Finding new clients is essential to growing your business, so finding them must be a high priority. Market coverage models outline the strategy for how sales people can sell to as many good prospects as possible. Most sales people do a poor job of maximizing their territories, so don’t leave it all up to them. Well done market coverage strategies and models help find, target, convert and report on the best, most profitable prospects.
Finding brand new prospects and walking them through the entire sales process is hard work, and not the only way to close new clients. In addition to prospects you create, you want to be invited into deals that your competitors create and know of every deal taking place in your territories. When prospects come to you, they are already into the sales process and have a high likelihood of purchase. Your Sales Reps will have a shorter sales cycle and additional deals in their funnels.
Segment your Markets and Messaging
The first step in building a Marketing Coverage Model is to identify each market segment for your products and refine your messaging to address those specific segments. This may include unique call scripts, email workflows, LinkedIn ads and other messaging mediums.
Proper Suspect Database and Dashboards
Once the segments are identified, then lists and databases need to be built and refined. This may include adding segmentation to your existing database and adding data that can enhance and better filter your prospect lists. Dashboards allow monitoring of the segments, lists, messages and conversion rates. Establish metrics for each segment to determine spend and resources for each segment.
Contact Strategies and Workflows
Once suspects and segments are defined, delivery and timing of messages need to be strategically placed into workflows to enable consistent and planned messaging to each segment. Every customer-facing employee will deliver consistent messaging to each segment, and the dashboards and reports provide the insight necessary to cover each segment in the most profitable way.
Conversion into Sales Process and Compensation
Once the prospecting engine is working, a smooth transition into the sales process and sales funnel is critical. A key component of a smooth transition is compensating reps to focus on the right leads and converting them. Sales compensation must be aligned with the best outcomes for the company, and not unwittingly penalize individual sales reps for doing what’s best.
Revenue generation is made of two major activities; Finding all the deals and Winning all the deals. Let your sales process and training help with winning all the deals, but don’t neglect the Market Coverage Strategies and Models to help you keep that funnel full of profitable business.