There are only 5 things you need to think through to convert a business capability into revenue:
1. Value Proposition
2. Target Market
3. Awareness Campaigns
4. Demand Generation
5. Sales Execution: Sales Process AND Sales Team Structure.
These items make up the balance of your sales plan for the coming year (we call it a Sales Playbook). If you have not created a sales playbook for your company, do it now (you can download our sales playbook structure at www.inthefunnel.com).
It is the role of executive / sales leadership to build the sales playbook (not your sales people). Once you have your playbook, the job of your sales people is to EXECUTE against it.
However if executive leadership cannot articulate the core elements of the go to market plan above, your sales team has very little chance of doing it themselves.
Here is a brief summary of the key components of each element that you need to workshop and document for the organization:
What is your core capabiliy?
How does your core capability enable your Customer to achieve a desired business ourcome?
What is unique and different about your company that makes you their best option to achieve the desired business outcome given their other options in the market?
Identify what your IDEAL CUSTOMER profile is
Which firms specifically do we want to approach with our Value Proposition to replicate our IDEAL CUSTOMER? In what order? Do we segment by: Size, Industry, Business Problem AND Geography
Be specific. Most firms think they can sell to everybody so they refuse to FOCUS (big mistake). You cannot be all things to all companies. Specialize and focus on a specific target market.
Don’t waste time on branding unless you are a large enterprise. For the rest of us, marketing is a variety of awareness campaigns intended to drive warm leads into the business (best case scenario) or provide a credibility shield to us (worst case scenario) when I executive on demand generation activities.
Your awareness campaigns will include things like: Web-site, LinkedIn page, Twitter page (if needed), Conferences, Whitepapers and Speaking engagements.
Do not rely on social media inbound marketing to grow your business.
You must pro-actively reach out to your target market to drive demand
It is not easy, but if done effectively it works
Each and every day, you must be introducing your firm to potential prospects if you want to grow it with any predictability
Start with a dedicated team doing outbound demand generation and enable them with the proper training and tools (Sales Team Structure)
Sales Process: Map out the steps to complete a sale for your business. In the absence of a sales process, your sales activities become a series of unrelated events and as such: Cannot be taught; Cannot be improved upon; Cannot be managed.
See the In the Funnel resource library for more information on Sales Process