What is a Sales Strategy, and Why Should I Have One?
According to Fortune, the #1 reason small businesses fail is because there is no market need for the product or service they offer. This single reason accounts for roughly 43% of all business failures, with having a “poor marketing” strategy only accounting for 14% of all failures. These statistics are shocking, considering the weight that many consultants put on having a marketing strategy alone. The ultimate question is, “Why is this #1 reason for business failure the #1 reason?”
One of the most important parts of climbing a mountain is to prepare. Ensuring you have the right gear, the right team, and the right weather conditions to reach the peak are paramount. Like mountain climbing, starting and maintaining a business also begins with ensuring you have the right tools, the right people, and most importantly, that the market needs your product or service. To keep it simple, let’s focus on market need.
For starters, here are a few questions you can ask yourself when developing a go-to-market strategy. These questions apply not only to entrepreneurs, but seasoned businesses as well. Before considering leaping into any new market, answer these questions to help you determine if it’s worth taking that jump:
- What proportion of your target market has purchased a product similar to yours?
- From what prospective competitor of yours did they purchase it? Why?
- At what price did they purchase?
- What was the delivery and implementation like?
- How was the customer serviced after implementation?
- What could have been done better?
Some of these questions require research, LinkedIn searches, and phone calls in order to answer. Although it can be difficult work, the data you gather is essential and has the potential to drastically influence the success of your business.
After asking these questions, make projections about your target market to determine what may impact your business. For example:
- How much of your product or service might your target market buy?
- What proportion of your target market might be repeat customers?
- How might your target market be affected by demographic shifts?
- How might your target market be affected by economic events?
- How might your target market be affected by larger socioeconomic trends?
- How might your target market be affected by government policies?
Answering these questions will give you a snapshot of what potential obstacles you may face on your way up your Summit. If you’re embarking on your journey with fewer tools than you feel you may need, it may be wise to do some further research into the market you’d like to serve.
Whether you’re looking for that last essential tool, one more team member, or a Coach or Consultant to take you to your Summit, we have a number of solutions that will work with you and your business. Connect with us here, and we will route you to the proper Guide. No question is too small, and no request is too large, if it means you reach your Summit.