Only just over a month until 2018, which means that Sales Growth planning season is almost upon us.
Numbers need crunching, processes need defining, and sales objectives need agreeing. Nobody is better positioned than sales operations to drive the organisation to victory.
What is a Sales Growth strategy?
Your growth strategy is a plan of action that allows you to achieve a higher level of market share. That is one that you currently have. Contrary to popular belief, your growth strategy is not necessarily focused on short-term earnings.
That is, your growth strategies can be long-term, too.
As an action plan, your growth strategy should include the following components.
- Goal: What do you want to achieve?
- People: How is each department impacted by your goal?
- Product: Is your product positioned to help you achieve your goal?
- Tactics: How will you work toward your goal?
Your growth strategy needs to be communicated across your organization. That is, so everyone is on the same page and can share ideas on the plan. As Mailchimp saw in its 2014 all-hands meeting, teams can become uneasy. That is if they don’t understand the company strategy.
Types Of Sales Growth Strategies
You know you need a growth strategy, so… what should it be? There are four classic types of growth strategies. You may use one or more of the following.
- Product development strategy. Growing your market share by developing new products to serve that market. These new products should either solve your new problem or add to the existing problem your product solves.
- Market development strategy. Growing your market share by developing your new customer segments. And expanding your user base. Or expanding your current users’ usage of your product. This growth strategy of yours should be sales-focused.
- Market penetration strategy. Growing your market share by bundling products. As well as lowering prices, and advertising. Basically, everything you can do through marketing after your product is created. This strategy is often confused with market development strategy. But the approaches are distinct in emphasizing either sales or marketing.
- Diversification strategy. Growing your market share by entering entirely new markets. Rather than expanding within your existing market. You’re launching into the unknown with new products or services in a new market. This strategy is often the riskiest but can have huge rewards if successful.
As you deliberate your sales and marketing priorities for 2018. It’s important to take a close look at what’s taking place in the market. And then invest in the activities that are going to position your firm for future growth.
In this infographic, we have listed seven top tips that you need to follow. That is to ensure the success of your sales growth strategy in 2018.
