It’s Monday morning: the start of a new week and we need to make some sales now!
We quickly begin to run through all the tactics that we know looking for the silver bullet that will solve our problem the easiest and fastest way possible. The problem is, this is the same situation we have found ourselves every Monday as far back as we can remember. And the fact is, we are relying on tactics to carry the day when we haven’t developed our strategy enough to even choose the right tactics.
Strategy is the overall plan one is going to execute and tactics are the individual actions used to accomplish the strategy. In football, as an example, a team’s strategy might be to control the clock. The tactic used to accomplish this might be a series of running plays or short passes. In business developments there are two parts of strategy: first, who are your most likely and best customers and, second, what is your unique value proposition to these customers.
Your best customers are usually not as obvious as we first think. One might think that the best customer is the biggest but this might not be the case. Our best customers are ones that are profitable and excited about our goods and services. These customers are both profitable and reasonably low maintenance. Many businesses don’t know what their profit is on individual customers and retain clients that are actually losing them money. There is a huge difference between revenue and profit. Resist the temptation to broaden your target market. The broader the target market is,the harder it is developing a compelling value proposition.
Once you are clear what the nature of your target market is, you then need to develop the value proposition which is critical to them. The value proposition needs to be one that answers a need of that target market. Example: if your client is a mid-size business that doesn’t have training resources, you might supply the training that they need. Or if they are challenged to distribute their product, you could do this for them. You need to use the fact that you are an “expert” to your clients’ and prospects’ advantage. You aren’t looking to make a sale but to develop a true partnership with your clients.
With our strategy now in place, we are ready to develop the tactics needed to reach our prospects. The tactics should take care of two initiatives: first, prospecting and second, converting the prospects we have.