4 Step Action Plan for Sales Target Achievement
As we round out the first half of the year, it’s a great time to regroup, recalibrate, and prepare our sales teams to hit the year-end revenue goals we’ve set for them.
Maybe your team has veered slightly off track since the target was set? By assessing your current situation and creating an updated action plan, your team will have a roadmap to follow and a renewed motivation for achieving the quota.
Follow this 4 step action plan for sales target achievement:
Step 1- Analyze the Past
Analyzing trends in your results up to this point in the year allows you to pinpoint challenge areas and determine the next steps for improvement. (It also reveals what is working well.)
Ideally, your team is regularly conducting post-sale analyses and documenting the findings. This process is often overlooked as salespeople are eager to move on to the next business opportunity, but the results are extremely effective for creating a sales strategy moving forward. Make it a point to learn from your losses and repeat the things that have been successful in the past.
It’s also important to analyze your sales funnel by stage. That allows you to look back and see where your salespeople are losing opportunities. Is it in the early stages or in the late stages? Knowing the answer to that will show you where to focus skills training and coaching.
Step 2- Identify Challenge Areas
Based on the information you gathered in Step 1, determine where skill gaps exist. For example, if conversion rates are low in the early stages, your team likely needs support with pre-call investigation, qualifying prospects, questioning, or establishing trust early on.
And if conversion rates are low in the later stages of the sales funnel, you may need to focus on skills such as building value, managing objections, gaining commitment, and negotiating price.
Metrics aren’t the only way to identify obstacles that stand in the way of maximum output for your team. One of the most effective methods is simply to ask them!
Ask each salesperson what challenges they’re facing out in the field with prospects and customers, and get their input on what sort of tools or resources would help them improve their performance. Soliciting feedback will also make your reps more receptive to any training or coaching you move forward with.
Step 3- Implement Steps to Course Correct
Once you’ve identified your challenge areas, you need to decide the best ways to support your team to reach the quota you’ve set for them. Focus on the development areas that will lead to the highest return on your investment of time and resources and get you closer to goal achievement.
It may be that your team is struggling from a lack of qualified leads, and your first step needs to be aligning better with Marketing or updating your marketing strategy. Or, if your team is consistently struggling with price pressure, you may decide they need some skills training to help them build value and hold their ground with prospects and customers.
Whatever strategy your unique situation calls for, you should work with each salesperson individually to create a detailed business development plan. Working backwards from the goal, decide and record the activities and objectives that need to be accomplished on a daily, weekly, and monthly basis in order to succeed.
Step 4 – Coach for Ongoing Success
It’s widely accepted by this point that sales coaching is the activity with the greatest impact on sales effectiveness. But according to the Sales Management Association, formal sales coaching strategies tend to be poorly executed or non-existent.
Establish a regular coaching cadence with your sales reps and make the meetings about development, not inspection. You can use this time together to ensure they’re on track with their plans, reinforce new skills they’ve learned, and look for trends in what they’re doing well and where they can improve. (You can find more information about how to hold effective one-to-one sales meetings in this blog post, as well as a template for team sales meetings here.)
And if an aggressive sales target is causing them stress, make it seem more manageable by breaking the goal into smaller, easier to digest chunks.
When it comes to maximizing sales and meeting your organization’s performance objectives, creating an action plan should be your first priority. If you need help defining your course of action or setting it into motion, The Brooks Group has a team of sales effectiveness experts who are happy to help you reach your goals.