For small businesses, creating a sales strategy can seem like a daunting task. In fact, for busy small business owners, it can seem like a ‘nice’ but non-essential task.
But the truth is, a simple and effective sales strategy can be the key to success. By developing a clear strategy, you can better target your audience, increase your sales, and ultimately, grow your business.
In this article, we'll walk you through the process of creating a simple sales strategy for your small business. From defining your business goals to leveraging social media and thought leadership content, we'll cover the key elements of an effective sales strategy.
Short on time, but want to take your small business to the next level? Then this article is for you.
What is a sales strategy?
“A sales strategy is an organization's detailed plan to drive sales performance, innovation and growth by better penetrating existing markets and growing share of current customer wallet.”
Or, in other words…a sales strategy is a plan for how you will sell your product or service. It should outline your target market, sales goals, sales tactics, and the resources you'll need to achieve those goals. A good sales strategy should be simple, actionable, and focused on driving revenue.
Define your business goals
Before you can develop a sales strategy, you need to define your business goals. This is step number one! Ask yourself:
What do you want to achieve?
Are you looking to increase revenue?
Expand your customer base?
Improve your profit margins?
By identifying your business goals, you can create a sales strategy that is aligned with your overall objectives. Without them, there is a strong chance you will spend considerable resources and effort going in no particularly beneficial direction.
Develop a sales budget
Once you've defined your business goals, you need to develop a sales budget. Your sales budget should include all of the costs associated with selling your product or service.
This could include marketing and advertising expenses, sales commissions, and any other costs related to generating revenue. By developing a clear sales budget, you can ensure that you're allocating your resources effectively and maximizing your return on investment.
Boost sales with social media
Social media can be a powerful tool for small businesses looking to increase sales.
By leveraging social media platforms like Facebook, Twitter, LinkedIn and Instagram, you can reach a wider audience and engage with potential customers.
Consider creating a social media calendar that outlines the content you'll share, the platforms you'll use, and the goals you hope to achieve. By using social media strategically, you can drive more traffic to your website, generate leads, and ultimately, increase sales.
Your sales social media strategy should go one step beyond simply publishing content on your social media challenges. Instead, encourage all those involved with sales to take a ‘social selling’ approach by engaging with potential customers in conversation through their personal social profiles.
Create thought leadership content
People buy from businesses they trust.
Try this…
Think of all the products you have/do buy. Your phone, your laptop, the appliances in your home, the clothes you wear. Who did you buy them from?
The likelihood is you made the purchase from a brand or store that you believe is knowledgeable about the products in question.
Thought leadership content is content that positions you as an expert in your field. By sharing your expertise and insights, you can build credibility with potential customers and establish your brand as a trusted authority.
Consider creating blog posts, white papers, or webinars that address topics relevant to your industry or target market. By sharing valuable content, you can attract potential customers and generate leads.
Oh, and it is also a great way to capture valuable customer data. Win-win.
Leverage cold calling
The idea of cold calling sends shivers down the average person’s spine. The idea of ‘bothering’ someone with a phone call to try and sell them something can seem intimidating. But cold calling can be an effective way to generate leads and increase sales.
To make the most of cold calling, be sure to do your research beforehand. Identify potential customers who may be interested in your product or service, and prepare a clear pitch that highlights the benefits of your offering. By approaching cold calling strategically, you can increase your chances of success.
Of course, cold calling isn’t right for all businesses. But you would be surprised with how many could benefit from adding an element of cold calling to their sales strategies.
Use demos
Another effective way to increase sales is to offer product demos. After all, who is going to buy a product before they know how it works?
By giving potential customers a hands-on experience with your product or service, you can build trust and showcase the benefits of your offering. Consider offering demos at trade shows, industry events, or even in your own office. By providing a positive experience, you can increase the likelihood that potential customers will make a purchase.
Demos are especially beneficial for businesses that sell complex products.
Package your product
Product packaging can be a great way to increase sales and provide value to your customers.
By bundling your products or services together, you can offer a discount and create a more compelling offer. Consider creating different packages at different price points to appeal to a range of customers. By offering product packages, you can also encourage customers to purchase more than one product or service at a time, increasing your overall revenue.
Focus on long-lasting customer relationships
Here are two great stats for you to mull over:
Repeat customers have been measured to spend an average of 67% more than new customers. - ThinkImpact
Acquiring a new customer can cost five times more than retaining an existing customer. - Outbound Engine
So, retaining customers is both more profitable AND cheaper than acquiring new ones.
Why? Because repeat customers are often more likely to make larger purchases and refer others to your business.
To develop strong relationships with your clients, be sure to provide excellent customer service, offer personalized recommendations, and follow up with them regularly. By building trust and loyalty, you can turn your clients into advocates for your brand and increase your sales over time.
Small Business Sales Strategy: Summary
It is clear that creating a simple sales strategy for your small business can be a key factor in driving growth and success.
By defining your business goals, developing a sales budget, and leveraging tactics like social media, thought leadership content, and product demos, you can increase your sales and generate more revenue.
It's also important to focus on building long-lasting relationships with your clients, as repeat business can be a powerful driver of growth over time. By implementing these strategies, you can create a sales strategy that is simple, actionable, and effective for your small business.