Territory Business Plan

Territory Business Plan-43
For example, a product might sell well in any industry, but if you are a niche product that can only be sold to technology companies, or exclusively in healthcare, you need to adjust your strategies accordingly.The best way to do this is to look at an organization’s existing customer base.

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She should refer back to it weekly, monthly or quarterly to make sure the plan is on target.

It is easy to forget goals unless they are close at hand, so the sales plan should be a constant reminder of territory objectives.

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Sales territory planning can be a complicated process—there are many factors to consider, a vast amount of data to comprehend, and a team of dedicated sales reps to contend with.

So it’s no surprise that an organization’s sales territory plan has a big impact on performance.

In fact, digital territory planning can result in very positive business benefits, including: Before sales leaders can start mapping and assigning territories, it’s important to gain an understanding of their organization’s current sales resources and what they realistically need to hit their business goals.What works for one customer will not necessarily work for another, and while some customers prefer to be “wined and dined” for their business, others prefer frank discussions about the products.Making notes of each of these items will be of use for the sales representative. Preparing growth goals and strategies is a big-picture effort.Once a sales representative has been assigned a territory, the real work begins: the sales representative must begin reaching out to current customers, as well as potential customers and creating the necessary momentum to expand business in that territory.And as most experienced sales representatives have found, the best approach to successful sales is territory planning.According to Business2Community, it often costs three times a sales rep’s salary to replace them.Not to mention, companies also miss out on potential deals that could be closed while the new rep was being ramped.This comes down to accurate sales capacity planning.Regardless of territory assignments, how many reps does an organization need to be ramped and active on the sales floor to hit their goals?Distributing these segments of varying value can seem daunting, but with the right data insights to drive planning, companies can actually reduce territory planning time up to 75 percent.According to the Harvard Business Review, “territory design can increase revenue by 2 to 7 percent” without businesses making any changes to overall company strategy and resources.

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