Most team leaders are accustomed to getting creative in reaching their revenue goals. They know they cannot continually add new initiatives to hit their goals, so they figure out how to do more with less. This is a chance to introduce a smart strategy in today’s environment.
Now is a time for sales leaders to focus on where they and their teams can manage risk, boost efficiency, and increase profits.
Read on to learn how to do more with less.
Take another look at your clients. Now is an excellent time to regrade and rescore your accounts based on current revenue and future potential. Look at the value you bring your clients as well as the value they bring. Forest plotting each of your clients on a matrix from low to high, with future potential on the vertical axis and current revenue on the horizontal axis. Doing this gives you a visual of which accounts you should prioritize now.
Now is the time to focus on high-priority accounts. When you develop the matrix above, be sure to focus on the top two quadrants. These are the customers with high future potential and high revenue. If you do not have appropriate resources allocated for these accounts, consider strengthening sales coverage.
Create strategic account plans. Account plans for high-priority clients do not need to be complex, but they should provide an executive-level overview of team goals and objectives along with a relationship plan. Team leaders review the plan monthly and quarterly. Always be working on your relationships.
Simplify your systems and processes. You can often reduce costs and streamline your business by standardizing the systems you already have in place. Perla notes that a 2019 study found that 94% of business executives say internal complexity prevented growth—not competitive threats or a lack of opportunities. To streamline operations at your organization, he recommends outlining each system or tool you use in the sales process, determining how often you use each tool, and creating a plan to sunset those systems and tools which add little value to the process.
Pay attention to your talent. When the world is uncertain (as it always is), you should aim to retain your best sales managers and sales reps, or you risk losing them to your competition. Consider a retention bonus or new professional development opportunities.
You can reach your goals without adding to your headcount. The key is learning how to do more with what you already have. Make sure you are prioritizing the right accounts, developing smart account plans, and working to retain your top sales reps.
By staying focused on things that drive revenue, you will perform well now and when the market turns. Remember this, and you will thrive.
For more ideas on how to build successful sales strategies, take advantage of a complimentary coaching session with Raine Digital today!