Creating a Sales Plan
Creating a sales plan is a crucial aspect of achieving your revenue targets. To make sure that your plan is robust and adaptable to changes, it's important to gather all your sales data in one place and use technology that provides real-time updates. Here are the steps to create an effective sales plan:
Integrate with a CRM: Store all your sales data in a centralized customer relationship management (CRM) system. This will provide you with real-time visibility into any changes that may affect your targets and allow you to adjust your plan quickly.
Assess team capacity: Use your CRM data to understand the revenue your team is capable of generating. Take into consideration various metrics such as historical sales performance, quotas, and targets, and hiring data.
Evaluate the gap: Determine the difference between your revenue predictions and your revenue targets. For example, if your goal is to hit $6 million in ACV this year, but you are short of two sellers, you'll need to find ways to close the gap and meet the target.
Create action plans: Write a sales plan that outlines the expectations, rewards, customer segments, and territories. Then, test different scenarios, such as hiring additional staff, reassigning territories, or creating an enablement program, to see which one will be the most cost-effective in closing the gap and achieving your targets.
Present and execute: Present your proposed action plans to leadership and get their approval. If the preferred plan is not feasible due to cost, then consider alternative options. For example, if investing in an enablement program is not approved, increase each seller's quota instead.
Continuously adjust: Keep in mind that market conditions may change and you may need to adjust your sales plan accordingly. Reimagine your sales plan as a living document that requires constant monitoring and adjustment to stay on track and achieve your goals.