Understanding your customer’s motivation is an important first step in the sales challenge, as we found out in my last post. But, to base your sales strategy on motivation alone is very one-dimensional. It implies every customer is the same - and we all know that simply isn’t true.
Categorisation or segmentation is critical to your sales strategy. By dividing your territory into different “types” of customer, you are so much more likely to succeed in conquering it.
I use a simple spectrum on which I plot my prospects and those of my team in order to better understand how quickly they are likely buy, how much they could buy and what my team and I need to do in order to get them over the line. I believe that plotting my prospects on this spectrum is an effective way we use to be as efficient as possible in the way we close down deals. It also helps us design account plans that are well tailored to each opportunity and ultimately helps us understand what our revenue stream is going to be.
So what does this spectrum look like? Well, everyone’s will be different but broadly speaking it will cover the same ground. Most importantly, you can use the spectrum to spread your time and effort correctly across your prospect base, and also plot where you think your revenue is going to come from. This also gives you is a revenue-for-effort ratio. This is one of the most important tools in making you efficient:
Like any spectrum, your prospects will spread from one end to the other. Some industries will see a concentration in one spot. Some prospects will even be a blend of different characteristics. But the important thing is to understand what the characteristics are and sell to them accordingly. You will find this process very helpful not only in understanding your target market, but helping to manage your team too. As well as informing your decisions on where to invest your time, the spectrum also shows you where to go hunting for revenue when times are tough.
In future posts, I’ll outline a plan of attack for each segment, but in the meantime why not begin dividing up your prospects according to this spectrum - and then we can conquer them together!
If you'd like to find out more about how to "Qualify Prospects to Rock Your Sales Goals" just download this free eBook: