! I agree!":

Kahle Way Salesblog: Are You Making it Worse?

Christine Comaford LinkedIn Discussion Post: Don't Let The Hype Get You Down

What are your thoughts? Thanks for reading!

Make it a great day!

Sean C. Piket
Founder/CEO - Sales Integrity, Inc.
Co-Founder/CEO - http://www.salesdiscipline.com/

Demand Generation in Tough Economic Times

I recently facilitated a forum of sales and marketing executives in the local Dallas market on the topic of "Demand Generation in Tough Economic Times". The format of the forum was a roundtable of peers collaborating and sharing best practices. It was a very thought-provoking topic and I thought I would share some of the highlights and tips from the collective genius of the group in this blog.

• When calling contacts in your network ask for referrals instead of asking for their business. Many times it will get you farther and will be a nice way of building up a quality list of leads.
• When attending a networking event, always invite and bring a hot prospect or top client. Not only will it help the prospect or client by connecting them with other like-minded individuals, it will demonstrate to potential clients that you are someone who truly tries to help others.
• Volunteer for a leadership position or to get involved on a committee of a relevant industry association. You get tons of exposure and potential clients can see your hard work instead of hear you talk about it.
• While at networking events, if asked what help you need from the members of the group or by individual meeting attendees, make sure you are specific with your requests. General requests (i.e. "I need more business" or "I need more leads or clients") tend to get ignored because they don't have a specific action item. Specific requests (i.e. "I am seeking an introduction to the VP of Sales at Mary Kay") tend to cause the audience to dig deep in their memories, or more importantly their rolodex of contacts, to see who they can introduce you to in order to get you one step closer to fulfilling that request (if they can't help you directly).
• Ask for testimonials often from existing clients and post them on your company website and include them in your monthly correspondences (i.e. monthly newsletters, blogs, etc.). During tough economic times buyers tend to scrutinize sellers more. Testimonials from clients can go a long way in convincing them that you and your company have a solid reputation for delivering a successful solution. Not to mention when you ask your current clients for testimonials it will be one more touch point and may cause them to think of other ways they can utilize your services. Since they already purchased from you and you already delivered for them, you become a safe choice during uncertain times.

I converted the notes from that forum roundtable session into a two-page PDF document and provide it as a free report on the Sales Integrity website. To get all of the ideas for Demand Generation in Tough Economic times go to the Media Center on the Sales Integrity website and download that free report.

I would love to hear any other ideas from you as to what you do to create demand for your business, products and services during tough economic times. Feel free to share those ideas with all of our readers in the comments section below this blog posting!