Now is the time to review or define your Commercial Strategy

On a positive note, perhaps this is a time to refocus – not away from the Covid-19 disease outbreak or from the news, but by working on being fully present in your future goals for your business. You are more likely to survive as a business and be successful longer term if everything you do right now resonates with consistency, quality, integrity and purpose. In leadership, everything you do and everything you don’t do, sends a signal.

Building blocks of a Commercial Strategy

Having a strategy is an essential component when developing and expanding a business. The key areas to consider are:

·        Mission, aims and vision

·        Core values – this is what underpins what you sell

·        SWOT analysis and in the current climate a PESTLE analysis

·        Objectives, Sales Business Development & Marketing

·        Measurements, funding and people

Have you created a clear and concise guideline that fits with your objectives, means and resources? Make sure that it realistically gives you every chance to achieve your goals.

Outcomes and monitoring

Goals have been set, excellent, but now what? How can you ensure those objectives are being attained? Simply put, you must define the appropriate measurement indicators and the corresponding KPIs to evaluate them i.e. indicators on the expected results and another set of indicators monitoring the activities which should achieve them.

The method /means

Closely associated with the prospects & or customers to be targeted, it is necessary to clearly define the method in which you could win them and/or their loyalty:

·      Sales & business development

·      Possible Revenue streams

·      Forms of communication and marketing

·      Lead generation strategies

Prioritisation of potential customers/targets

Segmentation is an absolute necessity. How are your customers/prospects ranked? Reflect on what process you use i.e. revenue level and/or their potential development. Is this regularly assessed? Only with this knowledge can you allocate the right amount of effort and resources when determining the activity to be carried out during the sales process e.g.calls, visits, training etc. By making these decisions at strategy level, it removes the decisions being made at salesperson level.

Ideal Sales’ Operation

Laying down a commercial strategy should also include how you organise the commercial arm of your organisation. Do you want to train specialised teams for different areas of your business or employ different of employees for each part of the sales process? (Some organisations may choose to use office based employees to locate potential leads and leave the more costly visits to the sales person).

I hope this article has given you food for thought; it is times like these that often give us time for clarity and reflection. Good luck!