Controlling the Assumptions in Your Sales and Marketing Strategy
Controlling the Assumptions in Your Sales and Marketing Strategy
1) Outside Environment. The external environment is something that we really have no control over, but we can make some intelligent predictions about what will or may happen and then determine how we should shape our strategy in light of those predictions. Consider for a second how new housing developments in your city might affect your business. While you have little say in whether or not the developments actually happen, the fact that they take place means you have new opportunities to offer your services to a larger group of people and you can plan your sales and marketing efforts accordingly. Other assumptions can be made about inflation, new governmental regulations regarding employment or quality standards, or major demographic shifts.
2) Industry Changes. Industry changes will also affect the successful implementation of your strategy. They may come from competitors, suppliers, or distribution partners. If a competitor is scaling back and reducing staff, it might create an opportunity to enhance our presence. If we predict that a supplier will raise prices, we may need to adjust our own pricing or start looking for a new supplier to maintain our required margins.
Making the assumptions is the easy part. Controlling them is a different matter. The first thing to remember is that you only need to keep tabs on the assumptions that could have a drastic impact on your success. Think again about the housing development example. If the housing market stumbles and development stops, you will have to rethink your prospecting strategy and make adjustments. So how can we keep our eyes on upcoming changes and make those adjustments?
1) Conduct market tests. If you think your suppliers will raise their prices in the next 6-12 months, do a test run of your products/services at a higher price point and see how the market reacts to your pricing change. If the reaction is reasonable, maybe you don't need to look for a new supplier. If the reaction is drastic, you better get on google and search for someone new.
2) Schedule time to analyze your strategy at key points throughout the year. Conduct a quarterly review of your assumptions and compare how they align with reality.
3) Read, re-read, then read some more (and go to a conference). The Wall St. Journal, industry publications and blogs, social networking sites, local newspapers, and conferences are great sources of information about what is changing and how it might affect your business.
If your sales and marketing strategy is established for the next few months, remember to watch out for current trends in your industry and in the external environment. It will help you stay on top of any changes coming your way that require a an adjustment in your strategy.
Controlling the Assumptions in Your Sales and Marketing Strategy - To learn more about this author, visit Bill Tamminga's Website.
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When you incorporate a new strategy into your service business there are certain assumptions that are made upon which the success of your strategy relies. These assumptions need to be monitored and controlled to give your company the greatest chance of accomplishing your stated objectives. The assumptions we make as business leaders are limited to two primary areas: 1) the external environment and how it will change, and 2) the industry in which we operate.
1) Outside Environment. The external environment is something that we really have no control over, but we can make some intelligent predictions about what will or may happen and then determine how we should shape our strategy in light of those predictions. Consider for a second how new housing developments in your city might affect your business. While you have little say in whether or not the developments actually happen, the fact that they take place means you have new opportunities to offer your services to a larger group of people and you can plan your sales and marketing efforts accordingly. Other assumptions can be made about inflation, new governmental regulations regarding employment or quality standards, or major demographic shifts.
2) Industry Changes. Industry changes will also affect the successful implementation of your strategy. They may come from competitors, suppliers, or distribution partners. If a competitor is scaling back and reducing staff, it might create an opportunity to enhance our presence. If we predict that a supplier will raise prices, we may need to adjust our own pricing or start looking for a new supplier to maintain our required margins.
Making the assumptions is the easy part. Controlling them is a different matter. The first thing to remember is that you only need to keep tabs on the assumptions that could have a drastic impact on your success. Think again about the housing development example. If the housing market stumbles and development stops, you will have to rethink your prospecting strategy and make adjustments. So how can we keep our eyes on upcoming changes and make those adjustments?
1) Conduct market tests. If you think your suppliers will raise their prices in the next 6-12 months, do a test run of your products/services at a higher price point and see how the market reacts to your pricing change. If the reaction is reasonable, maybe you don't need to look for a new supplier. If the reaction is drastic, you better get on google and search for someone new.
2) Schedule time to analyze your strategy at key points throughout the year. Conduct a quarterly review of your assumptions and compare how they align with reality.
3) Read, re-read, then read some more (and go to a conference). The Wall St. Journal, industry publications and blogs, social networking sites, local newspapers, and conferences are great sources of information about what is changing and how it might affect your business.
If your sales and marketing strategy is established for the next few months, remember to watch out for current trends in your industry and in the external environment. It will help you stay on top of any changes coming your way that require a an adjustment in your strategy.
Controlling the Assumptions in Your Sales and Marketing Strategy - To learn more about this author, visit Bill Tamminga's Website.
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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