What should be the ingredients of a sales plan to boost your revenue?

By Published On: October 30th, 2020Categories: Blog Post
What should be the ingredients of a sales plan to boost your revenue?

Businesses need a Sales Plan to improve their sales and business. Actually, the sales plan is an umbrella term that includes every business strategy and plan. All the tactics and strategies of a business would come under the sales plan. In today’s competitive market, professional businesses are looking to exist in the market along with trying to possess a lion’s share of the market. A sales plan can show where you’re at, where you want to be, and even more significant, how to reach there. The billion-dollar question is how to create a perfect sales plan.

What is a sales plan?

A sales plan is a business strategy that frames out targets and tactics for your company or business and identifies the steps you will follow to meet your objectives. It is a sales document that designs out a business’s plan for improving sales outcomes in a stipulated time period. Selling involves two main functions: tactics and strategy. Sales strategy is the scheduling of sales activities: methods of reaching clients, competitive differences and resources available. Tactics contain day-to-day selling: prospecting, sales process, and follow-up. A sales plan generally includes:

  • Performance goals and specific revenue for a given period
  • The plans for achieving them (including the sales strategies)
  • The resources and procedures required to carry out those strategies
  • Mitigation insights to tackle impending problems

By drawing these elements, a sales plan makes it possible for everyone on the sales team to see the big picture, share the same overall purposes, and work the same plan to realize them. Besides, a sales plan involves a lot of vital aspects of business growth: revenue goals, selling approaches and metrics, target customers, current sales force competencies, and more. Let’s have look at the main ingredients of a sales plan.

  1. Executive summary and scope of the sales plan

In this section, you can write down a short summary of the document that focuses on goals and strategies to achieve them. It also involves a specific period and other parameters covered by the plan.

  1. Business objectives and revenue targets

This section clearly states revenue targets and may include associated business goals (e.g. measuring customer satisfaction parameters to retain them in your business). Categorizing revenue figures on different sections (such as product line and territory) help clarify the document.

  1. Review of the previous performance

This section shows a recap of the previous period performance. Identifying errors and as well as significant action that led to a positive result. The principal is to optimize the sales plan by adopting inputs and techniques that work.

  1. Market and industry conditions

This section states a summary of market trends that have a high probability of impacting sales performance.

  1. Strategies, approaches, and tactics.

This section includes the bestselling strategies, interaction sequences, and playbooks for the specific company.

  1. Customer segments

This section shows the targeting customers and the potential revenue-generating market segments. The document should describe new segments of the market if there is a future chance to arise.

  1. Team competencies, resources and upgrades.

This section provides a summary and describes the current condition of all the products inputs required to process and close sales deals.

  1. Action plans for teams and individuals

This section schedules tasks, activities, and responsibilities for different teams and individuals. Tasks including meeting appointments, prospecting activities, and arranging sales campaigns.

  1. performance benchmark and monitoring

This section designs the performance metrics to track and the systems and procedures that help monitor these metrics.

Three components of the sales strategy

The development of any type of plan begins with an investigation. The insight extended for a competitive gain comes from the marketplace, not from your mind. The method to use is what I call a “three-tier sales strategy”. Look at your customer and the outside influences on their business. Approach all three tiers to know your buyer.

Tier 1: Associations – What associations does your target buyer belong to? Contact the membership director and start a relationship not for selling but to know their member’s requirements.

Tier 2: Suppliers – Classify non-competitive suppliers who sell to your client. Identify their challenges and look for partner solutions.

Tier 3: Customers – interact directly with your customer and probe them what their needs are and if your business may offer a probable solution.

To gain a competitive advantage, an entrepreneur will look at both sides of the equation, tactics and strategy. They should create a good rapport with the associations, suppliers, and customers.

sales plan templates

business presentation decks

How to write an individual sales plan

1. Prepare what you can do to achieve your sales target

Every salesperson has a sales target he/she is anticipated to meet. In all trustworthiness, practically every salesperson has a sales target he/she is expected to exceed. Making an individual sales plan helps outline the strategies and tactics that will be exploited to meet and exceed the target.

  • Start your plan by creating your sales target — weekly, monthly, yearly, or otherwise — and then sketch several predominant strategies that you will use to realize it.
  • Strategies for enhancing sales might include increasing consciousness in the community, gaining more referrals from current customers, or adding to your number of weekly “cold calls” to possible customers.

2. Define your tactics for enhancing sales.

If the strategies you designed are your overall guidelines, then the tactics you define are the specific ways in which you will create more sales.

  • For example, if one of your strategies is to increase public awareness, your tactics may include appearing a set minimum of public events and step up at least so many times per month or quarter or year in the community.
  • If one of your tactics is to improve your social media presence, you should provide exact details. For example, how many social media posts do you propose to average per day?

3. Determine how can hold existing customers

Keeping your existing customers on the same sales path is as vital as recruiting new ones. Here again, you want to begin by outlining some key strategies that you will employ, and then add some specific tactics which you will apply.

  • One strategy, for example, may be to increase your openings for at least monthly contact with each of your present clients.
  • If so, your tactics could comprise calling once per month with a significant idea or tip, setting up a communicating newsletter, or taking a minimum number of existing clients to lunch per month.

All good sales plans have one thing in common; it’s based on real data. Before you make a sales plan do research and gather updated information to base your plan on. Do a SWOT analysis (strengths, weaknesses, opportunities and threats) to measure your current position and integrate important findings into your sales plan.